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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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Russian oil and gas firm Eurasia Drilling Company has signed a $227m five year facility led by UniCredit.
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Kazakh mining firm Eurasian Natural Resources Corporation (ENRC) has approached banks for a one plus one unsecured club deal for between $400m and $500m. The deal is expected to close within a month.
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Salamander Energy, a British oil and gas company with operations in southeast Asia, is targeting the Asian syndicated loan market for a $300m seven year refinancing, tempting lenders with a juicier price than its last deal.
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Bankers working on the $1.4bn loan for Melco Crown Entertainment have wrapped up the final stages of a successful syndication, lining up commitments of $620m from 16 banks and ensuring that the leads will now look to sell-down part of their holdings.
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Symphony Asset Management tapped Bank of America to raise a $827.5 million collateralized loan obligation, with the top-rated $494.5 million tranche pricing at the tightest yield seen for such a bond class since May 2012.
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Equity holders of post-crisis vintage collateralized loan obligations have in many cases obtained a new and valuable tool for hedging against loan spread tightening. A provision in some deal documents gives equity investors the ability to reprice outstanding tranches at lower liability spreads, and the inclusion of such powers in deal documents is likely to increase in the 2013 vintage, according to Royal Bank of Scotland researchers.