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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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Energy trader Vitol has completed the refinancing of an outstanding $5.32bn dual-tranche revolver with a new flagship corporate revolving credit facility of $5.63bn. Ecom Agroindustrial, meanwhile, has wrapped up its $530m 364 day multicurrency revolver.
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Leveraged buyouts for frozen food delivery company Eismann and tyre-fibre producer Cordenka, both in Germany, will need nearly €300m between them as the lower mid-market continues to provide deal supply to the European leveraged finance market.
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Margin increases in emerging market loans are encouraging borrowers, including top tier Russian oil credits Gazpromneft and Rosneft, to launch deals sooner rather than later.
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Turkey’s Denizbank has opted to keep its lenders sweet with a 30bp increase in the pricing on its syndicated loan refinancing.
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Worries about weak leveraged loan and high yield bond markets are having an effect on LBO activity, according to a report from private equity Arle Capital Partners. The total value of European private equity-backed buyouts almost halved from €27.1bn in the second quarter to €13.8bn in quarter three.
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The lion’s share of collateralized loan obligations downgraded by Moody’s Investors Service in the depths of the 2008 financial crisis have seen their ratings restored, but that doesn’t mean legacy vehicles have the green light to start reinvesting.