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Syndicated Loans

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Executive moves from Deutsche to be MD
Banker poached from Citigroup
Former investment banker has been CFO of Verbund
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  • China's GF Securities is planning to increase the size of its syndicated loan to between HK$8bn ($1bn) and HK$12bn from the HK$4bn it had originally sought.
  • Yingda International Leasing, which launched a $200m syndicated loan in January, has modified the deal's terms after a change in ownership.
  • Steinhoff completed syndication of $4bn of acquisition loans this week with the deal going “better than expected", according to bankers. The loan market has not shown signs of fatigue for the South African-based furniture retailer, even though the borrower has already asked a lot of the market this year.
  • Investment company Melrose has completed its $1.25bn loan syndication, according to a banker on the deal. The borrower is one of very few to have launched a deal since the UK’s referendum on EU membership on June 23, but its oversubscription in syndication signalled that borrowers brave enough to try for loans will be rewarded, as banks continue to battle it out for market share. Robert Cooke reports.
  • Türk Ekonomi Bankasi (TEB) and Vakifbank have adopted margin ratchets in their latest loans as a swathe of Turkish banks face ratings downgrades.
  • Two Indian companies are vying for the UK and Ireland assets of Israeli firm Teva Pharmaceutical Industries and have lined up loan packages to back their bids. Although the results are still some way off, credit starved bankers are excited about the prospects of financing a sizeable acquisition out of India, writes Shruti Chaturvedi.