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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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Volvo Treasury, the Baa2/BBB+ rated funding vehicle for the auto manufacturer, could price its new syndicated loan in line with toolmaker Sandvik, which recently priced its five year plus one plus one facility at 75bp.
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Lenders in the European syndicated loan market have been eager to commit to the first large M&A transaction of 2012, ABB’s takeover of Thomas & Betts.
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Bankers working on the debt financing for the management buy-out of UK food retailer Iceland are waiting to see the market’s response to an LBO of CPA Global before setting terms on their deal.
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Brimming domestic liquidity and international banks’ retrenchment could lead more companies to spurn the pan-European loans market after a large Czech conglomerate surprised banks by seeking a €1bn facility exclusively at home. Local lenders have already committed tickets of between €150m-€200m to the unnamed borrower’s partial refinancing, bankers reported.
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The number of syndicated loan transactions in EMEA over the first eight weeks of 2012 was down over 50% year on year, as activity in the market remained sluggish.
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Fitch Ratings has downgraded 331 distressed bonds in 139 U.S. residential mortgage-backed securities to Dsf, indicating a principal write-down.