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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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Hertz, the car rental firm, priced a €425m 2018 bond at a yield of 4.375% this week in a deal that will support its plans to take out a higher coupon, shorter-dated deal. The new issue traded up from par to 100/100.25 on Thursday, despite a choppy market on Wednesday.
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Citic hits market for $700m — China Precious signs $90m — Vedanta $1.2bn nets six
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Indian company Tata Motors has launched a $500m financing, but is tapping the market via its Singapore subsidiary TML Holdings in a bid to keep its leverage down. The transaction has raised complaints from rival bankers about the deal’s unsecured structure — and what they say is a far too aggressive margin. But the deal’s leads reckon the Tata name will take the transaction past the finish line, writes Rashmi Kumar.
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Loans bankers have a pair of UK event-driven deals to sink their teeth into this week as pharmaceutical firm Shire and tech company Pace both turned to the loan market to finance acquisitions totalling $4.5bn.
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Czech investment firm PPF has launched its €2.3bn-equivalent euro and koruna loan into general syndication, and is seeking to maximise the koruna portion of the deal.
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The cascade of German firms refinancing debt early to take advantage of cheap loans showed no sign of abating this week, after SAP, Grammer and Edeka all completed deals. This brings the early refis signed by German borrowers in the last two weeks up to around €7.7bn.