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Not every borrower can print overseas in their local currency, but for those that can, it is a great tool
Issuers have frontloaded their core currency funding and could benefit from turning their attention to other projects as the year draws to an end
Reforms should focus on banks' access to liquidity, not capital
Issuer has set the stage for peers to return to public market
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Syndicated loans bankers with little to do other than flick through downbeat headlines have found this year tough. The depressingly low volume totals have been hard to ignore: Europe down 79%; the lowest monthly activity on record in August; investment grade deals falling by a whopping 84%.
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How long can it last? That question is running through the minds of many European corporate bond specialists, on both the buy and sell sides.
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Democracy is overrated. Long live rule by technocrat. It is hard not to join in the euphoric mood following the European Central Bank’s unveiling of its all new Outright Monetary Transactions (OMT) scheme. What the title may lack in snappiness, the content makes up for with its hearty thwack of the ball back where it belongs — into the court of Europe’s national leaders.
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The bookrunners on Charterhouse’s buyout of Bartec have done a stellar job syndicating the €348m senior loan financing. The way the five banks have gone about it has avoided any risk of Bartec’s deal blowing up — apt for a company that specialises in preventing explosions.
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Next week will be crucial for sovereign, supranational and agency borrowers. It is imperative they watch their step.
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They might save money. They certainly save time. But settlements are nonetheless a peculiarly unsatisfactory way of resolving litigation. And never more so than in the myriad cases involving alleged or proven malfeasance at banks over the years.