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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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UK clothing company Fat Face set price guidance on its £210m senior secured loan yesterday, the borrower's first return to capital markets since a pulled IPO in May. -
After a summer of hand-wringing by investors over its high leverage, Bureau van Dijk has won out on its €845m loan, even managing to tighten the pricing on its euro tranche.
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Taiwan Cement Corp has sealed its dual tranche loan at $1.07bn, higher than the launch size of $1bn, with 14 banks joining the four original mandated lead arrangers and bookrunners in general syndication.
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Sesa Sterlite, a subsidiary of Indian natural resources company Vedanta, launched a $500m refinancing loan into general syndication on September 12.
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China’s Taiyuan Iron & Steel Co (Tisco) has opened a $100m three year bullet loan into limited syndication, with Standard Chartered as the lead. The funds are being borrowed by Tisco Stainless Steel HK.
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Moody's speculative grade default rate was just 1.8% in July and August, compared with 4% a year ago. The rating agency expects the rate to remain low next year.
