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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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Bank of America Merrill Lynch and HSBC have underwritten a $305m three year acquisition financing that backs UAE oil rig equipment engineer Lamprell’s takeover of Norway’s Maritime Industrial Services.
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Sole underwriter IKB has launched early-bird syndication of Eu185m of loans backing Triton’s acquisition of mining and construction company DYWIDAG-Systems International (DSI).
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French construction and engineering group Vinci signed a new Eu4bn syndicated revolver on Thursday, replacing several of the French company’s existing undrawn credit lines totalling Eu3.685bn. The five year plus one plus one deal was oversubscribed in syndication and 23 banks committed to the deal. The Baa1/BBB+ rated firm will pay a margin of 47.5bp on the facility.
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Volkswagen and Publicis are heading a new rush by corporate borrowers to refinance facilities before the summer break as anxiety about the eurozone crisis sweeps through the loan market.
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Abu Dhabi investment vehicle International Petroleum Investment Corporation (IPIC) has launched a $1.5bn one year syndicated loan with a six month extension option at the borrower’s discretion.
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Turkey’s Akbank has opted to refinance only the one year tranche of a $1.2bn one and two year loan signed last summer. That is likely to lead to similar decisions from other Turkish banks.