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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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PineBridge Investments has priced its $403.75 million collateralized loan obligation, Galaxy XI CLO 2011-1A, increasing it from an initial $301.5 million.
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French insurance firm Axa has increased its refinancing to Eu4bn and is set to sign the five year one plus one deal on Wednesday.
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Italian fashion retailer Gruppo Coin’s Eu985m buy-out has closed slightly oversubscribed thanks to strong appetite from Italian banks.
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General syndication of the Eu185m of leveraged loans supporting private equity firm Triton’s buy-out of DYWIDAG-Systems International (DSI) has been cancelled after an oversubscribed early-bird phase. Demand also meant that bookrunners could amend the margin ratchet on the loans, allowing the mining and construction company, headquartered in Luxembourg, to reduce margins earlier if it deleverages.
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Liquidity in leveraged loans has become scarce. A temporary solution in the form of prepayments to CLOs may be only months away, but a timely reminder has arrived that leveraged loans are only living thanks to a diet of existing liquidity from the pre-crisis years. Market participants should not panic, but complacency could be fatal.
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Romanian power supplier SC Hidroelectrica has signed a Eu110m ‘A/B’ loan with the European Bank for Reconstruction and Development (EBRD) and commercial lenders.