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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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Netflix tapped the high yield market again this week to help finance its heavy spending on new content. But the euro and dollar notes were both priced wide of initial levels.
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US CLO managers have slowed the pace of primary issuance in recent weeks, helping to firm up secondary market debt spreads while other credit markets suffered a sell-off.
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Netflix is tapping the high yield market for its second high yield bond of the year following last week’s earnings report and upgrade by S&P Global.
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The UK’s Heathrow Airport has signed its first loan from Canada’s export credit agency, building its presence among the country’s financiers after printing C$800m of bonds earlier this year.
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Central banks in the US and UK have both raised concerns in recent weeks on the growth of leveraged loan markets and the potential impact on financial stability.
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Fitch Ratings said on Tuesday that the increasing ability of leveraged borrowers to add additional debt without investor pushback would adversely affect the recovery rates for lenders in the event of a default.