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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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Three banks have underwritten debt facilities backing Campari’s $414.8m takeover of Jamaican rum company Lascalles deMercardo. Bank of America Merrill Lynch, Banca Intesa and Deutsche Bank are providing the loans, which are priced at 265bp over Euribor, to support the acquisition.
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The next deal to launch in the European leveraged loan market — Cinven’s buy-out of Mercury Pharma — will offer a margin of 600bp on its term loan ‘B’, providing relief to institutional lenders worried that the double reverse flex on Bartec’s bullet tranche could start a drastic downward pricing trend.
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The Egyptian Co for Mobile Services (MobiNil) has signed a E£2.9bn ($475m) loan to repay some of its debt and to expand its network.
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The City of Belgrade is set to receive loans for up to €114m to upgrade its transport infrastructure.
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Capital markets don’t normally break records in August. But the pricing of three collateralized loan obligations brought the month’s total issuance to $5.77 billion, breaking April’s $5.66 billion mark as the biggest month for CLOs since the financial crisis.
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Indian borrowers have turned to the international loan market in greater size over the last few months, making up for a lacklustre supply from the country in the second quarter. But loans bankers warned that no one should expect this small bump in volumes to lead to something more impressive, or more profitable.