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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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Banks are beginning to question whether the ancillary business on offer really justifies losses on cut-price loans to Turkish banks. The debate may not lead to increased pricing for the top tier names but it doesn’t bode well for the borrowing costs of smaller Turkish FIs.
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Bookrunners on Com Hem’s Skr4.25bn (€466m) term loan ‘B’ have increased the margin by 25bp to 500bp, in a move that suggests there is little sign of an increase in institutional appetite for leveraged loans.
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Turkish bank Yapi Kredi, which is seeking to match the 100bp all-in loan margins achieved this summer by rivals Akbank, Isbank and Vakifbank, has still not agreed pricing on a new one year refinancing loan.
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Highland Capital Management is again trying to sell its European collateralized loan obligations business after taking it off the market earlier this year.
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Belgian pharmaceutical firm UCB has amended a €1bn revolving credit facility to extend its maturity to 2019.
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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.