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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 disparity between the borrowing costs of identically-rated European companies from different jurisdictions has ballooned. The gap reflects the contrasting funding conditions for domestic lenders rather than a changed credit outlook at borrowers, but it may not last long.
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Bank of Ireland, Crédit Agricole, Lloyds and Mizuho have joined coordinators HSBC and JP Morgan in underwriting £435m of senior loans backing Cinven’s buy-out of patent management group CPA Global.
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The primary market for collateralized loan obligations could see $15-25 billion in new-issue deals this year, according to panelists at the CLO Sector Review Monday.
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Petroplus, the Swiss oil refiner, has become the first European company to default on bonds this year. The company, based in Zug, said today that it had failed to reach agreement with lenders under its revolving credit facility, and that the lenders had in turn served notices of acceleration, initiated enforcement actions and “appointed a receiver in respect of Petroplus Marketing AG’s assets in the UK”.
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German cable firm Kabel Deutschland (KDG) has launched an extension request on its term loans ‘A1’, ‘A2’ and ‘C1’ as it aims to reduce its debt maturing before March 2014 to under €500m from €1.634bn. The company wants to target prepayments from its new $750m (€590m) term loan ‘F’ at those lenders in the €1.41bn term loans ‘A1’, ‘A2’ and ‘C1’ who do not wish to extend.
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Moody’s has said it considers UK directories company Yell’s purchase of £137.5m of its own loans for £48.1m as a default, and has consequently changed the company’s probability of default rating (PDR) to Caa2/LD from Caa2. The rating agency warned in December that, depending on the scale and price of the transaction, the buyback could count as a default.