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LevFin CLOs

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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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  • German optical engineering firm Jenoptik has signed a new €120m five year syndicated facility with a group of five lenders.
  • Bankers working on Areif Singapore’s S$680m ($550m) three year loan have closed syndication and finalised allocations while keeping to a strategy of having limited syndication and targeting only a few lenders.
  • Chinese television maker TCL Multimedia Technology Holdings’ $150m loan has attracted more than enough commitments in syndication, leading to an oversubscription. The allocations have been finalised but the leads had to significantly cut back on the amount they kept on their books.
  • South Africa’s Mamba Cement Company has signed a R1bn ($111m) syndicated loan from Chinese and African lenders.
  • Bulgaria’s largest gas and energy utility Bulgarian Energy Holding has cancelled a €250m refinancing loan after the only bidder, Deutsche Bank, was disqualified for not offering a loan guarantee.
  • Emerging market debt fund manager Cordiant Capital has raised $250m for a new emerging market loan fund.