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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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Carlyle’s acquisition of car breakdown service RAC from Aviva will provide the European leveraged loan market with its second new money LBO in two weeks. The deal follows the Eu565m loan package for CVC’s acquisition of French rail equipment manufacturer Delachaux, for which early-bird syndication began this week (see box).
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India’s Reliance Industries has hit the market with a $1.09bn term loan. The regular borrower has picked 18 banks to lead the deal — but is also offering attractive pricing to draw in more lenders.
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The prospect of event driven financing from SABMiller’s proposed takeover of Fosters had M&A-starved loans bankers in Europe all aflutter this week.
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A loan fund has hired banks to run a bids-wanted-in-competition (Bwic) auction for a portfolio of 66 loans totalling Eu280m. Traders said the Bwic, which was presented to the market on Wednesday, was the largest of the year so far, and that it may be a sign that investors think secondary loan prices have reached a peak.
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All of the original bank group in Investment Corporation of Dubai’s (ICD) $2.8bn conventional and Islamic five year loan have signed up to the refinancing of the deal, with new lenders also joining.
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Andrew Shapiro has been appointed global head of loan syndications and trading, and head of structured finance UK, at BNP Paribas. He replaces Julian van Kan, who left the loan market in May to join the bank’s FIG team. Shapiro was most recently head of the corporate acquisition finance and value preservation group for the Americas and is relocating from New York to London.