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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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House of Fraser, the department store chain, has joined the trail of UK high yield retailers that have turned to company voluntary arrangements (CVAs) to deal with financial difficulties. But this time, the borrower has also found a new owner, a development its 11% shareholder Sports Direct is threatening to block in court.
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Indomobil Finance Indonesia has returned to the offshore loan market for a new $100m borrowing, according to a banker invited to participate in the deal.
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Kangde Xin Composite Material Group has made its debut in the offshore loan market, launching a $200m three year deal into syndication.
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Chinese telecommunications firm ZTE Corp, which has failed to comply with a covenant on a $450m syndicated loan due in July, has requested lenders to waive the breach, according to bankers close to the situation.
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Property firm Greentown China Holdings has returned to the offshore debt market for a $630m term loan to refinance a similar deal sealed in 2016.
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Sri Lanka has received proposals from four different groups of banks for its latest offshore borrowing of up to $1bn.