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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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State-owned Hindustan Petroleum Corp approached banks with a $300m loan last week, the borrower’s second dollar deal in six months. But HPC is offering banks a premium on its last deal that it hopes will make it stand out from other Indian borrowers in a crowded market.
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Indian state-owned lender IDBI Bank is plotting a return to the loan market just eight months after its last deal. Liquidity has tightened over the past few months, but State Bank of India’s recent success has convinced IDBI that the time is ripe to launch a new deal.
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Market nervousness surrounding the Italian sovereign and plummeting share prices for UniCredit, its largest bank, have taken a toll on the bank’s Russian subsidiary which has a Eu300m three year loan in syndication.
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Noble Group raised $3.2bn from a huge group of lenders this week, underlining the resilience of loan markets to external shocks by getting almost $1bn more than it originally planned. Bankers will now turn to a slew of other commodities companies hoping to tap the market.
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Asia’s bond and equity markets may be in poor shape, but the loan market still offers huge funding for the right company. Noble Group underlined that point this week, raising $3.2bn from a deal that was almost $1bn larger than the company originally planned.
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Promsvyazbank plans to issue a standalone syndicated loan of around $300m with a one to three year maturity before the end of this year, said Artem Konstandian, president of Promsvyazbank. However, he ruled out the possibility of issuing another Eurobond this year and said it was too early to say how it will borrow next year.