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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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It has taken eight long months, but French building materials company Materis has now completed its amend and extend process after the Wendel-owned business secured the consent of lenders to push out the maturities of €1.9bn — 91% — of its €2.2bn loans.
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Nine banks are set to lead the financing of Europe’s highest profile infrastructure acquisition this year — the €3.2bn sale of E.On’s Open Grid Europe gas network, which bankers said had attracted "very aggressive" bidding. Bond issues are likely to follow what will initially be a €2bn loan.
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Chinese companies have turned to the offshore loan markets in increasing size this year, driven in part by tight lending conditions on the mainland. But syndicate officials think a recent cut in bank reserve rates in the country will not cause big damage to offshore loan volumes — although they see only limited potential for syndicated deals.
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Metinvest steels itself for oversubscription
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Rock bottom loan margins in the Middle East are here to stay, said market participants, as corporates in the region increasingly see a competitively priced loan product as a bank's route into lucrative ancillary deals.
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Less than a fifth of participants in the syndicated loan market are optimistic about the prospects for deal flow improving over the summer months, according to a poll carried out by EuroWeek. Only 17% of those surveyed at www.euroweek.com/loans felt that the rate of acquisitions was picking up to create a solid pipeline of transactions to keep market participants busy over the next few months.