Top stories
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Salzgitter ramps up Schuldschein size
Germany’s Salzgitter has closed a €350m-equivalent dollar and euro Schuldschein, with the steel products and tube maker blowing past its initial €200m launch amount.
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Triton ships bigger, cheaper loan
Triton International, a global shipping container firm based in Bermuda, has amended and extended a $1.25bn revolving credit facility, cutting its debt cost in the process.
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Lenders not fit for fintech, LMA survey finds
Bankers have come under increasing pressure to integrate financial technology into their syndicated lending businesses. But they are ill equipped to deal with the work of integrating new systems, according to a survey conducted by the Loan Market Association (LMA).
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Ivory Coast to close loan at €300m-€400m
Ivory Coast will finalise a seven year loan imminently, according to bankers. The deal reflects healthy appetite for sovereign borrowing in the region.
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BNP Paribas gives top M&A job to Villard
BNP Paribas has appointed Bruno Villard as head of M&A for Europe, the Middle East and Africa.
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JP Morgan names new EMEA levfin leaders
JP Morgan has named a new leadership team for its EMEA leveraged finance operations, following the retirement of Kristian Orssten, a 25 year veteran of the firm.
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German banks pilot SSD platform finledger
A new digital blockchain platform for promissory loan notes has launched, with four German banks hoping their offering will be able to jostle for a place in an increasingly crowded digital market.
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Borsig goes local for refi loan
Malaysia engineering multinational KNM’s German businesses have signed a credit facility of up to €200m, using the deal to refinance existing bank lines.
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Prinzhorn keeps pre-summer Schuldschein rush going
Austria’s Prinzhorn Holding has launched a €200m Schuldschein, with the packaging and recycling group bringing the one of the largest deals to hit screens in a spree of deals trying to beat the summer lull
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EM loans need TLC
Loan bankers are coming to the painful realisation that emerging markets borrowers will be increasingly drawn to the bond market this year. Conditions there are becoming ever more attractive, perpetuating a decline in global loan volumes. But those companies abandoning loans for bonds should bear in mind the advantages of the loans market, not least its resilience.
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Broadview holding company brings rare Dutch Schuldschein
Broadview Industries, a Dutch investment holding company, has launched a €200m multi-maturity dollar and euro Schuldschein. It offers a chunkier pick-up for investors than some of the domestic German deals on offer.
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Majestic Wine confirms potential store sale
Majestic Wine, the UK retailer, wants to sell its shops, and is in talks with several interested parties, it said on Tuesday.
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UniCredit's head of CEE loans retires
UniCredit's London-based head of corporate loan syndication for central and eastern Europe, Russia and the CIS has retired.
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Z2bn Allegro loan to close by mid-week
Polish e-commerce platform Allegro is set to close a Z2bn (€470m) dividend recapitalisation deal this week after heavy oversubscription, according to bankers.
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Pentair bumps up revolver with add on deal
Transatlantic firm Pentair has signed a $100m revolving credit facility, with the water treatment firm adding the debt onto an existing loan.
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Sick launches Schuldschein at tight margins
Sick, the German industrial sensor maker, has launched a €100m three tranche Schuldschein. Some investors claim recent Schuldschein issues from German issuers are priced to appeal only to cash-rich domestic accounts.
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Pigasse made global banking head at Lazard
Matthieu Pigasse has been appointed as global head of banking and deputy CEO of financial advisory at Lazard.
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Barclays and Deutsche begin Evonik syndication
Barclays and Deutsche Bank have started syndicating the debt backing Advent’s buyout of Evonik’s methacrylates business, a deal which almost escaped the market earlier this year when GSO offered to provide the whole package.
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High times in high yield
A hail of high yield and leveraged loan deals hit the European market this week, making it seem like investors and bankers were unaware of the angst permeating equity markets since President Donald Trump decided to up the ante in his trade poker game with China. Not every deal was a blowout, however — United Group priced its PIK note wide of guidance and Virgin Media failed to tighten.
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Strength of CEE’s local banks to offset GDP slowdown
Growth is expected to slow across central and eastern Europe this year, but the region has a trick up its sleeve: a well developed local banking system that in the 30 years since the fall of the Iron Curtain has evolved into a self-sufficient source of financing for the region.
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Ramaphosa set for re-election, banks hope to get back to deals
Opinion polls indicate that South Africa’s incumbent African National Congress party and president, Cyril Ramaphosa, will win the country’s hotly contested general election, held on Wednesday, with a reduced majority. Bankers expect financing business to return to normal soon, after pausing in the run-up to the election.
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Fallen angel K+S refis loan early for €960m as it foresees halving debt
K+S, the potash and salt producer, has refinanced its revolving credit facility a year early, to lock in favourable borrowing terms at it seeks to move back to positive free cashflow for the first time for more than five years.
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Genco is latest shipping firm to increase loan as environmental upgrades loom
The US’s Genco Shipping & Trading has increased the size of its bank loan, as the global shipping industry prepares to finance sweeping mandatory changes to become more environmentally friendly.
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Lagardère gets ahead of Schuldschein stampede
France’s Lagardère has launched a Schuldschein deal, with the media company likely the only new name on screens before an expected deluge of trades from next week onwards.
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Sovcomflot bags second loan for LNG ships
Sovcomflot, the Russian shipping company, has signed a 10 year loan facility with three international lenders. Russian syndicated loan volumes remain low, but Sovcomflot is widely regarded by bankers as one of the stronger and more established Russian borrowers.
