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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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One of the main sources of primary issuance in the European leveraged loan market so far this year may be set to take a hit, as bankers have expressed concerns over sponsors’ ability to achieve aggressive dividend recaps following investor push back in late July. -
A term loan B market could finally emerge in Asia, after a big investment bank launched a deal for a leveraged borrower aimed at the region’s institutional investors. But the lack of depth and precedent in the Asian institutional market, coupled with low deal volumes, could pose challenges, writes Shruti Chaturvedi.
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Wugang Trading has allocated its $150m three year bullet loan that was launched into syndication in July. Led by Standard Chartered, and backed by a guarantee from Industrial and Commercial Bank of China, the loan attracted 17 lenders in syndication.
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Thai conglomerate Berli Jucker Public Co is sounding out banks for a €650m-€675m ($870m-$903m) bridge loan to finance its acquisition of Metro Cash & Carry Vietnam.
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A total of 18 banks have piled into Taiwan Cement Corp’s $1bn fundraising, with syndication now closed. But despite the fact that the deal is close to two times covered, the borrower is unlikely to increase the final size.
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Reliance Industries’ telecom arm Reliance Jio Infocomm could price its $1.5bn dual tranche financing at an all-in of below 175bp, according to bankers considering participating in the deal.
