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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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New LBO loans for Gruppo Coin, the O2 and Vitalia all traded above the original issue discounts (OID) at which they allocated this week, but bankers said that no deals were likely to clear the leveraged loan market this summer without sweetening the offer to investors.
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Bookrunners on the Z14.3bn (Eu3.6bn) debt package backing the takeover of Polish telecoms firm Polkomtel by entrepreneur Zygmunt Solorz-Zak have launched Z6.394bn of senior loans into syndication. They have begun syndication in zloty, hoping to raise as much as possible in the local currency before later approaching funds that deal in euros.
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Several privately owned Russian banks are planning syndicated loans for later in the year, including Promsvyazbank and retail lender Home Credit and Finance Bank.
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RBS Securities has appointed Bill Gates as head of loan syndicate for its global banking and markets division in the Americas. Gates will be responsible for investment grade and leveraged lending to RBS’s corporate and emerging market clients.
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RBS has created a new position of head of CEEMEA loan trading to meet what it said was demand from clients for liquidity in CEEMEA loan products. The role will be filled by Myles Llewellyn-Jones, who is joining from Exotix, where he was head of distressed and high yield trading.
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Despite Moody’s downgrading several Slovenian banks by three notches in June, Nova Ljubljanska Banka and Abanka Vipa have both signed loans.