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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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The fears of some leveraged finance bankers that syndication of Bravida’s Skr3.654bn (€423m) of leveraged loans would follow the same path of similarly-sized Alain Afflelou and Global Blue in requiring a flex appear to be unfounded, as bookrunners on the deal prepare to wrap up with an oversubscription on the €130m fund carve-out.
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Leveraged finance market participants on buy and sell sides appeared sure that syndication of the €865m of senior loans backing EQT’s buy-out of German bandages maker BSN Medical would fly after some funds made large commitments and the company’s ratings were published without any scares.
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Ratings of Spanish small and medium-size enterprise collateralized loan obligations remain resilient even if collateral performance deteriorate significantly as long as sovereign and counterparty risk does not increase, according to Fitch Ratings.
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Three French banks have arranged the financing to Oc’Via consortium to build, operate and maintain a new high-speed rail bypass in southern France after a PPP contract with Rédeau Ferré de France was signed last week.
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UK engineering firm GKN’s Skr6.9bn (£633m) takeover of Volvo Aero will be partly financed by a £500m 18 month bridge loan, which is expected to be swiftly taken out in the bond market.
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Turkey’s state-owned Halkbank has added 16 lenders to its banking group to sign a $901m-equivalent one year facility.