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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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Many European corporates, nervously expecting borrowing conditions to weaken over the coming few months, are looking to tap the syndicated loan market before Christmas. France’s Vivendi, which has a €1bn revolver due in February 2013, is thought to be one of the names that is speaking to its banks about a possible refinancing.
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A pragmatic stance from institutional lenders to UK directories company Yell should see the firm’s proposed debt amendments over the line, lenders said, despite the reduction of the firm’s revolving credit facility provoking the ire of certain funds. The deadline for responses has now been pushed back to Friday.
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Private equity firm Doughty Hanson has acquired oil and gas services firm Asco Group from Phoenix Equity Partners using 100% equity, although bankers said they expected the buyer to refinance its purchase shortly with a club loan. But bankers said the deal was not a sign that underwriting appetite had disappeared.
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TURKEY Finansbank extends on same terms
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Garanti Bankasi has completed its $1bn one year syndicated loan priced at the punchy 100bp benchmark set by Akbank in the second quarter of 2011.
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Institutional investors will remain minor players at best in funding project finance deals despite efforts from the UK government to encourage pension funds to invest in infrastructure projects, bankers said this week.