Latest news
Latest news
Leveraged loan prices have rallied from their post-war dip, with CLO demand remaining strong despite subdued LBO activity
Deal was refinanced with very tight spreads in 2021 and has been out of reinvestment since 2023
Deal includes one of the tightest triple-A prints since spreads widened due to the Iran war
More articles
More articles
-
BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.
-
JP Morgan (joint bookrunner) and Mediobanca (joint bookrunner) have been mandated by Enel to arrange the refinancing of a Eu5bn revolver signed in 2001. The pricing, tenor and structure of the new deal will be similar to the loan it refinances. The 364 day deal offered an initial margin of 25bp over Euribor, which ratcheted on a ratings grid. A top ticket of Eu300m offered a fee of 10bp.
-
Joint lead arrangers and underwriters WestLB, SG and Lehman Brothers are preparing to launch the syndication of the £426.4m of senior credit facilities for the new Wembley National Stadium into the market next week. A bank presentation is scheduled for the week after. The pricing on the senior debt is set to range between 200bp over Libor to 250bp, which some bankers are describing as priced to sell.
-
The Eu170m five year facility for Polskie Sieci Elektroenergetyczne (PSE) is due to be launched into general syndication next week. Citigroup/SSSB (bookrunner) and ING (facility agent) are arranging the deal which pays a margin of between 50bp and 60bp over Libor according to a net debt to Ebitda ratio.
-
Telereal Holdings, a joint venture between Land Securities Trillium and the William Pears Group, last Friday launched a £1.8bn securitisation of UK telephone exchanges leased by British Telecom. Lead managed by Schroder Salomon Smith Barney, the deal refinances Telereal's acquisition of the 5,667 properties that comprise BT's fixed line network in early November. Telereal acquired a head lease on the properties, and sub-leased them back to BT for 35 years.
-
The first public Portuguese securitisation backed by residential mortgages hit the market this week when Banco Comercial Português (BCP), Portugual's largest private sector banking group, took the pioneering step of securitising over Eu1bn of its mortgage loans. Magellan Mortgages No 1 plc offered three tranches of floating rate notes via bookrunners ABN Amro and UBS Warburg.
-
Czech Republic The $70m one year deal for Czech Electrical Company (Cez) will be closed this week.
-
Bahrain Arrangers Arab Banking Corporation and SMBC signed banks into the $107m one year deal for Aluminium Bahrain (ALBA) on Friday November 23.
-
South Africa BoE Bank's $100m one year deal is progressing well in syndication. Some $30m has already been raised from three banks that have joined the deal.