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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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Noble Group has signed a $2.4bn loan, increasing the deal from its original target of $1.5bn after getting big demand in syndication. That was partly down to the company’s willingness to raise its funding levels compared to a deal it signed last year, said bankers.
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Silvermine Capital Management raised its second collateralized loan obligation of the year, with the top-rated, $201.2 million A-1 class of liabilities selling at their offered coupon of 135 basis points over LIBOR, as spreads in the primary market float wide of recent tights on macroeconomic worries.
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Daniele Iacovone has returned to the London loans market from the US to be the head of loan market distribution at Lloyds Bank.
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Austria’s Wienerberger has extended the tenor of a €250m credit line set to mature in 2013 by three years to March 2016.
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General syndication for Glencore Exploration’s $600m loan is expected to sign from a select club of banks by the end of the quarter, said bankers. The loan is for an oil and gas development in Equatorial Guinea.
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The Hong Kong Monetary Authority has scrapped its restrictions on banks’ net open positions of offshore renminbi, giving a shot in the arm to the nascent dim sum loan market. But bankers are still sceptical there will be a big growth in offshore renminbi loans before the end of the year.