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There must be plenty of films to which bankers would like their deals to be compared. A League of Their Own, perhaps, or Chariots of Fire. But over the last few weeks a very different narrative has been playing out in the leveraged loan market. Two entities, produced just a few days apart, have faced vastly differing fates. We are of course in the territory of the 1988 classic, Twins.
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The Debussy CMBS from Toys R Us showed that bank arrangers are not irreplaceable. Investors are taking a more hands-on role in structuring. This should be welcomed if it gives them the confidence to buy riskier deals.
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How healthy is a loans banker? Not very, you might think. A diet of all things financing takes its toll, no doubt. The banker’s daily bread — a complex carb blend of margins, discounts, currencies and broader market fluctuations — isn’t easily digested. And the sleepless nights, oh the sleepless nights!
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A heavy burden of internal bureaucracy when dealing with emerging market issuers is nothing new to bankers. But while they have long accepted that they are there to help treasurers look good, these days they disagree with their clients over which funding strategy will put them in the best light.
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Near term maturities for speculative grade rated companies in Europe, Middle East and Africa are surging, according to a report by Moody's. The amount of debt issued by these companies that matures next year, has reached $101bn — a 20% increase from Moody's calculation of 2014 maturities a year ago.
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A buoyant high yield market and lenders’ willingness to amend and extend loans has helped tackle near term maturities of unrated European LBO debt, according to a new study from Moody’s. However, the report warns that some weaker and smaller companies might still struggle to refinance their maturities.
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A buoyant high yield market and lenders' willingness to amend and extend loans has helped tackle near term maturities of unrated European LBO debt, according to a new study from Moody's. However, the report warns that some weaker and smaller companies might still struggle to refinance their maturities.
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Political protests in Turkey should hold no fear for supporters of Islamic finance in the country. The hard work has been done and the product looks set for a big future.
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Loan Ranger is a sucker for data. He likes few things more than trawling through a seemingly endless inbox of emails to find a well researched and thought-provoking data study among all the usual hubris.