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Lpc september deals line up in europes leveraged loan market


Despite another serious bout of global volatility, Europe's leveraged loan market is gearing up for the launch of around 10 deals totalling 4.5 billion euros ($5.06 billion) in September, with success or failure likely to be determined by a flight to quality. The market is highly liquid after several large repayments and the continued issuance of CLO funds, which are the main buyers of the loans. Cash-rich investors are expected to cherry pick deals, which means arranging banks may have to make concessions on pricing and documentation for any deals perceived to be weaker. Investors are looking for a premium on sterling deals, which could affect a 550 million pound dividend recapitalisation for UK caravan holiday park operator Park Resorts and a 650 million pound term loan B refinancing for British cereal maker Weetabix, which are both expected to launch in September.

Other September launches include German elevator components maker Wittur; Galileo Global Education; London-listed packaged food company Nomad Foods ; French lifting, elevation and safety equipment provider Tractel; Polish state-run railways PKP's utility arm; French digital media company Technicolor; and Netherlands-based textile technology group TenCate. A loan backing online gambling company 888 Holdings' acquisition of London-listed Bwin.party could also return to the market if a sale goes ahead. The financing was pulled in August due to a rival bid from British online gambling firm GVC."Some deals will be fine but if they all come at the same time and investors know this, they will be selective," an investor said.

Global market instability in the last few weeks stemming from China's stock market rout and tumbling commodity and oil prices has upped the ante for the deal launches. Although lenders may have to widen discounts on some of the 10 underwritten deals on the block waiting to launch, they should have enough flex to cope with any adjustments, market sources said.

INSULATED FROM TURMOIL With relatively few deals in the market over the summer, European leveraged loan prices have mostly been insulated from wider global economic turmoil. Secondary loan prices fell by around 50bp during the worst of the turmoil in mid-August, which could increase the discounts that lenders have to offer to close deals, as well as pricing on new deals if a wider pricing correction takes place."The loan market is only slightly wider as a result of the volatility and it didn't fall as much as it should have done, compared to other markets. There is still a lot of appetite and good credits should be OK but there may be some play on fees," the investor said. A pipeline of new buyout deals is also building as various auctions move forward in September. ($1 = 0.8887 euros)

Millions in cia ghost money paid to afghan presidents office new york


Tens of millions of U.S. dollars in cash were delivered by the CIA in suitcases, backpacks and plastic shopping bags to the office of Afghanistan President Hamid Karzai for more than a decade, according to the New York Times, citing current and former advisers to the Afghan leader. The so-called "ghost money" was meant to buy influence for the Central Intelligence Agency (CIA) but instead fuelled corruption and empowered warlords, undermining Washington's exit strategy from Afghanistan, the newspaper quoted U.S. officials as saying."The biggest source of corruption in Afghanistan", one American official said, "was the United States."The CIA declined to comment on the report and the U.S. State Department did not immediately comment. The New York Times did not publish any comment from Karzai or his office."We called it ‘ghost money'," Khalil Roman, who served as Karzai's chief of staff from 2002 until 2005, told the New York Times. "It came in secret and it left in secret."For more than a decade the cash was dropped off every month or so at the Afghan president's office, the newspaper said.

Handing out cash has been standard procedure for the CIA in Afghanistan since the start of the war. The cash payments to the president's office do not appear to be subject to oversight and restrictions placed on official American aid to the country or the CIA's formal assistance programs, like financing Afghan intelligence agencies, and do not appear to violate U.S. laws, said the New York Times.

There was no evidence that Karzai personally received any of the money, Afghan officials told the newspaper. The cash was handled by his National Security Council, it added. U.S. and Afghan officials familiar with the payments were quoted as saying that the main goal in providing the cash was to maintain access to Karzai and his inner circle and to guarantee the CIA's influence at the presidential palace, which wields tremendous power in Afghanistan's highly centralized government. Much of the money went to warlords and politicians, many with ties to the drug trade and in some cases the Taliban, the New York Times said. U.S. and Afghan officials were quoted as saying the CIA supported the same patronage networks that U.S. diplomats and law enforcement agents struggled to dismantle, leaving the government in the grip of organized crime.

In 2010, Karzai said his office received cash in bags from Iran, but that it was a transparent form of aid that helped cover expenses at the presidential palace. He said at the time that the United States made similar payments. The latest New York Times report said much of the Iranian cash, like the CIA money, went to pay warlords and politicians. For most of Karzai's 11-year reign, there has been little interest in anti-corruption in the army or police. The country's two most powerful institutions receive billions of dollars from donors annually but struggle just to recruit and maintain a force bled by high rates of desertion.; var median = (relatedItemsTotal / 2); var $relatedContentGroupOne = $('.related-content.group-one ul'); var $relatedContentGroupTwo = $('.related-content.group-two ul'); $.each($relatedItems, function(k,v) { if (k + 1 = median) { $relatedContentGroupOne.append($relatedItems[k]); } else { $relatedContentGroupTwo.append($relatedItems[k]); } }); } else { $('.third-article-divide').append($('div class="related-content group-one"h3 class="related-content-title"Also In World News/h3ul/ul/div')); $('.related-content ul').append($relatedItems); } },500); } Next In World News UK's May taps career diplomat to replace EU envoy after scathing resignation LONDON British Prime Minister Theresa May appointed a senior career diplomat as envoy to the European Union on Wednesday to replace an ambassador who quit with a scathing resignation letter that exposed frustration among officials over her strategy. Germany detains Tunisian man linked to Berlin truck attacker BERLIN German police have detained a 26-year-old Tunisian man over links with the perpetrator of an Islamist truck attack on a Berlin Christmas market that killed 12 people, a federal prosecutors' spokeswoman said on Wednesday. More than 2,000 Iraqis a day flee Mosul as military advances NEAR MOSUL/ERBIL, Iraq More than 2,000 Iraqis a day are fleeing Mosul, several hundred more each day than before U.S.-led coalition forces began a new phase of their battle to retake the city from Islamic State, the United Nations said on Wednesday. MORE FROM REUTERS window._taboola = window._taboola || []; _taboola.push({ mode: 'organic-thumbnails-a', container: 'taboola-recirc', placement: 'Below Article Thumbnails - Organic', target_type: 'mix' }); Sponsored Content @media(max-this site) { #mod-bizdev-dianomi{ height: 320px; } } From Around the Web Promoted by Taboola window._taboola = window._taboola || []; _taboola.push( { mode: 'thumbnails-3X2', container: 'taboola-below-article-thumbnails', placement: 'Below Article Thumbnails', target_type: 'mix' } ); window._taboola = window._taboola || []; _taboola.push