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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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A Eu150m revolving credit for German gases firm Messer Group will replace Eu360m of outstanding loans.
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French insurance firm Axa will sign a five year revolving credit next week, increasing the line by Eu500m after the deal was heavily oversubscribed. The A2/A/A rated borrower was offering a margin of 35bp for its refinancing, the same price at which Volkswagen (A3/A-) launched its five year plus one plus one deal last week.
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Bankers running the Z18bn ($6.6bn) leveraged buy-out for Poland’s mobile phone operator Polkomtel, the largest LBO in Europe since 2008, believe that demand for the deal is strong enough to close the facility with just one round of syndication. It could be launched as soon as Monday.
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EMEA syndicated lending volumes increased 24% year-on-year in the first six months of 2011 and bankers in the European market are already looking forward to a steadily busy second half to the year.
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Rabobank has been mandated as the sole underwriter to arrange the senior financing package backing private equity group 3i’s acquisition of Dutch retailer Action, with syndication to be launched in the next few weeks.
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Excess liquidity in the loan market is giving borrowers more leverage to renegotiate standard loan documentation. Russian aluminium producer United Company Rusal is one borrower hoping to make changes to its loan agreement as a result.