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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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The Indian loan market has revved up over the last few months, with deals from state-owned groups hogging all the attention. With state-owned enterprises (SOEs) known for pulling off loans with the lowest costs, Bharat Petroleum Corp’s higher margin on its latest deal offers some welcome relief — bringing hope that pricing on Indian deals is finally reflecting reality.
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Arrow Global, a UK firm that buys distressed debt and then uses data to help collect it, completed a £190m London IPO on Tuesday, with the shares trading up almost 10% in the aftermarket.
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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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Oberthur Technologies has made changes to its loan and bond financing. The French smart card maker increased its loan portion by €25m and cut its high yield bond by €10m.
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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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Britax’s decision to rely primarily on US investors has proved justified, after demand from across the Atlantic has allowed the UK borrower to tighten the pricing on its dollar tranche. The UK children car seat manufacturer expects to allocate its latest covenant-lite, multi-currency term loan 'B' on Tuesday, after receiving final commitments on Monday.