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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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Volkswagen underscored the strength of appetite for corporate credit by taking the bond market by complete surprise on Thursday when it issued the first hybrid deal from a carmaker since the credit crisis. Incredibly, VW got the €2bn two-tranche perpetual away in a single day’s offering — more smash and grab than drive-by. After attracting a €4.5bn torrent of orders the company was even able to increase and tighten the deal and still see it trade up, writes Stefanie Linhardt. -
NIBC Bank is preparing a €300m European collateralized loan obligation, North Westerly CLO IV, with the Royal Bank of Scotland as arranger.
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Western European syndicated loans
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BSN Medical, the German bandage maker, allocated the refinancing of its euro and dollar term loan 'Bs' late last week. The issuer achieved margins 75bp-100bp tighter than original guidance after attracting investor interest despite a quiet August in the leveraged loan market.
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Numéricable, the French cable operator, has entered discussions with investors about a potential takeover of its sister company Completel. The documentation amendments, which leads presented in a conference call on Wednesday evening, are part of Numéricable’s broader preparation for an initial public offering.
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Australia and New Zealand Bank has provided $1.15bn to Formosa Plastics Group to back its investment in a mining project led by Fortescue Metals Group.
