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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 €2bn five year syndicated loan from Hochtief has been almost 20% oversubscribed after the borrower flexed the pricing when its parent company also launched a loan.
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Finnish energy company Pohjolan Voima Oy (PVO) has replaced its outstanding €400m multicurrency seven year revolver maturing in July next year with a new €300m deal.
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Foreign direct investment into the Middle East and North Africa has plunged a year after the Arab Spring began, according to a new report by the World Bank’s insurance arm the Multilateral Investment Guarantee Agency (Miga). But even as European banks and multinational corporates pare back, stable regimes in the region are offering hope as bankers search for deals.
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The leveraged loan investor base needs to diversify as CLOs disappear and banks reduce loan exposure, Standard & Poor’s said this week, because the high yield bond market will be unable to supply all the capital that companies are seeking. The rating agency identified the retail investor community as the main area of potential growth for raising capital for leveraged loans.
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Russian aluminium firm Rusal has claimed that it can reach all the requirements of its credit facilities even though it is in negotiations with its lending group for a covenant holiday.
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It has been a tough year for banks in Asia — and in the rest of the world — but Citi has managed to bolster its business in the region and move rapidly up the M&A league tables. Farhan Faruqui, the bank’s head of global banking Asia Pacific, tells EuroWeekAsia how it achieved this feat and what it has planned for the future, Faruqui is a veteran at Citi, having worked there for two decades, and has run the Asia Pacific global banking team for more than six years. He has gone through two market crises in that time, and has worked to change the way the firm does business in Asia, adopting a commonly talked about, but hard to achieve, client-focused model.