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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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Leveraged loan bankers are working with private equity firms on a debt package for the potential buyout of Phoenix Equity Partners-owned oil and gas business Asco Group.
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Switzerland’s Nestlé has increased the size of its revolving credit facility to €4.5bn, completing the refinancing of a €2bn line last week. The 364 day loan had been launched as a €4bn facility but was oversubscribed during syndication, despite a skinny 10bp initial margin.
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The pipeline of new-issue collateralized loan obligations is stuck in a holding pattern, with issuers and bankers waiting out volatility tied to Europe’s debt crisis and the U.S. equity markets.
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Asset manager Intermediate Capital Group has raised €1.1bn of its €2bn target for its latest European mezzanine fund, ICG Europe Fund V. And the firm’s CEO told EuroWeek that he sees greater opportunities for mezzanine lenders as senior liquidity fades.
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For months, bankers in the European loan market have been desperately scanning the horizon for the signs of a deal failing. They have been pinning their hopes on such an event to move pricing in the investment grade market back to realistic, sustainable levels — in line with, or at the very least closer to, their own funding costs. For too long, they complain, borrowers have been able to call the pricing shots.
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