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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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Credit Suisse and Standard Chartered are providing a $1.1bn loan to back the delisting of Indian metal and mining company Vedanta Resources from the London Stock Exchange.
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China Industrial Securities International Financial Group, a subsidiary of Industrial Securities, has launched a debut loan of up to HK$4bn ($510m).
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S&P Global Ratings downgraded telecoms company Frontier Communications to triple-C status on Friday, swelling the proportion of the low-rated bucket in CLOs holding the debt.
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Taiwanese electronic components distributor World Peace Group is back in the market for a NT$10bn ($327m)-equivalent dual-currency loan. Meanwhile, a Foxconn subsidiary is seeking to refinance an old deal.
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The financing for the €1bn acquisition of roofing business Imerys Toiture to Lone Star Funds was revised this week to include a subordinated debt tranche, as levfin investors still active in August pocket riskier but higher yielding paper.
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Across the credit spectrum, US corporate borrower inactivity made for a July that was exceptionally quiet, compared to typical summer volumes.