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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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Spanish cable firm Ono (B2/B/B) is expected to wrap up a self-arranged €1.4bn refinancing loan shortly. It is awaiting commitments from banks that missed last week’s deadline.
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The incurrence covenants in petrochemicals company Ineos’s refinancing loan appear to have had little effect on demand as the company has increased the size of its loan by $500m to $2bn-equivalent.
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Chinese manufacturer Kingboard Laminates has allocated a HK$3bn ($386.6m) loan, increasing the deal from a planned size of HK$2.5bn after finding big demand in syndication.
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Indonesia’s Tower Bersama launched its $325m loan into general syndication earlier this month, after blow-out demand from senior banks. Around 10 banks are processing the deal, and considering joining with small commitments.
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Asian borrowers have turned to the bond market in increasing numbers this year, as rising bank funding costs and the scale-back by European lenders have slashed loan volumes. But the bond market is starting to become a tougher place in which to fund, and high yield companies may soon head back to the loan market. According to senior bankers at Credit Suisse, such borrowers should consider taking the private route, adding structural tweaks to their deals to attract lenders.
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Oak Hill Advisors has increased the size of its OHA CP VI CLO today by about $50 million, bringing the total deal to $673.7 million.