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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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A targeted syndication in Taiwan combined with renewed interest from Middle Eastern banks brought in $80m in commitments for the $475m refinancing loan for India’s Jindal Steel & Power, which was signed on Tuesday.
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European corporate credits could see their bank borrowing costs rise by up to €50bn under Basel III and Solvency II regulation, according to a new report from ratings agency Standard & Poor’s. In total, borrowing costs are set to increase by between 10% and 20% over the next seven years, according to the agency.
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M&A activity in the Middle East suffered another blow when talks over the sale of Zain’s 25% stake in Zain Saudi to Bahrain Telecommunications Company (Batelco) collapsed this week.
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Equity returns in primary collateralized loan obligations are still attractive, despite broad volatility dogging the market since early August, according to Russell Morrison, managing director and head of high-yield investments at Babson Capital Management.
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Natixis, RBI and UBS have provided Ukrainian grain and sunflower oil producer Kernel with a $150m revolving credit facility.
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Russia’s Nomos Bank is in talks with banks for a dollar loan priced at around 300bp over Libor, according to a spokesperson for the bank. The borrower has also completed a Rb6bn ($188m) subordinated loan from one of its shareholders to repay its $125m October 2016 Eurobond issue when the call option is due next month.