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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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Vietnamese state-owned shipbuilder Vinashin’s attempt to swap an outstanding $600m loan into a bond appears as if it is going to be approved by the company’s lenders. But bond investors said the razor-thin pricing would make little sense for anyone but those creditors that had few other options to get their money back.
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The $2.755bn portion of the loan financing backing Virgin Media’s $16bn acquisition by Liberty Global, announced this week, will test the ability of a borrower with no US business to tap the US market for a jumbo loan. But what European loans bankers really want to see is the development of a healthy, robust domestic market than can support such deals unaided.
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Macquarie and Tikehau JV make first French mid-cap loan
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The strength of the US market has long been cited as one of the factors affecting tightening pricing in the European market. But the repricing of an £885m facility for UK food retailer Iceland, the first purely European margin reduction seen in the sector for many months, illustrates that demand for European deals is growing independent of the US bid.
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The €512m all-senior loans backing the buyout of Dutch electronic commerce and data exchange technology firm Intertrust were allocated on Thursday, with the €350m-equivalent term loan ‘B’ clearing the market priced at 99 and with a margin of 450bp.
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The HK$4bn ($515.6m) loan for Kingboard Chemical Holdings has already received a good response and a few more banks are likely to join as mandated lead arrangers this week, said a banker familiar with the deal.