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EIB planning to launch new development bank
The European Investment Bank is preparing to launch a new entity — potentially called the European Bank for Sustainable Development — that will focus on sustainable projects outside the EU, GlobalCapital understands.
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French bid to widen EU green Taxonomy received well
The attempt by France to broaden the European Union’s proposed Taxonomy of Sustainable Economic Activities away from the “green niche” has made a good start. Financial officials from all the EU governments discussed the idea on Tuesday, with many member states being “very supportive”, according to sources close to the situation.
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Yapi Kredi loan flies as banks stick with troubled Turkey
Yapı Kredi Bank signed its spring loan refinancing on Thursday, having wrapped up the deal at $1.03bn. Bank of America Merrill Lynch and UniCredit are coordinators of the deal, which has 49 banks participating. The political uncertainty triggered by the decision to re-run the municipal elections in Istanbul has not dented international lenders’ appetite for financing Turkey’s banks.
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Erdoğan’s erratic actions leave investors on edge
Turkey’s national election board has cancelled the results of the Istanbul mayoral race that president Recep Tayyip Erdoğan’s ruling party lost in March and ordered a rerun. This is widely thought of internationally as a blow to democracy, and in Istanbul citizens have taken to the streets in protest. But Erdoğan’s behaviour has been so unpredictable in the past year that there is hope the rerun in June will be free and fair enough for investors to breathe easy. It seems a bet made more in hope than expectation.
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Trade war can still wreck equities in 2019
Equity investors are too complacent about the prospects of the wheels coming off of trade talks between China and the US. Such optimism could wreck equity capital markets for the year if negotiations sour,
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Recession, what recession?
Dismal European growth has weighed on rates, forcing buyers down the curve in search of yield and spread. A sharp turnaround feels distant, but a stabilisation has already materialised and investors that piled into long-dated bonds may come to regret it.
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The Fed will copy Europe on climate policy, despite Trump
While other central banks have started to grapple with climate change, the Federal Reserve has been conspicuous by its absence. But as green shoots begin to emerge in the US, the Fed will not be able to ignore the topic for much longer.
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Deutsche holds firm despite Whitbread broking loss
For all its woes, Deutsche Bank’s corporate finance business has much to play for in EMEA, writes David Rothnie.
Loan Ranger
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Loan Ranger Special: Mac’s press-up prowess
Loan Ranger has dusted off his stetson because something happened at the Loan Market Association’s annual syndicated loan conference that he had never seen before in all his many years covering the loan market: public exercise that wasn’t dancing in Harry’s Bar at 2am after a drinks event.
Global Syndicated Loan Volume
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 140,092.25 | 338 | 12.15% |
| 2 | Bank of America Merrill Lynch | 121,827.64 | 387 | 10.57% |
| 3 | Citi | 72,931.66 | 226 | 6.33% |
| 4 | Mizuho | 60,586.11 | 297 | 5.26% |
| 5 | Wells Fargo Securities | 58,309.33 | 217 | 5.06% |
Bookrunners of All Syndicated Loans EMEA
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Bank of America Merrill Lynch | 12,912.95 | 35 | 6.60% |
| 2 | BNP Paribas | 12,334.48 | 61 | 6.31% |
| 3 | UniCredit | 11,196.47 | 58 | 5.73% |
| 4 | Citi | 9,580.75 | 37 | 4.90% |
| 5 | Deutsche Bank | 8,953.95 | 35 | 4.58% |
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Latest news by market and league table performance
Global Syndicated Loan Volume
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 140,092.25 | 338 | 12.15% |
| 2 | Bank of America Merrill Lynch | 121,827.64 | 387 | 10.57% |
| 3 | Citi | 72,931.66 | 226 | 6.33% |
| 4 | Mizuho | 60,586.11 | 297 | 5.26% |
| 5 | Wells Fargo Securities | 58,309.33 | 217 | 5.06% |
Bookrunners of Middle East and Africa Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | First Abu Dhabi Bank | 2,413.69 | 8 | 10.82% |
| 2 | Standard Chartered Bank | 2,377.86 | 7 | 10.66% |
| 3 | Citi | 1,793.42 | 6 | 8.04% |
| 4 | Trade and Development Bank | 1,125.64 | 2 | 5.05% |
| 4 | Standard Bank | 1,125.64 | 2 | 5.05% |
Bookrunners of European Leveraged Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Deutsche Bank | 3,736.52 | 21 | 7.15% |
| 2 | Credit Agricole CIB | 3,101.01 | 16 | 5.93% |
| 3 | Goldman Sachs | 3,092.70 | 16 | 5.92% |
| 4 | BNP Paribas | 2,926.68 | 24 | 5.60% |
| 5 | Citi | 2,758.74 | 10 | 5.28% |
Bookrunners of European Marketed Syndicated Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Bank of America Merrill Lynch | 12,912.95 | 35 | 6.60% |
| 2 | BNP Paribas | 12,334.48 | 61 | 6.31% |
| 3 | UniCredit | 11,196.47 | 58 | 5.73% |
| 4 | Citi | 9,580.75 | 37 | 4.90% |
| 5 | Deutsche Bank | 8,953.95 | 35 | 4.58% |
Syndicated Loan Revenue - EMEA
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | HSBC | 35.45 | 69 | 6.71% |
| 2 | BNP Paribas | 31.67 | 78 | 5.99% |
| 3 | ING | 31.21 | 74 | 5.90% |
| 4 | Citi | 22.60 | 36 | 4.27% |
| 5 | Deutsche Bank | 21.89 | 32 | 4.14% |
