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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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Türk Telekom, the former national telecoms company in Turkey, has turned to Chinese and European development banks for long term loans totalling $438m.
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Australia’s Fortescue Metals Group is looking to revise the tenor and pricing of a $5bn loan it took in October 2012, taking advantage of its stronger financial position to demand covenant-lite terms.
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Hong Kong’s Sun Hung Kai Properties is seeking responses from banks to a request for a HK$5bn ($645m) financing, with lenders expected to indicate their commitment levels within the next two weeks. The loan follows its HK$15.2bn fundraising from March, which got an overwhelming response leading to an increase in size from the planned HK$5bn.
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Technology company Lenovo is seeking a loan of $1.5bn and is in talks with a group of 10 banks to form the top level arranging group.
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China Universal Leasing has wrapped up syndication of its dual-currency loan worth around $180m after 11 banks joined the deal during syndication.
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The Automobile Association is joining the trend of PIK toggle issuance. The UK roadside assistance group wants to sell £350m of payment in kind toggle notes this week, which would make it the 13th European issuer of a PIK bond this year.