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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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  • First Pacific is in talks with banks about a possible $200m three year loan, less than two weeks after it sold a $400m bond to a large group of investors.
  • Bank financing for UK large cap corporates is becoming cheaper and more readily available, according to the Bank of England.
  • FIG
    The Bank of England will offer UK banks 10 times the value of their net lending to small and medium-sized enterprises in cheap cash through the Funding for Lending Scheme this year, but market participants do not envisage the banks jumping for joy.
  • German bathroom and kitchen fittings firm Grohe is slashing the margins of its euro and dollar covenant-lite term loans priced last year, as bankers argue that cross-border transactions are making European leveraged loan investors increasingly comfortable with the cov-lite structure, writes Nina Flitman.
  • Hellenic Petroleum, the Greek energy group, met investors in Europe for a potential bond issue this week. A transaction for Hellenic Petroleum would be the first speculative grade bond for a Greek debut issuer since the crisis.
  • Banks working on Inghams Enterprises’ A$748m leveraged buyout loan have closed and allocated the commitments received during senior syndication, managing to avoid going into general altogether.