Stora and Norsk join margin-slashing early refinancing party

Two Nordic firms — Stora Enso and Norsk Hydro — have ridden the early refinancing wave sweeping the investment grade loan market to sign deals at reduced margins to the loans being replaced.

  • By Michael Turner
  • 22 Nov 2013

Finnish pulp and paper maker Stora Enso has signed its €700m early refinancing facility at a 35bp discount to the loan being replaced. 

The margin of Stora Enso's new loan is based on a ratings grid. At the firm's existing ratings of Ba2/BB, the margin is 140bp over ...

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) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 1,712.34 6 12.44%
2 SG Corporate & Investment Banking 1,292.64 1 9.39%
2 Rabobank 1,292.64 1 9.39%
4 Mizuho 1,215.54 3 8.83%
5 Wells Fargo Securities 1,012.71 4 7.36%