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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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Indonesian shipping company Berlian Laju Tanker is considering a possible debt restructuring and has yet to decide whether to continue with interest payments. It froze repayments on its outstanding debt at the end of last week after telling investors that one of its subsidiaries had breached a loan covenant.
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Despite widespread predictions of a steady increase in margins this year, the investment grade loan market is stubbornly resisting calls to price deals higher.
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Philippine Airlines plans to raise around $50m from offshore lenders, after asking Credit Suisse to increase the size of a bilateral loan it signed last year. The deal offers potential lenders a novel structure — an amortising deal that pays a steady stream of receivables from credit card bookings for the airline’s flights.
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A bank meeting on Thursday morning to discuss the €700m loan backing DS Smith’s takeover of SCA Packaging was well attended, according to a market participant working on the deal.
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Dollar funding premiums that were introduced to the syndicated loans market last year to make up for European banks’ struggles to access dollar financing are set to become commonplace over the first few months of 2012.
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European banks are digging in to push up the pricing on Russian loans by 50bp-100bp, said market participants this week. But some warned that this will lead to a delay in deals being signed.