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BWICs spike and spreads widen but market remains constructive
Resets and refis prominent in pipeline as loan market softens, offering respite from repricing wave
Dasha Sobornova joins from Akin Gump with experience across asset classes
Trade body for levfin investors turns to leading rating analyst
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French building materials group Saint-Gobain has signed an oversubscribed €1.5bn five year revolving credit facility from 28 banks. The deal was scaled back after bank commitments reached €2.2bn.
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European Directories, the Dutch directories business, has announced a €631m cut in its debt as part of its second restructuring, which is slashing the company’s debt to Ebitda ratio from 9.6 times to just 2.8. Debt now totals €262m.
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Credit Bank of Moscow has signed its largest ever loan after increasing the size of its one year deal from $260m to close at $308m.
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Nigeria’s United Bank Africa has received pitches from banks for a syndicated loan and bond totalling around $1bn.
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December got off to a rousing start in the primary market for collateralized loan obligations, as managers rush to price deals before year-end. Nearly $3.21 billion in CLOs hit the market and priced last week.
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Turkey’s Finansbank has overcome bankers’ concerns about where its loans trade in the secondary market to sign a $464m-equivalent one year refinancing facility. But research out this week warns Turkish banks that even with regular trips to the syndicated market, their own loan books are far outstripping funding supplies and creating liquidity risk.