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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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BAA, the UK airport operator, may increase the size of its core credit facilities after 12 lenders participated in the early bird phase of syndication. Commitments have reached £3bn.
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After a month in which no fewer then eight banks have been posting offshore renminbi lending rates in a bid to establish a pricing benchmark for the nascent syndicated loan market in the currency, market participants say that the move has been little more than symbolic. They expect few deals in the market for the rest of the year.
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Dubai World subsidiary DP World has overcome bankers’ pricing complaints to end up with its $1bn revolving credit facility oversubscribed.
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South African miner Gold Fields has completed a $500m five year refinancing facility, scaling back lenders after the deal was oversubscribed. This is the second oversubscription an African borrower has seen in as many weeks as appetite remains strong for investment grade credits from the region.
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Turkey’s Isbank has mandated a consortium of international banks for a dual currency one year refinancing loan facility.
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The Loan Syndications and Trading Association is urging regulators to exempt offshore collateralized loan obligations from tax-reporting requirements under the Foreign Account Tax Compliance Act of 2010.