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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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Decline rates are higher in the syndicated loan market and banks are scrutinising the economics of their relationships with corporates but there is still sufficient bank liquidity to do successful deals, said loans bankers this week.
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Struggling UK directories company Yell Group has written to lenders outlining the proposals to amend its net debt to Ebitda ratio covenants as it looks to avoid default. The company is also looking to increase the amount of cash it can spend repurchasing its own debt from £108.4m to £159.5m.
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Fund manager Avoca Capital is planning to list a senior loan fund, called Avoca Senior Loans Europe, on the London Stock Exchange on December 14.
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Central and eastern Europe will be the hardest hit of all emerging markets by bank retrenchment as just four eurozone banks make up more than half of lending to the region. UniCredit, RBI, Erste and KBC represent about 54% of the €425bn lent in CEE, according to Morgan Stanley research.
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The Apax-led private equity consortium buying Belgian telecoms group Coditel is to press ahead with splitting the capital structure of the debt package to include senior and mezzanine loans, replacing a bridge to high yield bond loan that was costing over 11% in interest.