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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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Western European corporate borrowers are lining up to tap the loan market in the coming few weeks to complete refinancings of deals way before their 2014 maturities. After a flurry of borrowers from peripheral Europe — including Enel and Fiat Industrial — got refinancings tucked away before any volatility emanating from the Italian election hit the market, now the likes of BASF and Vivendi are looking to replace their 2014 maturities.
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Deutsche Bank and Oversea-Chinese Banking Corp took Chandra Sakti Utama Leasing’s $80m three year loan into general syndication this week, and are already confident that it will generate more than enough demand to increase the deal.
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Some lenders have backed away from Focus Media’s $1.525bn leveraged buyout loan after US regulators started investigating the company, but bankers working on the deal are still confident they will be able to overcome the bad press — and they made a good start this week, generating a $75m commitment in senior syndication, writes Rashmi Kumar.
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The two banks leading Manipal Education’s $270m seven year loan have added one more bookrunner to the deal and have priced the loan at 600bp over dollar Libor, which bankers say is juicy enough to bring in plenty of demand.
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Banks have received requests for proposals for Noble Group’s $1.5bn loan and expect the names of the arrangers to be announced by the end of February.
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Salamander Energy’s $300m seven year loan has attracted the attention of at least five banks looking to join the deal at various levels.