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 ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 6,665 23 12.97
2 Citi 5,781 17 11.25
3 BNP Paribas 3,715 15 7.23
4 Barclays 2,853 9 5.55
5 Credit Suisse 2,783 8 5.42

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 99,250.27 279 13.13%
2 Bank of America Merrill Lynch 91,648.43 266 12.13%
3 Wells Fargo Securities 72,661.39 222 9.61%
4 JPMorgan 52,367.24 169 6.93%
5 Credit Suisse 41,885.89 127 5.54%