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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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Despite boasting a bookrunner group with access to cheap dollar funding, Standard Bank of South Africa is looking to attract European lenders into syndication by paying a steep premium on its latest loan facility, which is denominated in the US currency.
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Banks will step away from corporate lending and international expansion, due to rising costs in the unsecured funding market and regulation that will make them more competitive in their home markets, analysts at Morgan Stanley and Oliver Wyman said in a report published this week.
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Henkel, a producer of industrial, commercial and consumer care products, signed an €800m five year plus one plus one revolver this week as the first of a series of German borrowers expected to push the tightest end of pricing available in the syndicated loan market.
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The bookrunners on Iceland Foods’ £885m leveraged loan have cut the borrower’s interest rates and increased the size of the sterling tranche after finding strong demand across both the sterling and euro tranches of the £550m (equivalent) term loan ‘B’.
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Dubai government-owned Jebel Ali Free Zone (Jafza) is pushing ahead with plans for a syndicated loan, thought to be for around Dh3.3bn ($900m). This represents the first component of a three-part financing plan that Jafza submitted to creditors last week as it looks for a way to repay a Dh7.5bn sukuk maturity in November.
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Bankers across the syndicated loan market are not confident of a resurgence in activity before the end of the year after volumes in EMEA in the first quarter fell 57% year on year to hit the lowest levels recorded in 18 years.