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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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EM loans bankers are using the general syndication of the $1.5bn Norilsk Nickel pre-export financing to judge how well the market will react to Russian risk in the midst of eurozone woes.
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Russian telecoms firm Vimpelcom has attracted 10 banks – four of them new lenders – to a $500m club deal, according to bankers. Each bank has taken a $50m commitment.
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The Apax-led private equity consortium buying Belgian telecoms group Coditel is to press ahead with splitting the capital structure of the debt package to include senior and mezzanine loans, replacing a bridge to high yield bond loan that was costing over 11% in interest.
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German reinsurer Hannover Re, rated AA- by Standard & Poor’s and A by AM Best, has renewed its $1bn standby letter of credit with a syndicate of 10 banks. The facility, which has a maturity of five years with two one-year extension options, was launched in October at $850m but was increased after oversubscription.
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IDBI Bank became the first ever Indian borrower to tap the offshore renminbi bond market at the end of last week, selling a Rmb650m ($102.25m) bond that was increased after good demand from investors.
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Loans bankers have long recognised that the offshore renminbi loan market needs an interbank fixing rate before it can really grow. But the lack of a widely-recognised pricing benchmark is forcing competition between banks to become the interim reference point for pricing, something that could limit big deposit-takers committing to the same deal.