Schneider sparks early enthusiasm — and pricing debate

The refinancing of up to Eu2bn for France’s Schneider Electric has already received a “phenomenal” response from lenders after it launched earlier this week to a group of relationship banks. Read on for more about the borrower’s unusual covenant request and lenders’ views on the pricing.

  • 06 Aug 2009

The deal has sparked interest among wider market participants because of its three and five year tenor — only the second five year deal to launch this year — and the structure of its covenants, which are looser than on most other loans done in 2009.

But the ...

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1 Bank of America Merrill Lynch (BAML) 3,319 10 12.84
2 Citi 2,562 6 9.92
3 Goldman Sachs 2,150 3 8.32
4 Credit Suisse 1,822 6 7.05
5 Societe Generale 1,814 4 7.02

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2 Bank of America Merrill Lynch 37,631.92 109 11.85%
3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%