Lull before storm lures early loan refis

22 Feb 2013

With a risk of eurozone volatility after the Italian election and the demands of Basel III looming, European firms such as BASF and Vivendi are harnessing the strong market conditions to replace loans maturing next year. At the same time, emerging market credits are rushing for replacement facilities in the wake of Rosneft’s $31bn jumbo.

"People just think that the market is so strong at the moment," said one head of loans. "There’s good liquidity out there, and if you miss the boat, you’ll look like an idiot. The refinancings of 2014 maturities have to be done this year anyway, and you don’t ...

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