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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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German carmaker Porsche is set to flex the pricing on its two year revolving credit facility by 50bp as bank lenders step up their battle against tight pricing in the European market.
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Sberbank may have to set its sights lower on its current deal than its preferred $2bn as the Russian bank’s relationship lenders remain cautious about committing large dollar tickets. The $1.2bn facility from 2008 that the new deal will replace was repaid on Monday, but the borrower has still not been able to set terms on a new facility after sending out a request for proposals last month.
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A Sharia-compliant tranche may be added to the $2bn financing package for Saudi Arabian construction company Saudi Oger due to strong interest from Islamic accounts in the Middle East during the retail syndication phase.
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Market participants said that the secondary market was reacting more to macroeconomic worries than ever before, as €5.6bn of repayments into loan funds went almost unnoticed and could not prevent another significant fall in aftermarket bid prices.
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Grainger agrees £840m forward start facility
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European bank lenders are coming up with increasingly creative solutions to ease their dollar financing problems, but not all corporate treasurers are happy at the proposals. Borrowers across the region are being asked to pay a premium for their dollar funding or to change the denomination of their funding. But bankers are finding that companies are not particularly sympathetic to their dollar financing woes.