Citigroup angers MLAs by cutting KKB take as banks shun emerging risk

Banks are reining back their appetite for emerging market syndicated loans, a market that until a fortnight ago seemed to have ridden out this summer's credit turbulence unscathed.

  • 31 Aug 2007

Credit committees are warning loan teams to reject all but the best deals and be especially wary of low-paying borrowers.

This new risk aversion gave Kazkommertsbank, the biggest bank in Kazakhstan, a bad-tempered and disorderly end to the syndication of its $600m 370 day loan this week.

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 6,415 22 12.84
2 Citi 5,781 17 11.57
3 BNP Paribas 3,530 14 7.06
4 Credit Suisse 2,783 8 5.57
5 Rabobank 2,633 4 5.27

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1 Citi 99,251.11 279 13.17%
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3 Wells Fargo Securities 72,661.39 222 9.64%
4 JPMorgan 52,367.24 169 6.95%
5 Credit Suisse 41,885.89 127 5.56%