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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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A $409.3 million collateralized loan obligation from New York Life Investment Management saw its top-rated tranche sell at a spread of 145 basis points over LIBOR; the second CLO this week to price the level, confirming the general tightening in CLO spreads in recent weeks.
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HIG Whitehorse, the credit arm of private equity firm HIG Capital, has hired Haseeb Aziz to lead its expansion into Europe. Sources close to the US-based company expect more hires to come.
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Secondary market activity in European securitization continues to be dominated by bids-wanted-in-competition, with several lists emerging midweek from hedge funds looking to lighten up books and take some profit.
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UK directories firm Hibu — formerly Yell — admitted today that its equity may be wiped out as the group’s debt restructuring negotiations continue. Hibu added that it expected Ebitda to be below already modest market expectations for this financial year.
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Russian oil firm Rosneft has approached banks for a loan of up to $15bn to part finance its purchase of BP’s half of oil firm TNK-BP.
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Turkish bank Yapi Kredi is set to sign its one year refinancing loan next week at the 135bp margin achieved by its peers this summer. Bank of America Merrill Lynch is co-ordinating the deal.