IG borrowers revive sleepy syndications
Western Europe’s loan market enjoyed a healthy burst of activity this week as several borrowers launched deals. Many loans have already been mandated this year, including the Eu9bn jumbo for German utility RWE, but until now most borrowers have avoided syndications by clubbing their facilities or securing self-arranged forward starts.
But this week UPM-Kymmene, the Finnish paper and pulp group; Trafigura, the Dutch commodities trader; and UK train leasing company Porterbrook were among the names to come to the market.
As well as these, Enel
, the Italian utility, is expected to launch syndication of an Eu8bn loan today (Friday)
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