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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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At last some good news for the European loan market. The Basel Committee has reduced the amount of high quality liquid assets that must be held against loan facilities as part of its liquidity coverage ratio (LCR).
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Bankers on a $1.4bn loan for Melco Crown Entertainment are still eyeing more banks to join the deal before closing syndication next week. But they have already managed to line up $500m of commitments from 11 banks, bringing the financing of the Macau casino company’s latest project near to a successful close.
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With a new year come new resolutions, and the Reserve Bank of India has started off 2013 with a good one, further loosening some of the restrictions hampering Indian infrastructure firms looking for deals in the international loan market. But the change, albeit positive, may not lead to a big rise in offshore loans from the country.
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Beleaguered Danish shipping firm Torm will breach its covenants again if the difficult tanker and bulk market conditions of 2012 drag on, it has announced. Having completed a substantial debt restructuring last November, it said it might have to do another one.
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Trafigura has launched a $3bn syndicated facility flat to the 125bp margin that was deemed aggressive in 2012, as bankers across the market brace themselves for a competitive year.
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It has been a rough few days for Australian company Whitehaven Coal. A hoax statement to the media claiming that Australia and New Zealand Bank had withdrawn funding to Whitehaven wiped millions off its market value early this week. But bankers are still confident that Whitehaven’s A$1.2bn syndicated loan will get plenty of commitments.