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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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European banks are going to continue scaling back their lending next year, forcing Asian companies to turn to the bond and equity markets in greater numbers, according to a report by Barclays Capital on Wednesday. But some lenders could benefit from the scale back by their local rivals.
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Ukrainian steel credit Metinvest is looking to raise up to $12bn over the next decade, with bank debt set to play an important role.
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Sanofi-Aventis, the pharmaceutical firm, has managed to cut the size of the bank group on its new €3bn facility, but demand for the A1/AA-/AA- rated company’s paper has meant that some banks have also joined the syndicate.
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Three collateralized loan obligations closed or priced in the past week and there are market rumblings of a $1 billion balance sheet CLO from a French bank.
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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.
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Russian lender Bank Zenit (Ba3/B+) has signed a $110m term loan with a maturity of 364 days with a club of seven banks, for trade financing activities.