CLOs feel pressure as loan pricing falls [Reuters]
Change Healthcare Inc. - Tangible Equity Units (CHNGU)
Company Research
Source: Reuters
CLOs feel pressure as loan pricing falls LONDON, Feb 7 (LPC) - An assault on pricing in Europe’s leveraged loan market has put pressure on CLO managers worried about making the maths work as interest margins continue to grind lower. Ample liquidity has driven down loan pricing and almost every European loan deal has seen margins tighten from initial guidance so far this year. The benign credit environment has also provided borrowers an opportunity to reprice their debt at ultra-low rates and loans raised in 2019 are already back in the market for a repricing if the six month soft-call protection has expired. Europe’s second-largest alarm firm Sector Alarm has repriced a €590m loan, shaving 50bp off the loan that was raised just eight months ago in the latest display of a tightening market where borrowers are opportunistically reducing their cost of capital to take into account market technicals where demand far outweighs supply and confidence is high in the aftermath of the UK’s Decem
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