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BMW appeases banks with switch to euros, but dollar option makes it a token gesture

Syndicated loans bankers never tire of complaining that their clients are pressing them harder than ever on pricing at the moment, even though most banks’ cost of funding is continuing to rise. But this week saw a rare — although very small — concession by a powerful borrower to its relationship banks, as German automaker BMW opted to refinance a $8bn revolver with a euro facility that was launched on Thursday.

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