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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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European leveraged loan investors have long been more conservative than their US counterparts, insisting on stricter terms and wider pricing. But with ever more European borrowers crossing the Atlantic to issue loans, lenders in Europe need to grow more flexible. If they don’t, they run the risk of losing out to stark competition from the US.
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Banks have long been telling their corporate clients that easy, cheap financing is available in the liquidity heavy syndicated loan market. But now that borrowers have submitted to temptation and are pushing to do fee-free amend and extends, they must wish they'd kept their mouths shut.
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With competition to win EMEA loans mandates heating up, lenders are making ever more aggressive pitches. But a surprising section of the market has stepped up to save the banks from themselves.
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After its shock move at the end of 2011 to restrict Austrian bank lending in central and eastern Europe, the Austrian Central Bank is taking a "very active role" in a pan-European initiative to avoid chaotic bank deleveraging in the region, the former chief executive of Raiffeisen Bank International has told EuroWeek.
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It is rare that a successful deal can be seen as a symptom of a dire problem in the loan market. But that’s just what Russia’s Norilsk Nickel’s $2.35bn syndicated loan was — a great deal that should send a shiver down the spines of emerging markets syndicated loans bankers.
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Hong Kong’s loan market has hit the limelight in the past week, thanks to a spate of property developers seeking club loans to meet their financing needs. Their timing is certainly ideal, as low loan pricings continue to appeal. But as funding costs for banks rise, borrowers should prepare themselves — not only to pay juicier margins, but to also look for a wider investor base.