Standard Bank to raise loan, but MENA pipeline sparse
South Africa’s Standard Bank is set to raise a syndicated loan by the end of the month, which, according to market sources, will be provided by Chinese banks. But bankers say the pipeline for syndicated loans in Africa and the Middle East remains nearly empty, as both lenders and borrowers continue to feel the impact of the Covid-19 pandemic.
Standard Bank’s $1.5bn syndicated loan, which refinances an existing deal, is expected to be closed at the end of August.
A banker near the deal said lead banks were awaiting approval from other Chinese lenders, which were dominating the syndicate.“So far, so good... Markets have stabilised slightly, so banks ...