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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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Loans bankers are expecting to be told that their budgets will be increased this year as optimism spreads through the loan market for 2014.
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Russia's Siberian Coal Energy Co (Suek) is in the documentation stage of a $1.2bn pre-export finance (PXF) facility that has shrugged off market scepticism to attract large enough commitments that bankers expect to be scaled back.
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Internet giant Tencent Holdings, developer of messaging service WeChat, has hit the loan market for a $200m five year, with the deal’s pricing already drawing murmurs from rival bankers surprised that a debut issuer could pull off such a tight margin.
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Citic Futong Financial Leasing has hit the market with a three year offshore loan of Rmb500m ($82m) via sole bookrunner Cathay United Bank, and is opting to close the deal club-style rather than through a fully-fledged syndication.
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Indonesia Eximbank is expected to return to the loan market soon for a deal of $300m-$500m, with the top level arranging group due to be finalised by the end of January, according to a banker who has worked on the borrower’s previous fundraisings.
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Investors may not like it, but leveraged loan bankers seem to be in agreement: covenant-lite debt is coming to Europe.