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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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Relationship lending is a simple concept. If I lend to you at a price that is akin to cutting my own throat, you’ll remember me fondly later down the line when you have some more lucrative business to do. But now borrowers are twisting the knife, by squeezing the revenue they pay banks for ancillary business too. It’s time for lenders, and borrowers, to adjust their expectations.
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Petra, the Russian residential and commercial property developer, has signed a $96m loan from Sberbank. This is the third such deal between the two since November 2011.
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Companies have issued so many bonds during 2013’s exceptionally clement market conditions that the cupboard of mandates is looking quite bare. But the Indian summer of tight spreads and low rates that has followed the US Federal Reserve’s decision to delay tapering quantitative easing has made the market too good to resist for some borrowers.
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Nocibé, the French perfumery chain, is set to issue €330m of drawn and undrawn debt to back its acquisition by German retailer Douglas Holding.
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The Latin American bond market emphatically passed its latest test as high yield Guatemalan cement company Cementos Progreso attracted $2.2bn of orders for its inaugural international deal of $350m on Tuesday.
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Potash producer Uralkali has signed its first ever loan backed by an export credit agency guarantee, to finance construction of two vertical shafts at one of its mines.