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Syndicated Loans

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Banker poached from Citigroup
Former investment banker has been CFO of Verbund
◆ Fast money reverses out of SSA bond market ◆ CLO managers face risky ramp startegy ◆ Corporate hybrid bond market runs hot despite volatility
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  • A HK$2bn ($256m) three year maiden loan for China Forestry Group Corp has been received warmly by international banks, resulting in a huge oversubscription, said a banker.
  • China Aircraft Leasing Group Holdings (CALC), which made its offshore loan market debut last year, has allotted its new $425m borrowing after bumping it up.
  • HSBC has hired a former Bank of America Merrill Lynch banker to its leveraged and acquisition finance team in Hong Kong.
  • Genuine Parts Company (GPC) will issue $2bn of bonds and loans and ramp up the size of an existing revolver to fund its purchase of France’s Alliance Automotive Group (AAG) when it buys the auto parts wholesaler from private equity towards the end of this year.
  • Norway paper producer Norske Skog has almost won enough support for its last ditch attempt to stave off insolvency, after the majority of holders of it s senior bonds due 2019 agreed to the firm’s recapitalisation proposal with just days left until the final deadline.
  • France’s HomeVi is set to launch a €1.15bn loan package into syndication to refinance its outstanding 2021 bonds, months after the company’s private equity owners entered into exclusive talks to sell the elderly care services provider.