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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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Russian oil firm TNK-BP has sent out a request for proposals for a $500m term loan. Bankers have until the end of the week to provide preliminary responses.
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Montagu Private Equity has beaten Cinven and PAI Partners to acquire Dairy Crest’s margarine maker St Hubert for €430m, and has mandated six banks to arrange the debt financing.
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Linde and Anheuser-Busch InBev have both announced jumbo acquisition lines, reviving hope for new money financing after a dismal first half. According to Dealogic, global M&A volumes in the first six months of 2012 fell 22% to $1.17tr year on year, but bankers may have cause to be optimistic for the second half of the year.
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The African loan market may be breaking out of its first half malaise, after the owners of Nigerian special purpose vehicle Shoreline Natural Resources announced that the SPV is in talks to purchase an $850m major stake in Nigerian oil site OML 30. The bulk of the acquisition will be financed by a $550m bridge loan from Standard Bank of South Africa.
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Turk Telekom has signed a €100m loan from the European Bank for Reconstruction and Development. The eight year loan will finance capital expenditures for Turk Telekom’s broadband network expansion across Turkey.
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Three collateralized loan obligations totaling nearly $1.5 billion were priced by early Thursday afternoon this week, even as spreads on liabilities drifted wider to levels similar to those seen in February this year, when AAA-rated liabilities were consistently being priced in the area of 150 basis points, according to SI data.