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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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Accell rings off on €300m refi
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Turkey’s largest state-owned bank Ziraat Bank has approached the market for its first syndicated loan since 1992. But the borrower’s rare foray has prompted accusations by lenders that, by requesting its loan at 100bp all-in, Ziraat is attempting to jump on the low pricing bandwagon that Turkish banks are riding this year — and without being likely to offer enough ancillary business as compensation.
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Leveraged loan borrowers in Europe are becoming ever more aggressive in their requests for repricings, as demand continues to outstrip supply across the primary and secondary markets. Sponsors are now looking to slash up to 125bp from their existing deals and have reanimated the European dividend recap product, but bankers warn that the perfect repricing conditions seen in the market at the moment cannot last for long, as Nina Flitman and Stefanie Linhardt report.
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Mecom, the UK publishing group, has extended its syndicated bank facilities by one year, pushing the maturity of its €250m lines to the end of October 2014.
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The consortium behind the 1,320MW Safi independent power project in Morocco is looking to raise up to $2bn from the international loan market as part of a $2.5bn debt package to develop the power plant.
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Credit Suisse has hired Ashish Sharma, a veteran loans banker who previously worked at Bank of America Merrill Lynch, finding a replacement for Justin Crane around three months after he left the Swiss bank.