Garuda scales back loan post IPO but banks debate cause

Commercial airline Garuda Indonesia has signed a $55m loan, a big drop from the $120m it had initially aimed for. Bankers close to the deal said the facility was considerably oversubscribed and was only scaled back because the borrower needed less cash after a recent IPO — but others found this hard to believe.

  • 07 Jul 2011

Lead managers Citi and UBS approached banks with the $120m two year deal in February, while Garuda was struggling to complete its domestic listing. But the company eventually raised Rph4.75bn ($557.7m) from the share sale, reducing its need for other sources of capital.

"The loan was 150% oversubscribed [at ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 41.30
2 Rabobank 35.35
3 Morgan Stanley 11.45
4 BNP Paribas 5.95
4 Credit Agricole 5.95

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Jan 2017
1 SG Corporate & Investment Banking 1,260.06 2 126,006,164,037.19%
2 Rabobank 1,081.86 1 108,185,922,974.77%
3 Wells Fargo Securities 430.57 1 43,057,020,785.00%
4 SK Securities 192.86 1 19,286,162,593.99%
4 Meritz Financial Group Inc 192.86 1 19,286,162,593.99%