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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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After an abysmal year of low loan volumes across the emerging markets, bankers are pinning their hopes on Russian business after oil firm Slavneft and petrochemical company Sibur began talks with lenders for new facilities. And activity is building in the financial sector, too.
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China’s UniTrust Finance & Leasing Corp wants to become a regular borrower in the offshore renminbi loan market, after managing to save more than 100bp compared to where it could borrow domestically.
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Private equity firm IK Investment Partners has received an undisclosed amount of debt from Ares Capital and La Financière Patrimoniale d’Investissement (LFPI) to finance its buyout of French chemicals firm Unipex Group, as institutional lenders become a more popular option to finance mid-market LBOs.
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Bookrunners are preparing to launch syndication of €550m of loans for Macquarie’s German meter-reading company Techem (B1/BB-), which is also planning to issue €735m of high yield bonds as it looks to refinance part of its debt.
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Investment managers are having increasing success raising debt funds that can buy, but are not restricted to, European leveraged loans as they look to fill the funding gap left by CLOs in the European leveraged loan market.
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Arranging banks appear to be steering clear of pushing investors too far over leveraged loan pricing as the latest deal in the market — the loan backing Cinven’s buyout of Mercury Pharma — guided its original issue discount to 98.5 at a bank meeting on Wednesday.