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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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ONGC Mangalore Petrochemicals has launched a $250m three-tranche loan, fully underwritten by State Bank of India. The lender is still deciding how much of the deal to sell down but looks likely to accept commitments until the middle of January.
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Korean policy banks will struggle to win commitments from Taiwanese lenders next year, after isolating these lenders by fending off their attempts to trigger market disruption clauses.
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Investment manager Alcentra intends to raise more than £150m through a European senior loan fund that it will list on the London Stock Exchange. In November, rival fund Avoca Capital announced its plans to raise at least €60m on a listed fund.
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Turkey’s Finansbank has successfully extended a portion of its November 2010 loan without changing the margin even as lending banks’ cost of funding remains high.
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Borrowers in the loan market have had some success fending off attempts by Taiwanese banks to trigger market disruption clauses but they might regret that next year, said syndicate bankers. After all, they will need those same lenders next time they decide to launch a loan.
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UK infrastructure firm Balfour Beatty has signed a £850m revolver led by Royal Bank of Scotland as bookrunner after the deal was increased from a planned £700m.