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Marco Ferrari joins Stockholm office from Nordea
One major bank has underwritten three infra deals in the last week
Agreement includes accordion facility
Flooring company's bespoke 'super senior funding' was done away from the syndicated loan market
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Distressed loans using US documentation are some of the slow trades to settle in the capital markets, with an average time of 67 days, reflecting onerous legal requirements under the Loan Syndication and Trading Association standard terms. A new tool released by IHS Markit as part of its ClearPar loan settlement platform has the potential to slash this delay, with a recent trade by Deutsche Bank taking just 10 days to settle.
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State Grid Corporation of China is in talks with banks for a loan to support its $2.23bn acquisition of Sempra Energy’s Chilean business.
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Spanish pharmaceutical company Grifols is planning to take advantage of balmy market conditions with a refinancing package that will replace most of its outstanding debt. The package will consist of a $3bn term loan B in dollars, a $1.6bn TLB in euros and $1.25bn of senior secured bonds issued in euros.
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Emre Eler is joining Citi, after nearly two decades at JP Morgan.
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Universal Scientific Industrial (Shanghai), a subsidiary of Taiwan’s Advanced Semiconductor Engineering, has increased its debut offshore borrowing to $420m-equivalent.
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Lloyds Bank has sold the first loss piece of a £3.2bn housing association loan portfolio to four specialist investors, in one of the longest maturity risk transfer deals of recent years.