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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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Industry vets, newcomers, aspirants and the curious piled into the Information Management Network’s second annual collateralized loan obligation and leveraged loan conference in New York last week, with about 1,300 attendees checking in.
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Distinct features of post-crisis European collateralized loan obligations are beginning to emerge following this week’s pricing of Pramerica Investment Management’s Dryden XXVII CLO—including increased levels of credit enhancement and shorter non-call periods, among other things.
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Pramerica Investment Management has successfully priced Europe’s second leveraged loan CLO of the year, the 300m Dryden CLO XXVII. The transaction was well received by the market — particularly for the measured approach to the timing. But it also highlighted one of the chief obstacles to a full revival of the European CLO market — the shortage of leveraged loans available in the market, writes Hugh Leask.
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Russian mining and metals firm Mechel has agreed a package of waivers and amendments with its syndicate of lenders as its subsidiary, Mechel Mining, was expected to breach its covenants on a $1bn pre-export finance facility.
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Elior had received consents from more than 80% of its lenders to its request to amend and extend its loans and waive some covenants as of its early bird deadline of Tuesday. The French catering business has asked lenders to allow for a portability feature in its credit facilities — a rare feature in a loan.
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Institutional investors can only play a limited part in the investment grade loan market, say loan market participants, and their potential impact on the market has been overemphasised.