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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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Sankaty Advisors hit spreads not seen since 2011 on its new collateralized loan obligation, arranged by Morgan Stanley.
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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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Taiwanese banks have returned to the loan market in force this year, making huge commitments that in many cases they do not want to be fully allocated. This is reigniting fears that they could once again be left exposed to fluctuating interbank rates — but as long as they stick together, they can avoid the problems of the past.
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Chailease Finance’s $100m three year loan has already got a good response from lenders, only a week after launching into syndication. Most banks are still considering the deal, but the bookrunners appear to have lined up at least one MLA to join soon.
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Vietnamese state-owned shipbuilder Vinashin’s latest fix for its default on a $600m syndicated loan looks likely to gain the approval of its creditors, according to a banker familiar with the deal.
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US commodities group Cargill has launched a new $1bn 364 day revolver to be marketed across Europe and Asia, mandating seven banks to lead the deal.