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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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Standard & Poor’s is planning an overhaul of the way it rates loan pools backing European small-to-medium enterprise collateralized loan obligations, a move that could see ratings on existing SME CLOs drop by four notches on average.
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HSBC and JP Morgan are expected to be in the bank group arranging more than £430m of senior and mezzanine loans backing Cinven’s buy-out of group CPA Global, although a number of other banks are close to the process with the bookrunners yet to be finalised.
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Rusal’s lending group had to adopt a “pragmatic stance” after heavy negotiations saw a covenant holiday option added to the aluminium producer’s October 2011 $4.75bn pre-export finance package, according to a banker.
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Hungarian construction company TriGranit has raised €190m from five banks as lending in eastern Europe comes under the regulatory spotlight.
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Investors in Europe’s collateralized loan obligation market should remain cautious of BBB plays despite “very attractive” nominal yields, London-based asset-backed securities said.
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Finnprotein has completed a new seven year syndicated loan of €65m to back the construction of the largest soy bean processing plant in Europe.