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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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Despite a sovereign financing crisis that has pushed the country to the brink of a deal with the IMF, Egypt’s companies are starting to make headway in returning to the international capital markets. Parts of the Orascom conglomerate are now negotiating a $2bn plus refinancing with banks co-ordinated by Citi, while the state owned Egyptian General Petroleum Corporation recently signed a $150m best efforts loan led by Crédit Agricole.
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Pricing on investment grade credit facilities is set to rise over the last few months of the year, as the effects of the eurozone crisis and banks’ increased funding costs finally begin to hit the high grade loan market.
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Leveraged finance bankers working on potential LBOs for Ameos and Kondor expect both deals to be done mainly on a club basis, as syndicating to funds remains a hard slog.
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A syndicated loan for Russian aluminium producer Rusal will reach its $5bn target, according to bankers on the deal.
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Dutch commodities trading company Trafigura has pushed back the closing date of its $700m loan to wait for one more commitment. Bankers think the deal is struggling with a now familiar problem of oversupply in the commodity sector — and could be suffering for pricing its deal tightly at the start of August, before bankers reassessed pricing after a solid month of volatile markets.