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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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A $150m three year loan for Ye Chiu Group subsidiary, Harmony Group, is likely to be cut in size after meeting a lukewarm response during general syndication.
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Flint Group, the printing and packaging inks supplier, has allocated a €150m add on facility to the six year term loan ‘B’ it signed in May.
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New rules on Indian offshore borrowings have dismayed local bankers as it bans them from participating in offshore deals for non-bank financial corporations and firms that support infrastructure — the bread and butter of their loans business. But the changes are not a bad thing and will shake Indian lenders out of their complacency.
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Inner Mongolia-based China Shengmu Organic Milk is testing appetite in the syndicated loan market for a $120m three year fundraising.
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Bharat Oman Refineries (BORL), which sent out a request for proposal for a loan of $125m in October, has mandated a group of three banks for the financing.
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The Reserve Bank of India has come out with a new framework for raising offshore debt, with one of the rules preventing non-banking financial corporations (NBFCs) from issuing anything other than rupee denominated debt.