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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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Russian state-owned development bank Vnesheconombank (VEB) is in the market for a $750m three year refinancing loan that is expected to price tighter than the 150bp margin Sberbank paid for a $1.5bn deal in October.
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ING Alternative Asset Management brought its fourth collateralized loan obligation to market, with the top-rated $272 million tranche said to sell with a yield of 139 basis points over LIBOR; the first time the AAA-rated slice of any CLO on record has sold tighter than 140 bps since May.
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Alcentra, a unit of BNY Mellon, priced its second collateralized loan obligation of the year, again hiring Jefferies & Co. to arrange the deal.
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Bookrunners on the loans backing Advent International’s attempted takeover of Douglas Group are marketing the senior portion of the deal to early-bird banks and institutional investors with a margin of 550bp on the €450m term loan ‘B’.
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The dollar premium has disappeared from the EMEA loan market. But don't be fooled into thinking this is just because banks have seen their dollar funding costs fall. It's as much to do with the fact that they are willing to take the hit and commit to loss-leading deals for the right clients.
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General syndication for Angolan oil firm Sonangol’s $1.5bn five year loan is due to close by the third week of November. The facility was pre-funded in June and senior syndication closed on October 31, with more than 10 banks joining the deal. Standard Chartered was co-ordinating.