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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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A consistent fall in swap rates in India is encouraging many companies to tap the offshore loan market, with bankers reporting that borrowers are shunning local currency deals in favour of cheaper dollar loans to refinance old debt.
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San Miguel Corp’s $1.3bn five year loan was launched into general syndication on Thursday, with the leads offering lenders three different levels of commitments. The deal was already oversubscribed at the senior level, but the company plans to raise the size of the loan depending on how much demand it gets in general.
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Russian miner Mechel hopes to issue a Eurobond later this year after the company’s rating has improved, Stanislav Ploschenko, Mechel’s CFO, has told EuroWeek.
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Commodity trading company Gunvor Group has launched a $300m one year revolving credit facility to support its Middle East operations. It expects to close the deal in June.
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Indonesian coal company Adaro Energy has sent out a request for proposals to banks to arrange a $380m seven year loan, after holding two rounds of discussions with lenders.
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Pramerica Investment Management’s European collateralized loan obligation Dryden CLO XXVII, which priced Tuesday, was well-received by the market, with investors hailing the longer lead-in time that allowed them to get comfortable with the transaction.