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LevFin CLOs

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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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  • Emerging market loans bankers still can’t decipher what Turkey’s upgrade to investment grade by Fitch could mean for the margins of next year’s refinancing loans for Turkish financial institutions, according to the latest EuroWeek poll.
  • Qatar Telecom (QTel) has broken into Islamic financing with a €500m 18 month revolving murabaha financing facility from Qatar Islamic Bank (QIB).
  • Pharmacy chain Alliance Boots has requested to extend the maturity of its multi-billion pound debt as part of what group finance director George Fairweather said was a “policy of prudent and active capital management”.
  • Croatian food group Atlantic Grupa has signed a €307m refinancing package from multilateral and commercial banks in a deal that marks Sberbank’s debut in a large loan to a client in south eastern Europe, according to the borrower.
  • The Moroccan Agency for Solar Energy has signed a €100m loan to finance the construction of the first large solar thermal power plant in Morocco.
  • Chinese banks will keep up their steady growth in lending next year, sustaining a double-digit rise in loan volumes despite falling rates and a slowing economy, according to CreditSights analysts.