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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 number of investors looking at buying loan portfolios is increasing, and the discounts they are negotiating are falling, according to a survey that should cheer Europe’s capital-hungry banks.
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Macroeconomic concerns may have been partly behind the rush of issuance that hit the market in the collateralized loan obligation space, with at least $1.91 billion pricing across five deals even as spreads on liabilities backed out from recent tights.
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Italian lender Cassa di Risparmio di Asti has originated a EUR674.2 million ($857.4 million) small-to-medium enterprise collateralized loan obligation, but retained the deal as investor appetite in Europe continues to be locked onto core prime assets, such as U.K. prime RMBS.
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German bathroom and kitchen fittings company Grohe increased the size of its dual-currency covenant-lite term loan by €75m to €375m on the back of strong demand from investors this week. However, rating agency Fitch has predicted the mini-comeback of the borrower-friendly terms will not become a long-term phenomenon.
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Japanese lenders have seized on the opportunities created by deleveraging European rivals to grow their overseas loan books by more than 20% in the last 12 months.
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Private equity firms are still able to pull off terms in central and eastern Europe that would be considered very aggressive in western Europe, said bankers, despite some international lenders withdrawing from the market in the past 12 months.