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Resets and refis prominent in pipeline as loan market softens, offering respite from repricing wave
Dasha Sobornova joins from Akin Gump with experience across asset classes
Trade body for levfin investors turns to leading rating analyst
Demand for riskiest tranches and improved loan supply could support growth in issuance
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Indian state-owned names are emerging as a dominant force in the loan market, with Bharat Petroleum (BPCL), Hindustan Petroleum (HPCL) and Indian Oil all seeking fresh US dollar funding, even as two of them have other loans still in the market, writes Rashmi Kumar. Bankers eyeing the new deals hope that lessons have been learnt from last year so that borrowers do not push for thinly-priced deals — and banks do not agree to them.
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Hong Kong Telecommunications is in the market for a loan of up to $2.5bn to fund its acquisition of CSL New World Mobility, and has signed up Standard Chartered to arrange the financing.
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Federal International Finance signed its $550m fundraising on December 19, but despite the borrower managing to increase the final size by $100m, its strategy of putting every lead in charge of syndication in a particular target market was not entirely successful.
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Computer maker Lenovo signed its $1.2bn five year loan on December 18 with a group of 12 banks, ending speculation that it might have to reduce the size after one of the original lenders dropped out.
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The huge success of Chinese state-owned Sinopec Group’s loan during syndication led to the company increasing the final deal size to $3.5bn from the planned $2.5bn — a transaction that lenders from Asia, Australia, Europe, the Middle East and North America joined.
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Dealogic league tables of total revenue transactions, full year 2013. Including Investment Banking, Debt Capital Markets, Equity Capital Markets, Mergers & Acquisitions and Syndicated Loan revenues.