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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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Every bank that was invited to join a £2.56bn loan supporting Schneider Electric’s £3.4bn takeover of UK engineering group Invensys has committed to the deal, but bankers said that the new money financing will not prove lucrative for lenders as the bridge loan is unlikely to be drawn.
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Rosneft’s bankers are in for a white-knuckled fortnight. The Russian oil firm is thought to be mulling the idea of slashing the terms of its record breaking $31bn TNK buy-out loan that it signed in January. What is a good opportunity for Rosneft is yet more pain for EM loan bankers. But will pushing banks too far reap any benefits for borrowers in the long term?
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Ithaca Energy, a North Sea oil and gas exploration firm, has amended its credit facilities by tweaking the terms. The company’s $430m reserve based lending facility (RBL), which was completed last October, has been increased to $610m while the margin has been cut.
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Ukrainian metals firms Ferrexpo and Metinvest have both mandated Deutsche Bank to lead pre-export finance facilities. But Ferrexpo is finding some resistance among lenders after pricing its deal around 40% cheaper than Metinvest.
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Banks have long been telling their corporate clients that easy, cheap financing is available in the liquidity heavy syndicated loan market. But now that borrowers have submitted to temptation and are pushing to do fee-free amend and extends, they must wish they'd kept their mouths shut.
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GO hikes debt — Empower cools off with loan — Anel powers up — Russian FI duo sign deals