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Deal liberates capital and tempts investors to take new frontier market risk
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European high yield bonds and leveraged loans have maintained interest this week for investors, despite a lack of deals, as other parts of the corporate market have finally been lulled to summer slumber.
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Indonesian lender Bank Tabungan Pensiunan Nasional, which is backed by Sumitomo Mitsui Banking Corp, is seeking $155m from the syndicated loan market.
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Finnish paper and packaging group Powerflute picked two banks to refinance a €120m acquisition facility.
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Mobile Telecommunications Company Saudi Arabia (Zain) has refinanced a syndicated loan it signed in June for a cheaper, longer dated bilateral deal from ICBC.
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German pharmaceuticals firm Riemser allocated its €256m term loan dividend recapitalisation on Tuesday, according to one banker. The deal comes as deal flow in the levloan market dissipates.
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Commodities trader Noble Group is in the spotlight again after Fitch and Moody's published divergent ratings on Monday. Fitch took a more benign view on Noble, but Moody's downgraded it to B2 from Ba3 with a negative outlook.
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