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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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Swedish sponsor EQT is set to syndicate €1.25bn of loans in July to fund its acquisition of German Bilfinger’s real estate business, in a market that has been led by German and French deals since the Brexit referendum.
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English law loan documents are not likely to be scrapped if the UK leaves the European Union, but there will be changes to the docs in the event of a Brexit.
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Barclays has hired a managing director from Morgan Stanley to join its distressed debt business.
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Biostime International Holdings’ refinancing of a $450m bridge loan has been oversubscribed in syndication.
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Real estate developer Vietnam Investment Group Joint Stock Co (VIG), which signed a $200m three year loan last year, is understood to be considering prepaying the money.
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Loans bankers are holding out for details of the divorce agreement between the UK and the EU to surface before assessing the full impact of Brexit on their market. But in the short term, they expect a hit to already low volumes.