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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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Kabel Deutschland has launched a new term loan ‘E1’ on the same terms as its oversubscribed term loan ‘H’ completed on Monday this week.
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Kookmin Bank is in preliminary discussions with lenders about a dollar loan and could tap the market in the next two months. The South Korean bank has not yet made a decision about the size of the loan, according to a funding official at the bank. But some lenders, who the bank has approached, said it was likely to be around $200m. The timing of any facility is harder to determine because of the escalating tensions between North and South Korea, they added.
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Bank borrowing is now more attractive to corporate borrowers than it has been in more than five years. With prices for syndicated loans tumbling and lenders’ appetites increasing, more than two-thirds of UK chief financial officers surveyed by Deloitte last quarter said that they thought bank borrowing was either very or somewhat attractive as a source of external funding for UK corporates.
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Power Finance Corp has sent out a request for proposals to banks for a $100m loan, which can be increased to $250m with a greenshoe option, and is giving lenders until May 3 to make pitches.
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Indian company Piramal Healthcare’s $240m five year loan, which was launched into syndication last week, has already secured its first commitment, with a second bank also close to making a firm pledge.
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Private equity funds have found another way to wring more favourable terms out of leveraged loan and high yield bond investors: selling them debt without the usual rights to repayment if the borrowing company gets taken over, writes Stefanie Linhardt.