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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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Sino-Ocean Land wants to raise around $500m in the loan market, giving it part of the money to refinance a $700m loan that falls due in September. But the borrower will need to offer a lot more than it paid on the maturing deal if it is going to find demand in syndication, said bankers.
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The debt backing the management buy-out of Iceland, the UK food retailer, has been launched to an early bird phase of syndication this week, with a wider sell-down expected later in the month.
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South Korean auto manufacturer Kia Motor Corp signed a $295.7m club loan late last month, finding demand from nine different banks for the dollar- and euro-denominated deal.
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Some $550bn of leveraged buy-out loans coming due between 2012 and 2016 could help develop a more mature European high yield market and should pose an opportunity for private equity and alternative capital providers, according to lawfirm Linklaters. In its report Negotiating Europe’s LBO debt mountain, the law firm further noted that debt restructurings were likely to become more common.
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E-Land Fashion China Holdings signed a rare offshore renminbi loan late last week, closing a Rmb144.5m tranche as part of a HK$333m ($42.9m) dual-currency financing package.
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Omani telecoms credit Nawras has brought in a dual-currency refinancing facility worth $149m from regional and Asian banks.