Syndications wane as club facilities dominate EM loans

Club facilities have come to dominate emerging market loans this year, Dealogic data shows. While syndicated facilities were as much as 73% of all EM loans between January 1 and September 2 two years ago, the ratio has reversed. In the same period this year, 51% of the sector’s volume came from club deals between borrowers and their relationship banks.

  • 03 Sep 2010

Last month Russian oil firm TNK-BP drove a hard bargain on its $2bn club deal with the margin on the three year unsecured facility set to come in at under 200bp. The club was reduced from 25-30 lenders to a group of around 15.

With banks asset-starved, loans ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 13.43
2 Rabobank 12.61
3 Morgan Stanley 10.27
4 Barclays 7.86
5 Natwest Markets (RBS) 7.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Mar 2017
1 Bank of America Merrill Lynch 18,561.02 56 11.69%
2 Wells Fargo Securities 18,160.90 57 11.44%
3 JPMorgan 12,092.45 38 7.62%
4 Citi 11,878.92 43 7.48%
5 Credit Suisse 9,276.87 26 5.84%