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Big deal joins light supply in January
Bankers say deals are still being launched and believe international rivalry can be negotiated
Banks accept some deals will bypass them — others they can intermediate
Sectors shape up as main sources of corporate syndicated lending demand amid renewed geopolitical uncertainty
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Indian conglomerate Reliance Industries has made a quick return to the loan market, raising a $1bn facility to refinance a bond maturing later this month.
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German railway wagon lessor VTG has sold €550m of private placements to institutional investors in Europe and the US, according to market sources. More and more, US PPs are being marketed to traditional Euro PP investors.
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Newlat, the Italian food company, has made an offer for UK bread maker Hovis, as foreign companies continue their push to pick up some of the UK’s best known firms.
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ONGC Videsh (OVL), the overseas arm of India’s state-owned Oil and Natural Gas Corp, has picked six banks for a $700m borrowing.
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Inland Homes, a UK housebuilder, has triggered an accordion clause on a sterling loan to finance extra construction, as lenders say there are signs that companies are using money to invest again rather than firefight the effects of Covid-19.
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Schuldschein lenders are gearing up for a wave of borrowers to tap the market this month, looking to capitalise on mounting piles of investor cash.