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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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GSO Blackstone Debt Funds Management’s $563.9 million Marine Park collateralized loan obligation saw its top-rated $321 million tranche bought up at 147 basis points over LIBOR, affirming a trend of spread tightening in the primary market.
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The double reverse flex that cut the margin on Bartec’s €187m term loan ‘B’ by 50bp to 500bp could be part of a more general tightening of spreads on European leveraged loans, according to more than two thirds of respondents to a EuroWeek poll.
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Turkish Islamic bank Albaraka Türk Katilim Bankasi will sign its one year murabaha facility at $450m-equivalent, after demand from Middle East lenders new to the credit saw the deal oversubscribed by 80%. Syndication has closed and the deal is set to sign imminently.
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India’s IDBI Bank has no plans to return to the international loan market in this calendar year, after finding enough bank demand to raise $250m.
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Private equity firm IK Investment Partners has received an undisclosed amount of debt from Ares Capital and La Financière Patrimoniale d’Investissement (LFPI) to finance its buyout of French chemicals firm Unipex Group, as institutional lenders become a more popular option to finance mid-market LBOs.
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Turkey’s Isbank will sign its one year refinancing facility on Tuesday at 135bp all-in, the new benchmark margin for Turkish bank borrowers.