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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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More than 10 banks have joined Venetian Macau’s $1.5bn six year loan during the senior syndication phase, thanks to which the deal is already oversubscribed.
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Tata Motors has launched its $500m dual-tranche loan into general syndication via five mandated lead arrangers and bookrunners. The unsecured nature of the deal has raised questions about the structure among some rival bankers, but there is plenty of confidence that the borrower’s name will work in its favour. -
CLO managers putting together new deals in the next few quarters may find sourcing loans easier when older CLOs are called as they leave their reinvestment periods, according to Moody’s Investors Service.
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Fiat Finance and Trade issued Sfr450m of four year bonds on Tuesday. The Italian carmaker rated Ba3/BB-/BB- sold the bonds with a 4% coupon — its lowest coupon on a Swiss franc bond so far.
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Private equity firm Apollo has shed the final remnants in its holding of UK estate agent Countrywide after selling around 22.4m shares, or 10.2% of the company, through an accelerated book building process on Monday night.
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The high yield market has a new risk: long-dated bonds. Unitymedia's daring €475m 15 year deal opened a new frontier for the high yield market. Bankers say not every company could issue that long, but you can bet they will think about trying to repeat the deal. Investors, however, should be on their guard.
