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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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Keppel Reit and its sponsor raised S$152.9m ($123.6) from a block sale last week, managing to increase the size of the deal despite what some rivals saw as an eye-popping discount.
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Bankers working on Kingboard Chemical Holdings’ HK$4bn ($515.6m) loan have already received commitments from 11 banks. But they are not planning to stop there — and are now waiting for 20 more lenders to join the deal.
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Citi, the Royal Bank of Scotland and State Bank of India have been mandated for Oil and Natural Gas Corp’s $900m bridge loan, and will be pricing the deal at less than 100bp over dollar Libor.
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Two more Taiwanese banks have joined Focus Media’s $1.525bn leveraged buyout loan, giving the company $200m of commitments from the country in syndication. The bookrunners hope to bring in a few more lenders this week.
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Turkey’s state-owned Ziraat Bank has approached the market for its first syndicated loan since 1992. But the borrower's rare foray has prompted accusations by lenders that Ziraat is attempting to jump on the low loan pricing bandwagon that Turkish banks are riding this year — and without being likely to offer enough ancillary business as compensation.
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Bookrunners working on the financing backing the leveraged buy-out of French engineering firm Socotec are close to wrapping up the facility after the pricing on the term loan ‘B’ was reverse flexed.