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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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Permira, the private equity owner of frozen foods group Birds Eye Iglo, has cancelled its plans for a dividend recapitalisation of the business after deciding the terms were not attractive enough for the credit. The sponsor has also rejected a joint bid from BC Partners and Blackstone.
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China’s policy of easing interest rates has pushed down expectations for the renminbi, and made mainland banks more comfortable holding foreign currencies. That could threaten offshore loan volumes in the second half of the year, said market participants.
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Fears are growing that Dubai will be plunged back into refinancing uncertainty if three international banks advising Dubai Group in its $6bn loan restructuring abandon talks.
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CVC’s Swiss telco Sunrise Communications has preplaced its new Sfr250m revolving credit facility with relationship banks as part of the refinancing of its Sfr1.081bn of credit facilities.
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Project finance lending is on the way out, according to a EuroWeek poll. A 68% majority of voters believe that the product is doomed to extinction and will be replaced by project bonds as Basel III regulations begin to bite.
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PZ Cussons, a UK manufacturer of personal care products, has raised a £135m refinancing facility from Barclays, HSBC and Royal Bank of Scotland.