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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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Medium sized businesses could access flexible and attractive funding through the syndicated loan market, the Loan Market Association stressed this week in response to a consultation from the Department for Business Innovation & Skills (BIS).
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The economic outlook is the main hindrance to LBO deal supply, according to 64% of respondents to a EuroWeek online poll, as uncertainty means seller expectations are not being met and few buyers want to take a bet. These findings were backed up by law firm DLA Piper’s 2012 European Acquisition debt report, released on Tuesday.
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Casino operator Melco Crown Entertainment has picked six banks to arrange a loan that could be worth around $1.25bn, lining up part of the financing for its latest big project in Macau.
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Singapore’s Millenia Hotel Private has raised S$270m ($217.1m) from a club loan provided by three banks, returning to the loan market for the first time in over four years to refinance a previous deal.
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Société Générale has increased the size and set the pricing level on its debut German auto ABS, Red & Black Auto Germany 1. With a static portfolio and a shorter maturity, the notes should have theoretically priced tighter than an earlier deal issued by Socram Banque. But, since this is the first auto deal originated by SG’s Bank Deutsche Kraftfahrzeuggewerb (BDK) subsidiary, a premium is justified.
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Moody’s has said it would expect to upgrade Smurfit Kappa Group’s corporate family rating — from Ba3 to Ba2 — and roughly €1.6bn of high yield bonds, should lenders amend and extend the Irish packaging company’s bank facilities. Smurfit Kappa launched the request on Thursday morning alongside the release of its 2011 results.