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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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Source: Dealogic
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Crédit Agricole, DBS and Industrial and Commercial Bank of China are the latest banks to sign up to Shuanghui’s $4bn loan during senior syndication, taking the amount of total commitments to $7bn, according to bankers close to the deal. -
Schaeffler, the German family-owned ball bearing maker, sold what bankers said was the biggest ever payment-in-kind toggle bond on Thursday, proving that credit investors’ risk appetite is surging back, even for a product that is among the riskiest structures in the high yield arsenal.
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Some 82% of loans market participants believe that banks will retain their dominance in the European lending markets, even as regulation puts pressure on their balance sheets.
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Fiat has increased its €2bn three year revolver to €2.1bn after the facility was oversubscribed during general syndication.
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India opened up its economy this week to foreign direct investment — a move that was welcomed by senior bankers and economists, who saw it as an attempt to deflect some of the heat from the central bank’s measures to stem rupee volatility. But their relief will be limited, as expectations remain dim about the prospects of any lasting impact to the economy, writes Rashmi Kumar.
