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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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RBS has increased its projection for collateralized loan obligation issuance in 2012, from $12-14 billion to around $25 billion.
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Three collateralized loan obligations totaling more than $1.88 billion priced this week, including one comprising loans to companies in emerging markets—a type of deal that hasn’t been seen since the market came to a halt in 2008.
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Airport retailer Dubai Duty Free’s inclusion of an Islamic component in its $1.1bn loan facility plans may well prompt other conventional companies to reconsider Islamic finance as a useful funding source.
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Some loan investors are balking at the leverage multiples being discussed on potential new LBOs, as the lack of supply in leveraged loans bites for banks desperate to underwrite deals.
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A consortium of investors led by Duke Street Capital has acquired UK funeral services provider LM Funerals from Sovereign Capital, using a £37.5m bespoke financing package that comprised a small amount of senior debt and several tranches of subordinated financing.
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Turkish conglomerate Dogus Holding is in the early stages of putting together a refinancing loan of $300m drawn from the European syndicated loan market. Dogus has not approached any banks yet but plans to in the upcoming weeks.