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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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French car part maker Faurecia, rated Ba3 by Moody’s and 57% owned by Peugeot, is to refinance its €1.17bn syndicated loan agreed in 2008 with a slightly smaller facility of €1.15bn.
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Indonesian palm oil company Bakrie Sumatera Plantations signed a $237.5m loan at the end of last week, finding enough money to repay a maturing $185m bond only a week before it falls due.
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Banks have agreed to reprice Russo-German gas project Nord Stream’s €3.9bn project finance loan originally signed in 2010. The new margins on the deal will match those on the €2.5bn second phase financing that was signed in March this year.
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BMW signed its €6bn revolving credit facility last Friday, but although there had been some fears that its European lenders would struggle with a large deal that can be drawn in dollars, commitments for the facility blew out to almost €10bn. The deal was just one example of the growing participation of Asian lenders in the European loan market as banks from the region have grappled with higher funding costs.
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Keeping trade costs down for emerging markets is the aim of two new adjustments to the Basel III banking regulations. But bankers argued that the regulations will still damage the trade finance market when they come into effect fully in 2019.
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A syndicate of 39 lenders signed a €6bn credit facility for Germany’s BMW last Friday, with the borrower assigning the success of the transaction to the company’s strong relationships with its lenders.