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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 Wednesday’s London bank meeting for BSN Medical, leveraged loan investors praised the fact that EQT’s buyout of the German bandages firm came with a larger than expected equity cheque of around 35%.
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Chinese companies are in discussions with their local bankers about foreign currency loans they can now send offshore, following a change in rules earlier this month. That has sparked fear among some bankers outside of the country, who think they will now face a tougher time originating deals from Chinese borrowers, writes Matthew Thomas.
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Market participants were less than excited by talk of a dividend recap for frozen food business Birds Eye Iglo after its owner Permira turned down BC Partners and Blackstone’s joint bid for the company. Bankers and investors questioned how attractive such a recap would be for both sponsor and lenders, after the European LBO market appeared to have lost its biggest deal of the year.
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After margins on LBO loans for Alain Afflelou and Global Blue had to be increased by 25bp, having struggled in syndication this week, leveraged finance bankers said they hoped the flexes would be enough to see the deals over the line.
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Sovereigns and banks are having to pay ever higher prices on their debt, but northern Europe’s blue chip companies increasingly look out of touch with capital markets reality by securing aggressively priced loans, writes Nina Flitman.
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Loans bankers managed to increase Asia Pacific volumes in the second quarter of the year, easily closing more than they managed during a lacklustre first quarter. But the rise in volumes relied on a few big deals — and some bankers are bearish that things are really much better than they were at the start of the year.