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Six tranche loan attracts record demand
Bonds of energy importers have sold off, but investors convinced fundamentals are still strong
New methodology follows headroom created by S&P revision last year
Banks ready to do deals but wiser to wait
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Even as South Africa and Halkbank prove that idiosyncratic risks are ever present in in emerging market bonds, conditions remain beyond syndicate bankers wildest dreams. That is good news for the bulging pipeline.
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ONGC Videsh (OVL), the overseas investment arm of Indian state-owned ONGC, has selected three banks for a $500m term loan to replace a bridge from last year. The oil firm is also raising funds in yen, and has picked two Japanese lenders for the financing, said a source.
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The Croatian parliament will debate a new bill on Wednesday that aims to provide added support to retailer Agrokor’s faltering liquidity situation, according to a statement from the country's government.
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Turkish bank refinancing activity has ramped up, with Ziraat Bank signing its $1bn syndicated loan on Monday after Yapi Kredi sent out a request for proposals (RFP) at the end of last week.
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With bankers grappling for Russian deals, Credit Bank of Moscow has come out on top, signing an oversubscribed $500m syndicated loan on Monday.
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African Export-Import Bank has tapped into Asian liquidity with a Samurai syndicated loan, paving the way for other African borrowers.