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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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BMW’s decision to appease its banks over the currency of its RCF appears to have paid off, as its €6bn refinancing has attracted commitments of more than €9bn in syndication. The five year plus one plus one line is set to sign next week.
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WCAS Fraser Sullivan is offering its second collateralized loan obligation of the year, a $400 million broadly syndicated vehicle, through arranger Citigroup.
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A modest pipeline of leveraged buyouts is growing despite a series of hung syndications in Europe over the summer, as arranging banks remain open for business, say bankers. Club deals are back in fashion for most of the debt packages under discussion, but for bigger names such as Orange Switzerland, some banks are willing to compete for an underwrite.
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Some European banks have been trying to reduce their Asian loan portfolios over the last few weeks, reacting to ballooning funding costs at home, according to bankers. But these sales have not always been aimed at the most likely buyers: one bond investor got a call last week trying to convert him to a new asset class.
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Corporate borrowers are rushing to complete deals in the syndicated loans market before the end of the year, fearing that margins and terms will be much stricter in the New Year. Several investment grade credits are set to launch deals before the end of October as nervousness increases about borrowing conditions in 2012.
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European leveraged loan collateralized loan obligations are likely to come under increasing pressure in the fourth quarter, according to Fitch Ratings.