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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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Carlo Fontana has been made head of Lloyds’s EMEA leveraged debt capital markets team, which combines the bank’s leveraged loans and high yield businesses. -
Richard Jackson, co-head of leveraged and acquisition finance (LAF) at HSBC, has been made global head of that division.
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Abengoa, the Spanish renewable energy and engineering firm, has allocated a €1.4bn refinancing loan, after issuing a €500m green bond last week.
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Moody’s has upgraded UK travel commerce platform Travelport’s corporate rating from B3 to B2, citing the company’s plans to use IPO proceeds to de-lever.
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A new Finnish property investment company called Certeum has signed a €500m loan to fund the purchase of assets for its property portfolio.
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A few stomach qualms have been felt in corporate credit trading this week, as the iTraxx Europe Main index snapped out 4bp on Monday, its biggest widening since May and taking it back to early August levels. Bankers scoffed at the idea this was a reaction to Bill Gross leaving Pimco — more likely, investors are feeling nervous after a big bull run and heavy bond issuance in September.
