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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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Mercuria Energy Group is close to mandating seven banks on a $500m loan, according to a banker familiar with the deal.
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Retail lenders are opting out of committing to loans for Turkish financial institutions in the primary market. The trend for smaller bank groups on these loans is continued with only one bank taking a participant ticket in Vakifbank’s latest refinancing deal.
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Rural Electrification Corp (REC) is set to sign its $300m five-year loan on Friday, after a one week delay failed to bring in any new banks. The mandated lead arrangers will now absorb the remaining amount, said a banker close to the deal.
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Asian loans bankers expect a quiet period for new deals over the next few weeks, as continued volatility, rising interbank rates and uncertainty over economic fundamentals push lenders to demand higher pricing — while many borrowers are trying to go in the opposite direction.
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IKB, ING and Société Générale are underwriting €240m of senior loans to back Axa Private Equity’s buyout of French photo technology developer Photonis from Astorg Partners. The takeover will also be part-financed by a mezzanine facility of an undisclosed amount, to be provided by Indigo Capital and Partners Group.
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Crédit Agricole, Crédit Mutuel and Société Générale are arranging €205m of drawn and undrawn all-senior loans to back private equity firm 3i’s buy-out of building fasteners manufacturer Etanco from IK Investment Partners.