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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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Ma’aden Bauxite and Alumina Company has signed facilities worth $1.99bn, provided by commercial banks and a public fund, to build the second phase of an aluminium project that will help diversify Saudi Arabia’s economy away from oil revenues.
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Lenders to beleaguered Thomas Cook have agreed to provide a £200m revolving credit facility, maturing on April 30 2013, replacing a £100m short-term loan signed in October. But margins on the loan are up to 300bp higher than the terms agreed on Thomas Cook’s existing £1bn loan in July.
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Covenant waivers and amend and extend agreements will become more difficult for leveraged companies to obtain amid the liquidity squeeze on bank and CLO lenders, bankers warned this week. Distressed investors picking up debt from bank portfolio sales could add more difficulties, as they are less likely to be amenable to requests for more flexible terms.
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Corporate borrowers reliant on bank financing for the bulk of their funding needs could be hit as banks deleverage in an effort to meet the European Banking Authority’s additional capital requirements, according to a report from Barclays Capital this week.
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The biggest lenders to emerging Europe might have to pull back from the region at the instruction of their central bank. Austrian banks, which account for as much as 20% of CEE loans, will have to restrict their subsidiaries’ lending growth to what they can refinance locally.
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French supermarket chain Carrefour’s €1.5bn five year revolving credit facility was healthily oversubscribed in syndication, said bankers, despite a challenging market. Some 20 of the Baa1/BBB+/BBB+ rated company’s relationship banks this week signed into the transaction, which has a margin of 75bp and refinances a deal of the same size completed in July 2005.