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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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Standard Chartered, the sole bookrunner for BFI Finance Indonesia’s $75m three year loan, held roadshows this week in Taipei and Singapore. The amortising loan has a weighted average life of 1.85 years and is being pitched with a margin of 260bp over dollar Libor, according to a banker close to the transaction.
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Painfully low margins on recent loans have led to bankers blaming Chinese lenders for being far too aggressive and driving down pricing. But there is no respite coming their way. While bankers feel helpless about the direction in which pricing is moving, they say that their only solution is to ride out the storm until prices rebound, writes Rashmi Kumar.
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Brilliant Circle Holdings International, a Chinese consumer goods packaging company, has opened up a HK$500m ($64.43m) three year loan to the market, and is aiming to gather demand from Hong Kong and Taiwanese lenders.
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Dongfeng Yueda Kia Motor is close to mandating banks for its $400m loan. Four or five Chinese banks are in the running after pitching with margins in the low 100bp range.
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Ghana’s national cocoa board, Cocobod, is pushing an aggressive price for its annual one year trade finance loan, EuroWeek can reveal. The $1.25bn deal offers a margin of just 70bp over Libor, well down on the 175bp it paid for last year’s loan, which was for $1.5bn.
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Saudi holding firm Construction Products Holding Company (CPC) has signed a $150m Islamic finance facility from Standard Chartered.