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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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Bob Fernandez started at Wells Fargo this month as head of international debt capital markets and syndicate. He joins just after Harvey Hoogakker was hired in July as managing director of credit origination and syndication, write Francesca Young and Michael Turner.
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Boutique investment bank Exotix has hired Andreas Fessler to bolster its European team as it expands beyond its emerging market roots into traditional credit markets, writes Stefanie Linhardt.
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Finnair, the partially state-owned Finnish airline, sold the first euro-denominated corporate bond of August on Thursday. The unrated company priced a €150m five year bond at the tight end of guidance — a result that could tempt some other Finnish corporates to the market.
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Exchange-traded high yield funds are exerting increasing influence on the US high yield bond market, said Fitch Ratings, while dealer banks are holding smaller inventories of corporate bonds. The trend could come to Europe even though ETFs make up a smaller part of the market there.
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Battle lines are being drawn as the US debates changes to its Bankruptcy Code with wide-reaching implications for the $1.2tr US leveraged loan market. Reformers think that too much power has passed to secured lenders, resulting in too many liquidations and not enough reorganisations. The industry, led by the Loan Syndications and Trading Association (LSTA), disputes the data and warns of higher prices for secured credit across the market.
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The healthcare sector is proving popular in the European leveraged loan market, with two borrowers successfully closing transactions this week even though most bankers and investors are still on their summer holidays.
