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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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Exopack Holdings, the US-based packaging group, set margin guidance on the dollar tranche of its $750m-equivalent transatlantic term loan at a bank meeting in New York on Tuesday.
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Société Générale's Russian subsidiary Rosbank has decided to extend an existing credit facility rather than take a new loan, the borrower told its lending group on Tuesday.
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On the verge of a possible US default, the Markit iTraxx Europe Main and Crossover indices paradoxically closed on Tuesday at their tightest levels since April 2010, at 89bp and 358bp. The ratio between the two is exceptionally low, showing how far higher yielding credit has rallied.
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Abu Dhabi Commercial Bank, Bank of East Asia, China Huaneng Group, Chinatrust Commercial Bank, DZ Bank, Gunma Bank and Sumitomo Mitsui Banking Group are among the banks that are preparing to commit to Reliance Industries’ $1.75bn dual tranche loan, joining KfW, EuroWeek Asia can reveal. Another two are also are also said to be considering the loan, with all commitments expected to be finalised by the end of the week, say bankers.
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Indonesia’s Federal International Finance has signed up another six banks as MLABs to its three year loan of around $150m, taking the number to nine. But the lead group could get even bigger and more banks consider the terms.
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HSBC has jumped on board Rural Electrification Corp’s loan, allowing the Indian borrower to increase the size to $250m as it launches into general syndication.