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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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Tunstall Healthcare, a UK maker of medical devices, allocated £353m-equivalent of leveraged loans on Monday, after investors oversubscribed the deal's euro tranche.
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India’s Reliance Industries, which saw a slow start to general syndication of its $1.75bn dual tranche loan since it launched in September, now has eight banks processing commitments, according to one head of loans. These would bring the total raised in general to about $250m, said the banker.
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While loans bankers await the launch of a HK$6bn loan for Beijing Enterprises overnight (see separate story), they are continuing to mull over the jumbo HK$37.5bn three year loan backing the spin-off of Hong Kong Electric Co from Power Assets Holdings, part of the Hutchison Whampoa conglomerate — and in particular, the commitment levels that might be available in the deal.
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The Republic of Tanzania has decided to split its borrowing between the loan and bond markets, despite the Ministry of Finance telling EuroWeek in August that issuing a bond would be too slow for the sovereign's needs. -
A trio of Nigerian banks have moved forward in their plans to borrow through the syndicated loan market, with Africa Finance Corp already selecting its lead banks and Zenith Bank due to mandate imminently.
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Beijing Enterprises Holdings, a Hong Kong-based investment vehicle owned by the city of Beijing, is expected to launch its HK$6bn ($774m) loan on Tuesday evening or Wednesday morning, once final agreement is reached on the terms among the eight-strong group of MLABs, according to several bankers working on the transaction.
