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LevFin CLOs

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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
Demand for riskiest tranches and improved loan supply could support growth in issuance
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  • Codere, the Spanish gambling company that is negotiating a financial restructuring with its bondholders and lenders, has decided not to pay the coupon on its €760m 8.25% senior bonds due 2015.
  • A subsidiary of PhosAgro, Russia's biggest producer of phosphate fertilisers, has signed a $440.6m export credit agency-backed loan from Japanese lenders.
  • Language in the final Volcker rule would cause banks that hold non-compliant collateralized loan obligations to dump their investments at a loss of up to $7 billion, according to a testimony before the House Financial Services Committee this morning by industry group the Loan Syndications and Trading Association’s evp and general counsel Elliot Ganz.
  • In 2013, the main concern for many a loans banker was the prospect of tapering. But this year, the US Federal Reserve’s plans to slow its quantitative easing policy seem to be only marginally on people’s minds.
  • Teekay Offshore Partners, a New York-listed Norwegian offshore services business, has issued Nkr1bn ($163m) of senior unsecured bonds.
  • Weil, Gotshal & Manges has hired Chris McLaughlin as a partner in its banking and finance practice, to work on leveraged finance deals.