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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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A strong reception from bathroom and kitchen fittings company Grohe’s existing bondholders has allowed bookrunners to bring forward the commitment deadline on the German borrower’s new €300m-equivalent covenant-lite loan by five days to May 11.
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Lenders oversubscribe Acron five year deal
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Commodities trading firm Glencore has mandated Bank of America Merrill Lynch and Royal Bank of Canada to lead a $1.5bn syndicated facility to back its C$6.1bn ($6.089bn) takeover of Canada’s Viterra, announced earlier this year.
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Some 80% of the banks providing a new €1bn syndicated loan to Iberian utility Iberdrola, which was signed on Wednesday, were not Spanish. The international make-up of the syndicate is an encouraging sign for the European loan market — and one that confirms that high levels of liquidity are available to top tier borrowers no matter what their nationality.
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Syndicated loan volumes in Europe last month fell 67% year on year to $30.8bn, according to data provider Dealogic, with volumes for April in western Europe ($27.5bn) falling to their lowest monthly levels since 2002. While there were 131 deals in April 2011, last month there were only 44 deals in Europe.
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Investors disappointed with the tiny volumes of leveraged loan issuance in the European primary market are having little luck finding paper in the secondary market, said loan traders this week, as a dearth of new loans makes sellers a rare species in the aftermarket.