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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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Ukrainian steel credit Metinvest has wrapped up a refinancing loan worth $1bn from a dozen banks after struggling to reach the $1.2bn soft target it had initially been seeking in July.
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A bids wanted in competition (Bwic) comprising assets of €123m from an institutional investor has livened up a quiet secondary market, traders said on Monday.
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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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Collateralized loan obligation issuance in 2012 is expected to best this year’s tally by as much as $10 billion, with market players predicting $15-20 billion in issuance across about 40 deals in the coming year.
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Turkish oil refiner Tupras has completed a $2.1bn financing package, split between a term loan and export credit agency (ECA) backed loans.
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CIBC, Citi and HSBC have joined syndication of the $260m of leveraged loans backing the buy-out of V.Group by Canadian pension fund Ontario Municipal Employees Retirement System (OMERS). It acquired V.Group, the parent company of Scottish shipping services company V.Ships, from Exponent in July. Royal Bank of Canada has underwritten the deal.