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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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European bankers are looking to close the loophole in syndicated loans pricing that has allowed corporate borrowers to draw down substantial pieces of their revolving credit facilities without paying utilisation fees.
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Switzerland’s Nestlé has once again shunned conventions in the European loan market to market its latest €4bn one year facility at a margin of just 10bp.
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Ghana Cocobod signed its largest ever annual one year trade finance loan for $2bn. The borrower initially targeted a $1.75bn deal but after raising $1.5bn in general it managed to reach $2bn.
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Russia’s largest bank by assets, Sberbank, has sent international banks a request for proposals for a syndicated loan of up to $2bn. The invitation did not mention the margin it hopes to secure but three bankers said that Sberbank indicated in one-to-one discussions that it wants to set a new benchmark for Russian financial institution pricing.
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Emerging market borrowers are being forced to bear the increased costs of bank funding. The bank group for a new club loan for Russian mining firm Suek have forced the borrower to accept a premium of more than 50bp on its new credit line, according to bankers close to the transaction.