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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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Sberbank has signed a tightly-priced $1.2bn three year loan by drawing in commitments from 10 banks, including two eurozone lenders.
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Syndication of a one year refinancing deal for Turkish financial institution Sekerbank was launched on Monday. The dual-currency deal, which has a 364 day extension option at the discretion of the lenders, offers an all-in margin of 170bp for top-ticket participation.
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Bank lenders will attempt to renegotiate the terms of corporates’ revolving credit facilities when the first extension options come up for discussion early next year. Some 64% of those responding to a EuroWeek poll said that they would look to implement fees or increase margins on the 5+1+1 year deals signed in 2011 when the extension options are due to be decided after the first year of the facilities.
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Garanti Bankasi held its nerve and priced the refinancing of its $933m November 2010 loan at 100bp.
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In a move that has highlighted fears of a new nationalism in the capital constrained loans market Commerzbank will shun facilities for borrowers without connections to Germany or Poland for the rest of the year. Loans teams in banks across Europe are also pulling in their horns, though most say they are focusing remaining capacity on key borrowers rather than retreating to their home markets.
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At least one lender will withdraw from the banking group of Electrolux, the Swedish domestic appliance manufacturer, after its €500m five year refinancing was marketed at 60bp over Euribor.