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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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Sartorius signs — Det Norske drills for $1bn
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Debt bankers are already salivating at the prospect of a record-breaking bond to support Verizon Communication’s $130bn buyout of Vodafone’s stake in its wireless operations. But in the meantime, European lenders will have an opportunity to take a nibble of the record $61bn bridge loan that is set to be syndicated to a wide range of relationship and non-relationship international banks.
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Barclays this week became the first lender to join Origin Energy’s A$7.4bn ($6.68bn) loan as a mandated lead arranger and bookrunner, committing A$500m. A number of others had also signed up to the deal at the time of going to press.
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Nearly 45% of the total volume of US dollar loans in Asia ex-Japan this year have gone down the club route, reflecting a reluctance of banks to take on underwriting risk. Appetite is now returning and they are more willing to tackle syndication head-on — but bankers predict that club loans will continue to eat up a big portion of business, writes Rashmi Kumar.
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Russian telecoms firm Vimpelcom is negotiating a loan with banks to part-finance M&A activity in Italy. The loan is expected to be refinanced with bonds, but lenders are still wary after they being burned earlier this year when Rosneft did not refinance its record-breaking $31bn February loan with bonds in the first eight months of 2013, as had been widely expected.
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Russian fertiliser firm EuroChem has breezed past the $1bn soft target for its new loan, leading to scalebacks even after two relationship banks dropped out of the deal.