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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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Sun Hung Kai Properties was set to sign a HK$15.2bn ($1.96bn) five year loan at the end of last week, after finding enough demand to increase the size of the deal from the planned HK$5bn. Bankers say this makes it the biggest local currency deal in Hong Kong since the start of the year, despite the company not having a specific use of proceeds lined up.
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Africa-focused mining firms are finishing the first quarter of 2013 on a borrowing high, after racking up deals totalling $5.27bn either signed or launched into the market this week.
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Turkish financial institution Akbank signed its $1.2bn-equivalent refinancing facility on Thursday, in a deal that marked a stretching of tenor and pricing for Turkish bank loans.
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The price guidance on Pramerica Investment Management’s European collateralized loan obligation, Dryden XXVII CLO, has raised eyebrows among securitization pros in London, with some seeing the suggested spread levels on the BB-rated bonds as surprisingly low.
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Financial settlement company Clearstream Banking has signed a €750m-equivalent multi currency loan. The revolving credit facility is a three year plus one plus one deal, and includes a €400m sub-limit for Clearstream’s parent company, Deutsche Boerse.
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Thomas Cook has cancelled £100m of its liquidity facility, saving itself around £26m in fees.