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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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China Petroleum & Chemical Corp, also known as Sinopec, has verbally mandated a group of six banks to arrange its $2.5bn loan, which could go up to $3bn, according to a banker. A decision on the final deal size is still pending, but the borrower has managed to reduce its funding costs a little.
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Fortune Real Estate Investment Trust has closed syndication and finalised allocations of its HK$4.567bn ($589m) loan, with the amount transferred to the borrower on November 11.
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SMC Global Power Holdings has closed syndication of its $650m five year loan after seven banks came on board during the general phase. With more than $100m gathered in general, the borrower is now considering increasing the deal by $50m.
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Bankers working on Beijing Enterprises’ HK$6bn ($774m) loan have already gathered commitments from eight banks during general syndication, less than a month after it was launched. With 10 more eyeing the deal, the leads have now extended the deadline to November 18.
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Non-European euro borrowers – E.On Energy from Waste amendment – Santander AM LBO debt – RAC term loan – Nocibé deal oversubscribed
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Participants at a Loan Market Association seminar have commended the increase in European leveraged loan issuance but expressed concern at the lack of mergers and acquisitions to stimulate further growth.