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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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Eight banks have been mandated for Jindal Steel and Power’s $400m five year loan, and plan to price the deal with all-ins of around 320bp over Libor, which bankers say will be more than enough to attract plenty of demand.
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Michael Sobol, Cantor Fitzgerald’s head of collateralized loan obligation and collateralized debt obligation trading, has left the firm.
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Not many corporates could pull off a jumbo LBO in the US market in the way that ketchup maker Heinz managed. But more and more European borrowers are shifting at least part of their financing across the Atlantic, where they can access cheaper funding with no covenants attached. If investors in Europe want to compete, they need to end their resistance to cov-lite deals.
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Noreco Norway, an oil and gas exploration, development and production company, has signed a new three year revolving credit facility.
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Dutch semiconductor firm STMicroelectronics has agreed a €350m multicurrency line with the European Investment Bank (EIB) to finance its research and development activities.
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Bank lenders in the UK have seen their transfer price — the costs charged to their business units to fund the flow of new loans — fall sharply in the first three months of 2013, according to a report by the Bank of England.