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Even leveraged deals still being underwritten, though banks are selective
Liquidity event at American manager comes at fraught time for industry
Major sectors in leveraged loans are trading down, making shrewd credit selection vital
Deal could include $950m of bonds
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Singapore’s Wilmar International has bumped up the size of its dual-tranche borrowing to $1.8bn after attracting 24 participants during syndication.
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State-owned China National Building Material has kicked off its debut syndication through three bookrunners, seeking $160m from the fundraising.
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Bank of China Macau branch is providing a $700m loan to back Chinese alternative asset management firm CDH Investment’s acquisition of Sirtex Medical, according to a source close to the situation.
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Investment house Kartesia has provided a unitranche loan for Spanish fertiliser maker Fertiberia to replace part of its debt, as this type of lending becomes more popular in Europe.
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Bank of America Merrill Lynch said last week that it had hired Jill Schwartz, the former global head of leveraged finance at Barclays. Schwartz has been named executive vice chairman in the firm’s global corporate and investment banking unit.
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Chinese internet firm NetEase is tapping the international loan market for the first time, seeking a $500m revolving credit facility.