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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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Spreads on new-issue collateralized loan obligations continued to fall with the pricing of a $450 million deal from American Money Management Corp.
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A $518.25 million collateralized loan obligation from LCM Asset Management, which is owned by Tetragon Financial, saw its $321.25 million AAA-rated tranche priced in line with recent tights on the primary market, at 147 basis points over LIBOR.
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Turkey’s Vakifbank has signed a $642m-equivalent one year loan from a syndicate of international banks. The loan was split between a €151m ($197m) tranche and a $444.5m piece. ING co-ordinated the banking group, which was made up of 24 lenders.
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Investment manager Alcentra will increase its assets under management from $15.2bn to $23bn from the start of 2013, when it integrates the high yield bond team of Standish Mellon Asset Management. Both managers are owned by BNY Mellon Investment Management.
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Ukrainian energy producer DTEK has attracted four banks to its euro-only loan of around €305m ($400m). ING and UniCredit are co-ordinating the deal. They are joined by Gazprombank and Sberbank.
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Russian oil firm Slavneft has hired ING to co-ordinate a new facility with an early October signing date pencilled in. The deal will probably be for $500m-$600m, said a senior loans banker.