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Leveraged loans in stressed sectors like software carry refinancing risk
Ferrero International markets €300m deal
Six tranche loan attracts record demand
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Joint Stock Commercial Bank for Investment and Development of Vietnam has closed an offshore borrowing worth $150m. After the company deciding not to exercise a greenshoe option, lenders faced a large scale-back.
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Chinese property companies have seen their funding options restricted in a variety of markets, leaving the offshore loans markets the only avenue for them to raise new funds. But loans bankers, who have long operated in an uneasy grey area for such deals, are worried they will be next in the firing line. Pan Yue reports.
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US sports tycoon Stan Kroenke will use a bridge loan facility to buy metals magnate Alisher Usmanov’s 30% stake in Arsenal, to claim full ownership of the London football club.
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Fallout from a diplomatic incident drove yields on Turkish sovereign paper to almost 20% this week. While yields have come off their highs, the picture remains bleak for the beleaguered nation.
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Buyers of speculative grade debt in Europe have entered August with renewed confidence and the hope that spreads can hold their recent widening during the second half of the year.
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Credit Suisse and Standard Chartered are providing a $1.1bn loan to back the delisting of Indian metal and mining company Vedanta Resources from the London Stock Exchange.
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