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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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Bankers working on the $1.4bn loan for Melco Crown Entertainment have wrapped up the final stages of syndication, lining up commitments of $620m from 16 banks and ensuring that the leads will now look to sell down part of their holdings.
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Ukrainian metals firm Metinvest has launched its $300m three year pre-export finance facility into general syndication.
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Hungarian oil and gas firm MOL has returned to the loans market with a dual request for proposals (RFP) for two club loans— one for itself and another for its Croatian subsidiary, INA. The request comes five months after the firms’ last attempt to tap the market was aborted because MOL could not get the price it wanted, said bankers.
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Lack of supply, competition from the strengthening high yield bond market and pressure on CLOs to dispose of the last of their funds before the end of their reinvestment periods can only mean one thing for the European leveraged loan market —prices are set to go way, way down.
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Indonesian power company Pertamina closed syndication of its $965m five year loan this week, after getting commitments from 30 lenders including the bookrunners — and bringing in demand worth more than $1bn.
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Banque PSA, the finance arm of Peugeot Citroën, signed new loans totalling €5.315bn on Friday as well as extending the maturity of a €2bn revolver, as part of its plan to strengthen its funding capacity.