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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 utility EWE took advantage of the liquidity on offer to well rated names in the loan market, this week and increased its new five year revolving credit to Eu850m. Barclays, BNP Paribas and Commerzbank arranged the loan, which was signed on Tuesday.
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Financing for the LBO of French real estate property management group Foncia was allocated this week with an OID of 99 on the fund portion. It had not yet been seen trading by Thursday night.
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Germany’s Global Tech I, an offshore wind energy firm, has signed a Eu1.05bn project financing with the European Investment Bank and a syndicate of commercial lenders.
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Market nervousness about the effect of the eurozone crisis on Italy and a plummeting share price for UniCredit, its largest bank, have taken their toll on the bank’s Russian subsidiary, which has a Eu300m three year loan in syndication.
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A bank meeting was held on Tuesday to launch Eu1.335bn of leveraged loans backing the leveraged buy-out of Spie, a French electricals company. Spie’s loans were launched with an original issue discount (OID) of 99 on the term loan ‘B’. Bankers close to the deal are confident that this will ensure that the deal will sail through the choppy market waters.
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Ever tighter margins for Turkey’s Isbank