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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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Russian lender VTB has not yet set a date to sign a new three year unsecured loan and so has not yet replaced an $1.4bn facility that matured on June 23.
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Commitments are due on Wednesday for a covenant-lite loan being syndicated on a best-efforts basis for the refinancing of Norit, a water purification company owned by Doughty Hanson. Bankers said they have been surprised by the appetite shown for the loans.
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Commodities company Wilmar International has signed an increased $1.614bn loan after 16 banks joined the deal in general syndication.
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Louis Dreyfus has secured four early commitments to a $200m three and five year loan. The long tenor is unusual for a commodities company but lenders have flocked to the deal — and bankers expect more to join over the next two weeks.
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Volkswagen is looking to pay an out of the box margin of 35bp on the Eu5bn revolver launched on Monday, tighter than any borrower of its rating has achieved since the crisis. The margin on the five year plus one plus one transaction for the A3/A- rated borrower is linked to a ratings grid.
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Russian oil firm Tatneft has signed a $550m three year bullet loan with a fixed rate margin of 350bp. The borrower asked its lending group for a facility which had an inbuilt hedge against anticipated increases in the Libor rate.