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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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Bakkavor, a producer of fresh and prepared foods, has widened guidance on its £150m high yield bond by 75bp to 8.75%-9% and plans to price it today. Credit markets were again weaker on Thursday, which made some investors think the bond should come on Friday.
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Axa has agreed a new financing partnership with Commerzbank that will see the German bank originate debt from medium-sized firms in Germany, Switzerland and Austria for the French insurance company and asset manager to invest in. -
Mobile telecoms firm Zain Saudi has signed a Sr2.25bn ($600m) government-guaranteed three year Islamic financing facility. Saudi Arabia’s decision to provide an unconditional and irrevocable guarantee for Zain suggests that Gulf countries are becoming more willing to support the telecom sector, said Fitch in a research note, raising the possibility of cross border mergers.
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Russian metals and mining firm Norilsk Nickel is hoping to sign its $2bn five year loan next week, a deadline that some loans bankers say is unrealistic.
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BB Energy Trading, the oil trading arm of commodities firm BB Energy, is close to wrapping up its debut syndicated loan. The firm is in the market with a $100m one year revolving credit facility
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Apotek Hjärtat, the Swedish pharmacy chain, has signed new term loan facilities totalling Skr1.124bn (€131m) to support its takeover of competitor Vårdapoteket from Priveq and Investor Growth Capital, which was approved by regulators on May 24.
