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 Citi 10.72
2 Bank of America Merrill Lynch (BAML) 10.66
3 Credit Suisse 6.45
4 Lloyds Bank 6.42
5 JP Morgan 6.35

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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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%