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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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Middle East-focused lenders were allowing themselves a glimmer of hope this week that loan volumes would pick up in the fourth quarter after signing the second FIG deal in the region since the beginning of August.
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KPN’s decision to pull the sale of its Belgian mobile unit BASE struck a further blow to the European syndicated loan market’s desolate pipeline this week. The deal is at least the fifth pulled auction in six weeks, following Birds Eye Iglo, KMD, Selecta and Schenck, and raises concerns that the mismatch in seller and buyer expectations is wrecking M&A and LBO loan volumes.
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A pair of leveraged finance hires this week signalled the positive sentiment that exists in the sector in spite of deal volumes that remain depressed. Bank of America Merrill Lynch created a new head of origination position within its EMEA levfin business, while law firm Milbank Tweed added a London-based partner, write Olly West and Stefanie Linhardt.
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Leveraged finance bankers are beginning work on a potential buyout of Polish cable operator Multimedia Polska, with local banks the most likely source of financing.
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Russia’s Promsvyazbank has sent out a request for proposals (RFP) to refinance its $350m loan from October 20, 2011.
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A successful result for Isbank in its attempt to get a 135bp all-in margin on its September refinancing seems all but inevitable, according to the latest EuroWeek poll.