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Leveraged loans in stressed sectors like software carry refinancing risk
Ferrero International markets €300m deal
Six tranche loan attracts record demand
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Dubai’s Emirates NBD is looking to roll over its $1.7bn loan signed in 2016, joining fellow Emirates lender Abu Dhabi Commercial Bank in the dollar loans market. -
Chinese companies BOC Aviation and Digital China have launched offshore loans into general syndication, seeking $500m and $100m, respectively.
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India’s Tata Motors has closed the senior syndication of an offshore loan worth $237.6m, helping the company fund the buyback of bonds due in 2020.
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Tom Majewski, chief executive of US CLO equity investment firm Eagle Point, said on Tuesday that the firm was focused on resetting existing CLOs in which it held majority equity positions, in order to improve the arbitrage in the structures and also build “runway” for the company to benefit when the loan market eventually suffers a downturn.
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Sweden’s Modern Times Group (MTG) and its subsidiary Nordic Entertainment Group have agreed a five year revolving credit facility in the run up to the subordinate company being spun off.
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Good old fashioned contagion has led the worsening situation in the Turkish market battering the rest of emerging markets this week as a plummeting lira and spiking Turkish CDS levels spooked buyers across CEEMEA and Latin America. Even western Europe has been feeling the heat as investors start to fret about Turkish exposure.
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