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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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Corporate borrowers are being urged to prepare for the phase out of Libor, but loan documents are not yet up to the job of facilitating an orderly switch to a new rate, warned Fitch Ratings on Tuesday. -
BNP Paribas is combining its primary and secondary activities in US credit markets under a new Global Credit Markets Americas division, with a new head of leveraged finance joining from Deutsche Bank to bolster the firm’s offering.
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Houlihan Lokey has formed a new US leveraged loan syndication platform, HL Finance, with HPS Investment Partners working alongside the firm to underwrite and syndicate deals of up to $1bn.
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SC Lowy Asset Management has hired William Bishop as senior sourcer for distressed debt in London.
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Joint Stock Commercial Bank for Investment and Development of Vietnam has postponed the deadline for its latest dollar loan until next week. But the move is not a sign of poor demand — the deal looks likely to be doubled to $300m.
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Management at Goldman Sachs and Morgan Stanley used second quarter earnings calls to reassure investors about their exposure to leveraged loans, under questioning from RBC Capital Markets’ Gerard Cassidy, as fears grow about leverage levels and weak covenants.
