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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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Jumbo leveraged buyouts are no longer cool. That at least was the view of private equity executives attending the Euromoney LevInvest conference. -
The case for investing in the equity tranches of European or US CLOs is not compelling because returns do not sufficiently reward the risks involved, two veteran CLO equity investors told delegates at the Euromoney LevInvest European CLO Congress in London on Tuesday. In addition, those equity investors that are participating in new deals are finding themselves in a tussle with triple-A debt investors over the inclusion of protective features, delegates heard at an earlier panel.
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Leveraged finance sponsors, borrowers and investors remain optimistic about the prospects for the European market in 2013, with speakers at the annual Euromoney Leveraged Finance conference hopeful about the market's capacity.
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Nigerian industrial conglomerate Dangote Industries signed the $3.3bn first tranche of a $6bn loan facility on Wednesday. This tranche is more than double the size of the previous record loan for a sub-Saharan African borrower, according to Dealogic.
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Dubai's Atlantis Palm Resort has breezed through its refinancing target to sign its syndicated loan at $880m.
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Pricing in the investment grade market may be set to go even tighter, with at at least one German borrower due to approach the market next week and push the pricing benchmark for borrowers from the country to new record low levels.
