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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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More than $1tr of leveraged loans are now outstanding in the US market, according to the Loan Syndications and Trading Association. The market has doubled in size in just eight years, with lower rated loans swelling volumes as CLOs and retail funds chase yield in corporate credit. -
Puma Energy has closed a $1.37bn syndicated loan, with commitments from 48 banks helping the company boost its fundraising.
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GTT Communications, the US cloud networking provider, has mandated banks to arrange a dollar and euro loan of $2.87bn-equivalent for itself and a Dutch subsidiary. The deal will only go through if it completes its acquisition of Luxembourg’s Interoute.
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The pace of loan refinancing and repricing eased in the first quarter of 2018, according to a quarterly update from Fitch Ratings. Some investors expect this trend to continue as companies look to dodge rising rates by refinancing loans in the fixed rate bond market.
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Fintech firm Paysafe was out in the leveraged loan market this week with a chunky $800m extension of the loan deal it sold for its own acquisition in November.
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Hong Kong-listed real estate company Agile Property Holdings launched a HK$6bn ($765m) deal to the market last week, wooing lenders with a juicy margin and all-in pricing.
