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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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BAA, the UK airports operator, may increase the size of its core credit facilities after 12 lenders participated in the early bird phase of syndication. Commitments have reached £3bn. The borrower will speak to more lenders next week as part of a targeted second tier syndication phase of the £1.2bn revolving credit facility. Around half a dozen more banks are likely to be approached to join the deal.
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The growing sense of crisis in European loans cranked up another notch this week as senior bankers lamented the fact that profitability is failing to rise to offset the market’s plunge to an 18 year volume low. With their hopes of higher pricing and fees dashed and a meagre deal pipeline ahead, many lenders are losing faith that they will meet their 2012 budgets. Some fear job losses in their teams.
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Kazakh railway operator Eastcomtrans is expanding its April 2011 loan with a top-up financing of up to $120m. BNP Paribas returns as the sole bookrunner in the dollar-only deal.
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A growing number of companies are harnessing competition between the US and European loan markets to drag euro investors into the covenant-lite facilities they have long resisted.
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The loan market’s reception to Spanish construction and engineering company Abengoa, which has signed a €1.566bn refinancing loan, has surprised some bankers, who said they had not expected such a good result when the deal was first mooted.