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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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Finnish chemicals company Kemira signed a new Eu300m five year revolver on Thursday with a syndicate of eight banks. Nordea was the coordinator and facility agent. Citi, Danske Bank, Handelsbanken, Pohjola Bank and SEB joined as mandated lead arrangers and bookrunners, while Deutsche Bank and ING were arrangers.
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After months of scarce LBO supply driving loan terms and structures to aggressive levels, a sudden reversal in the technical balance had bankers anxious this week that Eu6bn of live deals could struggle.
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French corporate borrowers Tarkett and Steria signed new loans this week, with the former increasing the size of its revolver to Eu450m after oversubscription.
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Bookrunners on the Eu985m of leveraged loans for Italian fashion retailer Gruppo Coin are expected to wrap up syndication early next week. Books officially closed on Thursday, although commitments from some Italian banks are delaying the process.
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Aggressive margins on refinancings launched by Volkswagen and Schlumberger this week have left bankers in Europe fretting that borrowers have resumed demanding ever tighter prices. Bankers noted the irony of the deals emerging in the same week as Greece drove volatility in many other markets to fever pitch.
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