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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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The US Alternative Reference Rates Committee (ARRC) has updated its reference rate guidance for the move away from dollar Libor that removes the need to get a lending syndicate’s consent. But trade bodies on both sides of the Atlantic do not agree on the details, writes Mike Turner, and some lawyers claim that major issues still need to be addressed before the ARRC-recommended method can work.
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Iberdrola and Copenhagen Infrastructure Partners signed separate loans to develop renewable energy projects in Spain, as analysts say renewable energies are now cheaper for consumers than their fossil fuel counterparts in major markets.
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Fives, the French industrial equipment group, has signed a €200m loan backed by the state, as government-backed facilities continue to prove essential to tackling the economic fallout from the coronavirus pandemic.
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The US Alternative Reference Rates Committee (ARRC) has updated its reference rate language for the move away from dollar Libor, with the group now recommending loans that mature after the transition have an automatic replacement reference rate that does not need special consent to be imposed. But some legal experts warn that there are still major issues with adopting this approach.
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Andreas Petrie, who is thought of as being a key figure in cultivating the Schuldschein market into an established corporate alternative to bonds in Europe, is to retire at the end of the year.
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Chailease International Finance is approaching a large group of banks for a new $250m loan. This is in a bid to attract lenders, as other units under its parent company have already tapped the offshore market three times this year.