Loan BWIC Due At Noon

Brokers are using the latest governmental market intervention rally to generate interest in a $261 million loan BWIC due today at noon. As TALF 3.0 is likely to include purchasing any and all Term Loans, this may be a good deal.

Top ten loans in the BWIC list below:

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$233 Million IG Bond BWIC Latest On The Menu

In addition to the $261 million loan BWIC reported yesterday by Debtwire, another $233 million BWIC, this time in IG bonds has hit the market. Traders have only until 11 am this morning to submit lowball bids. While loan BWICs over the past month have been increasing rapidly, bond and especially investment grade bonds have not seen wholesale blue light specials yet. It is no surprise that BWICs pick up in advance of the March 31 redemption deadline - it is certainly the case that many smaller and mid-sized funds are seeing the bait-and-switch from their prime brokers, who are now selling their collateral-call seized assets, and likely also submitting the winning bids at a big discount (hopefully not while ignoring bid flow from accounts, as that would be flagrantly illegal).

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BWICs Gallore

March 31 redemption deadlines anyone? The avalanche of BWICs hitting the market is oddly missing from mainstream media... Just today a cursory glance reveals over $110 in CMBS million being shopped by brokers; additionally there is a $98 million loan BWIC as well as the odd $40 million of Lehman bonds looking for a bid.


BWICs, many argue, are the one true indicator of the level of deleveraging within the fund community. With two weeks left until hedge funds have to release tons of redeemed cash (especially newly unfrozen funds like Citadel and Fortress), look for this indicator to spring higher, and to provide terrific opportunities to buy bonds, loans and MBS at below market prices. Sphere: Related Content

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New $118 Million Loan BWIC Lurking

It's like clockwork: after every major selloff, the BWICs emerge, as yet another small credit fund implodes and its collateral is seized by prime brokers. The latest is a $118 million loan BWIC by a seller whose "identity is to remain anonymous" (identity probably wasn't so anonymous when the fund was making nice levered returns in 2006 when every fool was greater and a chimp with a TRS line would be living in the TimeWarner penthouse) and a March 4 deadline for bids. The 33 loan list contains a broad list of nuked secured debt, with notable names being $10.5 million of the NewPage TL B, $7.8 million Level 3 Financing TLB, $6.8 million of Catalent Pharma TL, $5.6 million of Univision's 1st Lien TL, $5 million of Simmons bedding TLD (someone is really kicking themselves for this one).

Considering the state of the market, single digits bids sound appropriate no? Sphere: Related Content

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$254 Million Loan BWIC due Thursday

Another credit fund liquidating? BWICs are in vogue yet again (click here for what these are). The most recent one is a $254 million BWIC that has a bid submission deadline at noon on Thursday. Good mix of credits here, we list the 5 largest in declining order:

Visteon - 6/2013 Term Loan: $10 million
Zuffa - 6/2015 Term Loan: $5.9 million
Newport TV - 9/2016 Term Loan: $5.6 million
Lifepoint Hospitals - 4/2012 Term Loan B: $5.2 million
Premier DEntal Services - 7/2013 Term Loan: %5.1 million

Looks like another smallish credit hedge fund's forced dismantling by some prime broker. If you got the cash - bid 'em low. Sphere: Related Content

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$100MM Loan BWIC Lurking in Shadows

A $100 million loan BWIC made the rounds today. Roughly a third of the names in the list are € denominated, with the biggest among them is MacDermid 2.25% TL at 9 million.
In the dollar denominated space most names are relatively obscure with the most sizable being Sensus 2% TL-B1 at $8.7 million and Grant Forest 1st Lien at $7 million.
Deleveraging over? Not so much.

(for a primer on BWICs, click here) Sphere: Related Content

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