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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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Power Assets Holdings, a subsidiary of Hong Kong conglomerate Hutchison Whampoa, is speaking to banks for a three year loan of HK$37.5bn ($4.8bn) to fund the spin-off of its electricity operations. Despite the large size of the deal, the borrower is opting for a club rather than a syndicated loan.
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Indonesia’s Federal International Finance is seeking a three year loan of around $150m and has verbally invited banks to form an arranging group. At least six lenders are vying for the mandated lead arranger and bookrunner title, and syndication is planned for launch by the end of October.
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NIBC has revamped its U.K. infrastructure collateralized loan obligation, Adriana Infrastructure CLO 2008-1 B.V., and placed the new sterling denominated A1 notes with Aviva Investors.
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The surge in U.S. new-issue collateralized loan obligations in 2012 and 2013 has slowed the CLO manager consolidation trend that started after the 2008 financial crisis, according to Moody’s Investors Service.
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NIBC has revamped its UK infrastructure collateralised loan obligation, Adriana Infrastructure CLO 2008-1 B.V., and placed the new sterling denominated ‘A1’ notes with Aviva Investors.
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The surge in US new issue CLOs in 2012 and 2013 has slowed the CLO manager consolidation trend that started after the 2008 financial crisis, according to Moody’s. In Europe the return of CLO issuance this year has not been great enough yet to bring in new entrants, the ratings agency added, while in both markets the largest managers still have a significant market share.