Cheaper euros trump dollars

摘要

Leveraged loan borrowers are increasingly opting to raise euros in preference to US dollars, as they take advantage of the tighter terms on offer in Europe's loan market and the enthusiastic lending appetite. That trend was highlighted last week when US drug manufacturing firm patheon opted to raise an add-on facility denominated in euros to back an acquisition of American IRIX Pharmaceuticals. The €150m add-on, led by UBS, is guided to pay 350bp with a 1% floor.