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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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Asian loans bankers are in high spirits, thanks to a combination of a liquid market and a healthy pipeline. But as more companies shun bond issuance to tap the more stable loan market, the rise in dealflow means leveraged borrowers will be at a disadvantage — and should prepare to shell out juicier margins, writes Rashmi Kumar.
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The loan market is facing a fresh battle over pricing, as Russian companies drive to shrink their margins, having already in many cases switched to unsecured structures that offer lenders weaker protection, writes Michael Turner.
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Manutencoop, an Italian facilities management business, wants to sell €450m of high yield bonds in another debut transaction from Italy. It released price guidance for the transaction on Thursday and plans to price the notes today (Friday).
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CDS: week’s biggest movers — Markit CDX North America investment grade index — Markit iTraxx Europe subordinated financials index — Markit iTraxx Europe senior financials index — Markit iTraxx SovX Western Europe index — Markit iTraxx Europe index — Markit iTraxx crossover index
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Greek debt is back in the high yield market, after the recent flurry of peripheral European deal announcements. S&B Industrial Minerals, the Greek miner and ore processor, is looking for €275m of senior secured notes, while five Italian debut issuers were also vying for investors’ attention.
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Picard, the frozen food producer and retailer, sold its €480m floating rate note on Thursday at the tight end of guidance. The notes jumped higher on the break to trade around 100.875 on Thursday afternoon.