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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 past month has seen the lowest number of European corporate loans completed in any May since before 1995, according to data provided by Dealogic. There were just 36 transactions in May 2012, down from 110 deals in May last year. The monthly volumes recorded, totaling $34.91bn, are the lowest seen in May since 2002, when only $30.97bn of loans were completed. Last year, deals worth $71.474bn were completed in May.
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Private equity-backed telecom company GTS Central Europe has signed and allocated a €330m senior secured loan. More than half the proceeds are available for acquisitions, capex or repaying shareholder loans, with the remainder due to refinance existing bank debt.
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Emerging market borrowers will combat the shrinking appetite of international lenders by increasingly turning to their domestic banks, according to a EuroWeek poll.
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Switzerland’s Mercuria Energy Trading has signed multicurrency revolvers of $1.7bn and €145m, adding a three year tranche alongside its 364 day credit facilities. The lines were increased from a planned $1.3bn and €100m after they were oversubscribed during syndication.
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DE Master Blenders, a wholly owned subsidiary of US food maker Sara Lee, has signed a new €750m five year revolver.
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Telecom Italia has completed a new €4bn forward start facility with a syndicate of almost 30 bank lenders. The loan, co-ordinated by Barclays and Intesa Sanpaolo, will replace part of a €6bn revolving credit line signed in August 2005.