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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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Finnish paint maker Tikkurila has signed a €180m club deal to refinance its debut syndicated loan signed last year.
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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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Stemcor is due to close its $150m facility early next week as lenders move into the final stages of making commitments. The 264 day refinancing was due to close today, but has being delayed as banks finish processing approvals.
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Loans bankers became increasingly bearish this week, putting pressure on deals that have been in syndication for some time. The prime example is Dutch commodities trading company Trafigura, which was hoping to close its $700m loan this week — but now looks likely to wait several more weeks before signing the loan.
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Andhra Bank announced the commitments for its upsized $165m facility this week, while IDBI also increased the size of a dual tranche loan that is due to be signed at the end of the month.
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BMW has made a concession to lending banks struggling with their dollar funding costs by refinancing its $8bn revolver with a €6bn five year RCF that was launched on Thursday. However, bankers noted that the change in the denomination was purely cosmetic, as the deal can be fully drawn in either currency.