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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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European corporate and fund services provider Vistra allocated its $700m acquisition loan on Tuesday afternoon, having marketed the deal in one of levfin’s most volatile fortnights. -
Just when markets usually wind down for summer, they are winding up, after weeks of Greece-induced torpor. Europe’s corporate bond market is swinging back into action, but while investment grade issuers are taking it slowly, high yield is ablaze with 12 deals.
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Die casting machine manufacturer LK Machinery Co has launched syndication for an HK$600m ($77m) three year amortising loan, picking HSBC and United Overseas Bank to arrange the deal.
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After its parent company Altice zipped through the leveraged loan market with a refinancing of revolver drawdowns last week, Numericable, the French cable company, has followed with a similar deal.
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Singapore listed property developer Oxley Holdings has launched an S$110m ($80m) two year bullet into the market. The company has picked one bank to arrange the financing, which offers a margin that steps up based on time elapsed.
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Tata Steel is looking to reprice a $3.1bn refinancing it sealed in 2014 and has asked banks on that deal for feedback. Although the loan is not performing remarkably in secondary, the company will be able to cut costs thanks to its solid banking relationships, said a source who worked on the 2014 borrowing.
