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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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Slower primary issuance in Asia’s syndicated loan market has spurred retail lenders to look for opportunities in secondary — a challenge considering the market is severely underdeveloped. But this is all the more reason for bankers to cultivate a deeper and more expansive market for secondary trading as the move would provide plenty of benefits. -
Moody’s has bought Bureau van Dijk, the Dutch business intelligence firm, from EQT for €3bn, and is set to finance the deal with offshore cash and new debt.
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Verallia, the French bottle maker, requested a repricing of its €1.375bn term loan ‘B’ this week, having repriced it only in December.
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An up to $1bn facility for the Sri Lankan sovereign has hit general syndication, about three months after the borrower mandated six banks for the deal.
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Hotelbeds held a lender call on Tuesday for a €325m term loan add-on, backing its carve-out of GTA from Kuoni Travel, amid market conditions ever propitious for refinancings.
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Primary loan syndication activity dropped sharply in April, with many loans desks in Asia not receiving a single invitation for weeks on end. In the absence of flow in primary, many participating banks are increasingly looking at the secondary market to cope with the slowdown, writes Shruti Chaturvedi.
