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Despite the allure of lower loan prices, CLO managers should print deals cautiously
Software loan sell-offs and the Iran war have caused US and European loans to price differently
Leveraged loans in stressed sectors like software carry refinancing risk
LBO financing includes $5.75bn term loan to be priced early next week
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Chinese sportswear manufacturer Xtep International Holdings has returned to the loan market for a HK$1.6bn ($204m) refinancing deal that is open only to existing lenders. -
Polish convenience store operator Żabka Polska is expected to close its dividend recap imminently, according to market participants. Bankers have compared the deal to the dividend recap transaction that Polish e-commerce platform Allegro completed in May.
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Alcentra, a European subsidiary of Bank of New York Mellon, has raised €5.5bn for a new private debt fund, a fundraising that puts it alongside Ares Capital and BlueBay Asset Management in securing giant commitments to deploy to Europe’s mid-market borrowers.
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Pension funds, especially Canadian ones, are increasingly direct participants in the largest leveraged buy-outs. They're appearing not just as members of consortia, but also sometimes alone, as in Ontario Teachers' purchase of Trivium, a spin-out from packaging firm Ardagh.
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Euro investors gave the buyout debt for EQT and Abu Dhabi Investment Authority’s purchase of Nestlé Skin Health a particularly strong reception. Driving pricing through 400bp despite the high leverage on the deal.
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Leaders of the big US investment banks were cautiously optimistic about upcoming investment banking activity, despite a poor second quarter across their capital markets divisions.
