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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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China's Yingde Gases Group has cut the size of its syndicated loan to $100m from $150m, in favour of raising additional funds from an onshore renminbi bond.
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Ladbrokes has signed £1.3bn of loans to be used in its acquisition of Gala Coral Group.
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Fixed income specialist SC Lowy has set up a par loan trading platform in Asia, as it seeks to tap into the growth of the secondary loan market in the continent.
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Tata Motors is looking to refinance an outstanding $600m loan, marking the fourth time a Tata Group company is tapping the syndicated market this year.
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AAA Oils and Fats, a trading subsidiary of palm oil processor and distributor Apical Group, is in the market for a loan of up to $130m.
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Coal miner Adaro Energy, which has been in talks with its relationship banks for a loan to refinance debt, has sent out a formal request for proposals.