Top stories
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Appetite for floating rate feeds new levfin deals
Leveraged borrowers Adb Safegate and Groupe Ecore had active euro roadshows for floating rate debt, keeping the leveraged finance markets open this week.
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Mixed reaction for first blockchain loan
Spain’s Red Electrica Corporation has signed the first ever syndicated loan on a blockchain, though some loans officials away from the deal question how useful the technology will be in its goal of reducing transaction times.
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Europe’s ‘market trap’ biggest threat to leveraged covenants
A combination of high demand, asymmetric advice and aggressive borrowers is crushing protection terms for leveraged loan investors in Europe, according to fund managers, analysts and lawyers. But the level of demand means that more cov-lite deals emerged this week.
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Fears bankers on block as lenders miss budgets
Loans bankers are preparing to file figures that are up to 30% below budget this year, with some lenders saying the shortfall of deals is already having an impact on staffing at some banks. Michael Turner reports.
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Brexit barriers could impact Sonia, says BoE group
The sterling overnight index average (Sonia), the rate chosen to replace sterling Libor by regulators, may suffer from a “bifurcation of… sterling money markets” after Brexit, according to a Bank of England Sonia Oversight Committee.
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Apollo adds CMBS carveout to LifePoint high yield bonds
The high yield bonds being issued to support Apollo’s acquisition of hospital group LifePoint Health include carve-outs that allow the private equity firm to pay itself dividends by securitizing LifePoint’s property and equipment without falling foul of additional debt and restricted payments covenants.
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Tritax EuroBox puts loan funding to use
The newly formed Tritax EuroBox is buying a real estate asset in Germany, weeks after the European arm of the UK logistics company signed its debut revolving credit facility.
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Apax switches out lenders
A fund owned by Apax Partners has signed a €140m-equivalent revolving credit facility, with the private equity firm switching lenders for the deal.
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US PP market relishes its resilience, looks on to the March of Brexit
The US private placement (US PP) market considers itself well placed for the volatility surrounding Britain’s expected departure of the European Union on March 29, and participants expect additional deal flow as a consequence.
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LMA produces SSD docs, user guide
The Loan Market Association on Wednesday published a user guide for Schuldschein deals in a move that market participants said will make the market more approachable to international borrowers while maintaining its culture and standards.
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Takeda leans on local banks for more Shire funding
Japan’s Takeda Pharmaceutical Co has signed $8.8bn-equivalent of loans as it continues to build up its cash pile to finance the $62bn acquisition of Ireland’s Shire.
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Shadow of cycle change shakes investors
Corporate debt investors have the jitters, with fears over a potential wave of defaults and low levels of recovery expected to materialise following a trend towards covenants that offer them ever less protection spreading from the leveraged finance world to the wider market.
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Brazil and Mexico bring new directions to Lat Am
The biggest decisions facing EM investors this week involve taking a fundamental view on Latin America's two largest economies: Brazil and Mexico. But even with that distraction, the new issue market is churning away.
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LaoVietBank debuts with $100m borrowing
Lao Viet Joint Venture Bank is seeking its first international loan of up to $100m through sole mandated lead arranger and bookrunner Cathay United Bank.
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Blame private equity for the state of levfin
Central banks and international financial institutions have raised a storm over vanishing investor protection covenants in leveraged loans. But most warnings about the market have avoided assigning blame where it is richly deserved — to the private equity industry.
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TRG pays bill with debt and rights issue
The UK’s The Restaurant Group (TRG) has agreed to buy compatriot pan-Asian dining chain Wagamama, and is set to finance the bulk of the deal by raising £535m through new debt and a rights issue.
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Guodong beams €150m maiden loan to lenders
China's Guodong Network Communications is seeking a debut loan of up to €150m ($170m) in syndication.
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SSA funding official moves to corporate market
A funding official at KfW has switched to the corporate sector.
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Ukraine’s Kernel extends $200m PXF
Kernel, the Ukrainian powerhouse producer of sunflower oil and agricultural products, has boosted and extended its $200m pre-export revolving credit facility.
Latest loans people news
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Emerging Markets
Leveraged Loans
Comment
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Cash on the blockchain: banks must catch up
A reliable way to settle fiat currency transactions on blockchain is the biggest obstacle holding back the financial services industry from realising the benefits of blockchain. More and more organisations are coming up with solutions, so where are the banks?
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10 things that changed in 10 years that had nothing to do with Lehman
Imagining capital markets and investment banking in 2018 without the global financial crisis is a big leap. The chaos and turmoil of 2008 deeply scarred traders, bankers and regulators and defined the intellectual imperatives for the changes that followed — the wholesale revamp of prudential and markets regulation, the bailouts, the reorganisations, the new monetary tools and new ways of seeing the world. But the past 10 years haven’t all been about the crisis.
Loan Ranger
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Loan Ranger: wintry chill
Last week began with a cheery festive glow but soon changed to a cold chill once discussion turned to the challenges facing the market in 2017.
Global Syndicated Loan Volume
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 408,616.30 | 1152 | 10.90% |
| 2 | Bank of America Merrill Lynch | 371,903.67 | 1183 | 9.92% |
| 3 | Citi | 228,819.66 | 662 | 6.10% |
| 4 | Wells Fargo Securities | 209,330.31 | 765 | 5.58% |
| 5 | MUFG | 158,192.59 | 964 | 4.22% |
Bookrunners of All Syndicated Loans EMEA
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 46,136.68 | 182 | 7.00% |
| 2 | JPMorgan | 44,545.29 | 93 | 6.76% |
| 3 | UniCredit | 35,639.50 | 153 | 5.41% |
| 4 | Credit Agricole CIB | 33,211.72 | 160 | 5.04% |
| 5 | SG Corporate & Investment Banking | 32,419.80 | 126 | 4.92% |
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Bank Profiles
Latest news by market and league table performance
Global Syndicated Loan Volume
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 408,616.30 | 1152 | 10.90% |
| 2 | Bank of America Merrill Lynch | 371,903.67 | 1183 | 9.92% |
| 3 | Citi | 228,819.66 | 662 | 6.10% |
| 4 | Wells Fargo Securities | 209,330.31 | 765 | 5.58% |
| 5 | MUFG | 158,192.59 | 964 | 4.22% |
Bookrunners of Middle East and Africa Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 6,061.47 | 20 | 7.60% |
| 2 | HSBC | 5,941.43 | 15 | 7.45% |
| 3 | JPMorgan | 5,279.69 | 14 | 6.62% |
| 4 | Sumitomo Mitsui Financial Group | 4,870.55 | 10 | 6.10% |
| 5 | Mizuho | 4,566.75 | 13 | 5.72% |
Bookrunners of European Leveraged Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 18,968.83 | 86 | 7.91% |
| 2 | JPMorgan | 15,967.87 | 54 | 6.66% |
| 3 | Deutsche Bank | 14,910.43 | 52 | 6.22% |
| 4 | Credit Agricole CIB | 13,287.71 | 61 | 5.54% |
| 5 | Goldman Sachs | 12,997.24 | 58 | 5.42% |
Bookrunners of European Marketed Syndicated Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 46,136.68 | 182 | 7.00% |
| 2 | JPMorgan | 44,545.29 | 93 | 6.76% |
| 3 | UniCredit | 35,639.50 | 153 | 5.41% |
| 4 | Credit Agricole CIB | 33,211.72 | 160 | 5.04% |
| 5 | SG Corporate & Investment Banking | 32,419.80 | 126 | 4.92% |
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% |
