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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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Indian state-owned names are emerging as a dominant force in the loan market, with Bharat Petroleum (BPCL), Hindustan Petroleum (HPCL) and Indian Oil all seeking fresh US dollar funding, even as two of them have other loans still in the market, writes Rashmi Kumar. Bankers eyeing the new deals hope that lessons have been learnt from last year so that borrowers do not push for thinly-priced deals — and banks do not agree to them.
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Hong Kong Telecommunications is in the market for a loan of up to $2.5bn to fund its acquisition of CSL New World Mobility, and has signed up Standard Chartered to arrange the financing.
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Federal International Finance signed its $550m fundraising on December 19, but despite the borrower managing to increase the final size by $100m, its strategy of putting every lead in charge of syndication in a particular target market was not entirely successful.
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Computer maker Lenovo signed its $1.2bn five year loan on December 18 with a group of 12 banks, ending speculation that it might have to reduce the size after one of the original lenders dropped out.
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The huge success of Chinese state-owned Sinopec Group’s loan during syndication led to the company increasing the final deal size to $3.5bn from the planned $2.5bn — a transaction that lenders from Asia, Australia, Europe, the Middle East and North America joined.
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Medium-sized leveraged companies are increasingly turning to unitranche debt as an alternative means of funding buyouts, according to a new report by Altium, a debt advisor.