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LevFin CLOs

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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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  • Scandlines’ €875m loan package is expected to attract a wave of commitments from European investors hungry for new paper, after the deal was marketed at a bank meeting on Tuesday.
  • Leveraged loan bankers are losing faith in the idea that a euro-only covenant-lite facility could be set to hit the market, according to a new poll from EuroWeek.
  • Oberthur, the French smart card maker, allocated €467m-equivalent of loans on Wednesday, after overwhelming interest from European investors caused the euro tranche to be increased and its margin tightened.
  • Indonesia Eximbank has launched a new $120m three year facility to the market, less than four months after signing a $500m loan that saw almost 30 lenders jump aboard. It is now putting its faith in the existing syndicate to raise demand for the deal.
  • Follow International has wrapped up syndication of its $440m financing, after finding more than enough demand to raise the deal size by $40m.
  • Oil trading firm Vitol increased its revolving credit facilities to $7bn after the response the deal got from lenders overwhelmed the borrower and its bankers. Vitol, one of the world’s largest commodities traders, had been marketing a $5bn deal, split into tranches with three year and 364-day maturities.