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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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Several Nigerian financial institutions have rejected the margins offered by international banks for syndicated loans and are holding out for lower pricing.
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A second bank from the inner circle of Russian fertiliser producer EuroChem’s lending group has turned its back on the borrower’s latest loan because the pricing was deemed too low. But banks left in the deal claim that the loan target has already been hit.
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Oil trader Gunvor has signed oversubscribed loans totalling $900m, including the debut syndicated loan for its Middle Eastern arm.
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The resurgence of European collateralized loan obligations this year is expected to continue following the summer break, but industry pros reckon the market could become dominated by the larger players, as smaller, thinly-capitalized managers struggle to get to grips with the European Banking Authority’s risk retention amendments.
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Greek provider of gaming and transaction processing systems Intralot, which postponed its bond issue in June, has relaunched the deal. The transaction was announced on Thursday morning and was increased by €25m in the afternoon.
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Syndication has closed for the loan package of around £2bn for UK roadside assistance firm the Automobile Association, with the transaction expected to sign next week.