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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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Tajikistan’s Bank Eskhata has borrowed $8m from development banks and a German co-operative bank.
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Qatari gas project Barzan has invited banks to commit to its $4.7bn project financing loans. However, European lenders described the initial margin, 130bp, as “aggressive” in light of the increased cost of dollar funding although several bankers said that the deal would raise enough commitments.
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Dubai-based Ports & Freezone World has signed its $850m five year refinancing deal.
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GDF Suez’s draw-down of some of its revolving credit facilities should make lenders question the pricing differential between drawn and undrawn funding. They also ought to have a good think about the value of relationships to the loans business.
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Swiss travel retail firm Dufry has closed the syndication of a $1bn loan that it has used to back the takeover of assets in South America and Armenia. The five year multicurrency line was underwritten by nine banks, but after the deal was oversubscribed in syndication all lenders have had their commitments scaled back.
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Dubai World subsidiary Dubai Drydocks is in talks with banks to refinance a $2.2bn three and five year loan, according to bankers on the deal.