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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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Having the last laugh is satisfying — just ask Russia’s Siberian Coal Energy Co (Suek). The firm is on the verge of signing a hugely successful facility after almost all corners of the emerging market loan universe said that the deal would struggle because of its five year tenor — Suek’s third loan of this length since October 2011. The time has come for lenders to accept how things are, rather than grumbling about how they think they should be.
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Unitranche debt is gaining traction among Europe’s mid-caps. This can only be a good thing, particularly on a continent where small and medium-sized companies have long been short on financing options.
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Having the last laugh is satisfying — just ask Russia’s Siberian Coal Energy Co (Suek). The firm is on the verge of signing a hugely successful facility after almost all corners of the emerging market loan universe said that the deal would struggle because of its five year tenor — Suek’s third loan of this length since October 2011. The time has come for lenders to accept how things are, rather than grumbling about how they think things should be.
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The Hong Kong loan market has had a busy week, with two chunky financings sealed. The HK$5bn ($645m) loan for CLP Power, which will help fund its acquisition of stakes in Castle Peak Power Co and Hong Kong Pumped Storage Development Co, was signed on January 22 after a group of 12 lenders joined during syndication. Meanwhile, Sun Hung Kai has also signed its HK$14bn loan, after just one bank came in during general.
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Malaysian company SapuraKencana Petroleum’s $5.8bn jumbo loan has received its first set of commitments from two local lenders, according to a banker, while Indian company Vedanta Resources’ $500m loan is also gathering traction.
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Taiwan Cement Corp International Limited (TCCI), the Hong Kong subsidiary of Taiwan’s largest cement manufacturer, has created a rush of excitement among bankers thanks to its request for proposals for a $1bn loan. The size of the deal has prompted bankers to claim it could be a game changer for the pricing of loans, not only in Taiwan, but across Asia, writes Rashmi Kumar.