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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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Bids in the asset-backed securities secondary market have started to soften because few clients are willing to sell into a market that offers little prospect of reinvestment. But some traders expect the very positive tone in equity and other credit markets to gradually seep into ABS and encourage more flows.
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The DeepOcean Group, a firm providing subsea services and technology, has completed a new €125m senior credit line with a syndicate of five banks.
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Wood Mackenzie, an energy and mining research company in the UK, has received unanimous consent for the repricing of its leveraged loans. Wood Mac, which Hellman & Friedman acquired from Charterhouse last summer, did not get any pushback from investors, despite cutting 125bp off its margin on the term loan ‘B’.
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Bank of Taiwan has launched Taiwan PCB Techvest’s NT$1.8bn ($60.6m) loan into senior syndication and is confident that it can gather enough demand at this stage to avoid going into general syndication altogether.
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Nigeria’s Fidelity Bank is in negotiations with its lending group about possible scalebacks after its $100m syndicated loan was oversubscribed.
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BNP Paribas is aiming to close Hindustan Petroleum Corp’s $400m five year club-style loan by the end of the month after being joined by four more banks at the top level.