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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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China’s decision to allow mainland companies to borrow in foreign currencies at home and send those funds to their overseas subsidiaries is being seen by some bankers as a threat to international loan volumes. But in the long run, the move could be just the opposite.
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Pan African soft commodities trader Export Trading Group (ETG) has signed a $250m one year secured loan to fund the firm’s expansion into West Africa and to purchase agri-commodities.
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German retail group Tengelmann Warenhandelsgesellschaft has closed a new €300m revolving credit line, refinancing a €440m deal maturing later this year.
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German clothing retailer and former LBO name Tom Tailor has raised €450m of loans from five banks to support its acquisition of fellow German fashion retailer Bonita and refinance an existing loan just four months after it was signed.
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As bank ratings sink ever lower, profits from lending are getting harder and harder to achieve. Only a reduction in the number of lenders participating in the sector can bring about real change.
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Market participants are confident that syndication of the €462.5m of loans backing Silver Lake and Partners Group’s buyout of tax-free shopping technology business Global Blue will close, despite the arrangers having flexed the margins upwards by 25bp.