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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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Iberdrola’s Eu3bn five year refinancing has this week highlighted the gulf between the fortunes of the top Spanish corporate borrowers and the country’s smaller financial institutions. Only three Spanish banks joined the transaction in syndication as the utility’s domestic lenders struggled to participate in a facility that is priced far below their own funding costs.
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More than Eu1bn has been raised in syndication for facilities totalling Eu700m for German furniture maker Steinhoff Europe, as the investment grade loan market enjoys a pre-summer rush of deals.
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Russian oil firm Tatneft is set to sign a $550m three year club loan that has an innovative structure that borrows elements from the bond market and has a fixed rate margin of 350bp.
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Belgian cable firm Telenet has launched an exchange offer for the term loan ‘G’ of its senior credit facility as it looks to extend the maturity of its debt.
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Israeli drugmaker Teva Pharmaceutical Industries has signed loans totalling $4bn to part-fund its $6.8bn takeover of US pharmaceutical credit Cephalon.
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Development and investment bank Turkiye Sinai Kalkinma Bankasi (TSKB) has signed a Eu95m and $5m one year loan with a group of 10 banks.