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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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Digging out of a mountain is no easy feat. Russian mining and metals firm Mechel has its own mountain of around $9bn of debt — or nine times Ebitda — from which it is clawing an escape. Its approach has been to renegotiate terms with lenders and to sell assets, according to the firm's CFO, Stanislav Ploschenko.
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European banks’ difficulties in providing dollar financing are now firmly in the past, with currency use premiums on existing deals being wiped out through a series of refinancings and amendments.
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ONGC Videsh, the international arm of Oil and Natural Gas Corp, has picked a group of nine banks to arrange its $1.5bn 12 month bridge loan, in a deal that could be closed as a club rather than going into syndication.
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Nuance Group, a Swiss duty free travel retailer, is expected to issue a debut high yield bond as early as next week, after UniCredit released pre-deal research.
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Strong demand for crossover-rated Redes Energéticas Nacionais’s bond again underlined corporate high grade investors’ thirst for higher yielding paper. REN’s €400m deal attracted a strong book before trading up on the break.
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Hong Kong conglomerate Hutchison Whampoa is back in the market for another multibillion dollar loan, this time for its electricity arm, just weeks after it closed a chunky deal for another one of its subsidiaries. But despite the borrower leaning on the same banks to provide the new funding, the deal is likely to get across the line without a hitch as banks cannot afford to turn down one of the biggest companies in Asia, writes Rashmi Kumar.
