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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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Funding conditions for banks lending in the emerging markets have deteriorated, according to banks polled in a survey by the Institute of International Finance (IIF), although overall conditions improved.
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Syndication of LBO loans such as Com Hem and Jack Wolfskin may be hit by falling prices in the secondary market as investors believe they can find greater relative value in the aftermarket. Traders are reporting very small trading volumes, but most investors are focused almost solely on the secondary market.
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Linklaters finance partner Arnaud Fromion has joined rival Shearman & Sterling as a partner to capitalise on what the law firm sees as “growing opportunities in the leveraged finance markets”.
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A Sfr300m ($404m) add-on loan raised by CVC-owned Swiss telecoms firm Sunrise Communications has been placed at par, with some of the existing syndicate committing more than their pro rata share.
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IDBI Bank approached lenders with a $250m one and three year loan this week that bankers are optimistic will do well despite turbulent equity and credit markets. Some 10 bookrunners have agreed to cover the deal, and the borrower will use any commitments in general syndication to boost the loan.
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State-owned Indian Railway Finance Corp approached banks with a $200m loan on August 5, offering a haven to lenders shocked by the steady flow of bad news and volatility over recent months.