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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
Demand for riskiest tranches and improved loan supply could support growth in issuance
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Having the last laugh is satisfying — just ask Russia’s Siberian Coal Energy Co (Suek). The firm is on the verge of signing a hugely successful facility after almost all corners of the emerging market loan universe said that the deal would struggle because of its five year tenor — Suek’s third loan of this length since October 2011. The time has come for lenders to accept how things are, rather than grumbling about how they think they should be.
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High yield issuance has picked up a little this year and investors are now waiting for a punchy deal to come to market. Findus, the frozen foods company that was restructured in 2012, may break the ice.
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Unitranche debt is gaining traction among Europe’s mid-caps. This can only be a good thing, particularly on a continent where small and medium-sized companies have long been short on financing options.
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Having the last laugh is satisfying — just ask Russia’s Siberian Coal Energy Co (Suek). The firm is on the verge of signing a hugely successful facility after almost all corners of the emerging market loan universe said that the deal would struggle because of its five year tenor — Suek’s third loan of this length since October 2011. The time has come for lenders to accept how things are, rather than grumbling about how they think things should be.
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The Hong Kong loan market has had a busy week, with two chunky financings sealed. The HK$5bn ($645m) loan for CLP Power, which will help fund its acquisition of stakes in Castle Peak Power Co and Hong Kong Pumped Storage Development Co, was signed on January 22 after a group of 12 lenders joined during syndication. Meanwhile, Sun Hung Kai has also signed its HK$14bn loan, after just one bank came in during general.
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Malaysian company SapuraKencana Petroleum’s $5.8bn jumbo loan has received its first set of commitments from two local lenders, according to a banker, while Indian company Vedanta Resources’ $500m loan is also gathering traction.