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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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Continental issued a €750m bond to cut its funding costs on Tuesday. The speculative grade-rated German tyre maker priced the deal with a yield of just 3.25%, on a book of over €3.2bn.
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Proposals from Russia’s Ministry of Finance aimed at making bank lending cheaper are unlikely to stop the slowdown in corporate loan growth, said analysts. The central bank should cut its refinancing rates instead, and 50bp reduction before the end of the year would have a marked effect on the lagging loan market.
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Fiat, the Italian carmaker, priced an €850m long six year bond today, winning a strong book. The notes came with a 6.75% coupon at par and traded up on the break.
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Aban Offshore, an Indian oil drilling company, is in the market for a $1.5bn loan as it seeks to refinance some of its debt. -
FTE Automotive, the German hydraulic clutch maker bought by Bain, has released guidance in the 8.75% to 9% area for its debut high yield bond. Books closed at 4pm today with pricing set to happen thereafter.
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Six banks are processing their commitments to Quanta Computer’s $300m three year loan, which is already oversubscribed by more than $500m.
