Top stories

  • Barry Callebaut plumps for safer Schuldschein, reaps big harvest

    Barry Callebaut has taken €600m across three tranches in one of the biggest international Schuldschein transactions in the last 12 months. The Belgian-French chocolate company now based in Switzerland had roadshowed for a public benchmark sustainable bond in November, but opted instead for its first Schuldschein deal, as the risks of execution in the public market were too great.

    • 13 Feb 2019
  • First test for levloans as Amer and Ahlsell target euros

    Banks met on Tuesday for the first sizeable new money European leveraged loan of 2019: a €1.7bn acquisition loan funding the purchase of Finnish sports equipment company Amer Sports. CVC’s take-private of Swedish installation products maker Ahlsell then hit the market on Wednesday.

    • 13 Feb 2019
  • Chinese banks will go where the West fears to tread

    Chinese state banks take a lot of criticism for the amount of lending they do in Africa. But what the detractors fail to acknowledge is the lack of competition from Western banks, especially from US houses. As borrowing needs across Africa grow, the question must be asked: if the Chinese banks don't lend to Africa, which ones in the West will?

    • 12 Feb 2019
  • Germany holds the power to send ESG loans soaring

    German borrowers are finally warming to the idea of taking out loans linked to environmental, sustainable and governance (ESG) targets, and a confluence of complementary factors could serve to strap a rocket to deal volumes.

    • 12 Feb 2019
  • Ramirent eyes growth with loan refi

    Finland’s Ramirent has signed a €185m syndicated loan, early refinancing and increasing the amount of an existing loan as the construction equipment rental company looks to grow after a year of asset sales.

    • 13 Feb 2019
  • Sixt enters Schuldschein for second time in six months

    German car leasing company Sixt has launched a Schuldschein with an initial size of €200m, according to two Schuldschein market participants.

    • 13 Feb 2019
  • Debenhams strikes rescue refi deal

    UK department store chain Debenhams has agreed a refinancing with its existing lenders, giving it an extra 12 months and an extra £40m of headroom, along with certain covenant waivers — but the race is on for a full recapitalisation by the end of the second quarter.

    • 12 Feb 2019
  • Green knowledge is not an efficient market

    Biofuels have swollen thanks to policies to combat climate change — even though often, they do not help the problem and can make it worse. This is a shocking record, born of ignorance, both accidental and wilful.

    • 12 Feb 2019
  • Highgate joins ranks of private schools to enter US PP market

    Highgate School is marketing a US private placement (US PP), according to two US PP players. The market has become a home for private and public schools looking for long term financing.

    • 12 Feb 2019
  • Railpool raises debt amid German awakening to green loans

    Germany’s Railpool has signed green financing totalling more than €800m, as loans bankers say sustainability-linked facilities are becoming more popular with German borrowers after largely being ignored until now.

    • 11 Feb 2019
  • Glatfelter switches dollar for euro debt

    The US’s Glatfelter has signed $648m-equivalent in revolving and term loans, with the specialty paper company planning to use the euro portion to buy back bonds.

    • 12 Feb 2019
  • Loan market gears up after slow start to year

    An influx of RFPs and mandates is keeping loan bankers busy as they try to overcome the global downturn of activity in 2018.

    • 11 Feb 2019
  • Cork popped on Searcy’s acquisition loan

    Banks have started marketing the sterling loan to fund the acquisition of a stake in Westbury Street Holdings, the parent company of Searcy’s champagne bars and Benugo coffee bars, with a £363m seven year term loan and a £91m eight year second lien on offer.

    • 11 Feb 2019
  • Cadent Gas opts for US PPs

    Cadent Gas has entered the US private placement (US PP) market via Bank of America Merrill Lynch and Lloyds, according to market participants.

    • 11 Feb 2019
  • ICG enters US PP market

    Intermediate Capital Group (ICG) has launched a $150m US private placement, according to two US PP participants.

    • 11 Feb 2019
  • Akbank launches refi as market splits over Turkey outlook

    Akbank is kicking off the first set of refinancings of the year for Turkish banks, launching its syndication with a smaller volume and tighter margins than last year’s deal. But lenders are divided on whether the deal represents an achievement for the Turkish bank, or betrays an outlook festooned with risk. Mariam Meskin reports.

    • 08 Feb 2019
  • Banks and investors ignoring biofuel risks to climate

    The harmful climatic effects of biofuels, which policymakers have long promoted as a solution to climate change, are increasingly being pointed out, although the financial industry remains largely unaware of them. A report by ShareAction has highlighted the risks investors and banks are running by financing the burning of wood as a fuel.

    • 08 Feb 2019
  • Stella hits home stretch

    A loan for Stella, a French shutter and grill manufacturer, is set to be allocated on Friday, with the deal oversubscribed at original guidance on Thursday afternoon, wrapping up another project shelved in the face of last year’s deteriorating market.

    • 07 Feb 2019
  • US PP players weigh up sectoral difficulties after Interserve stumbles

    US private placement (US PP) investors are considering whether the UK's support services industry is worth the risk after Interserve was forced into a debt for equity swap, with the dust still to settle on Carilion’s liquidation. Silas Brown reports.

    • 07 Feb 2019
  • JP Morgan looks to burnish jewel in the crown

    JP Morgan has overhauled its European management team as it places its oldest franchise at the heart of a push to boost its UK M&A business.

    • 07 Feb 2019
  • First Derivatives signs £130m loan at tighter margin

    First Derivatives, a UK technology company, has signed £130m of bank facilities, earmarking some of the funds to refinance an acquisition agreed last summer.

    • 06 Feb 2019
  • Here Tech signs loan as Feb starts more brightly than Jan

    Here Technologies, the Dutch provider of mapping and location services, has signed a €500m credit facility. Some European loans bankers insist they are swamped with deals, even though they have just finished the quietest January for years.

    • 06 Feb 2019
  • Green loans: a tricky rise to the top?

    As climate change climbs the agenda, banks are finding themselves under increasing pressure to bolster their commitments to social responsibility. That is helping green loans take off in the Middle East and Africa — slowly. Some bankers are confident that banks will see the importance of sustainable financing, but others are unconvinced, pointing to a range of obstacles.

    • 05 Feb 2019
  • Roll-up fears unfounded as IVC hits tight end

    Concerns about a rapid debt-fuelled acquisition spree by UK and European veterinary group IVC left some investors reluctant to subscribe for its loans, particularly after a profit warning from another group in the sector. But fears proved unfounded as the deal was allocated at the tight end of guidance by Thursday.

    • 05 Feb 2019
  • Former head of Lloyds loan markets moves on

    Lloyds Bank's former head of loan markets, who subsequently became its global head of industrials and manufacturing, has left the bank.

    • 05 Feb 2019

  • Leveraged loan worries dominate US bank earnings

    End of year earnings calls at the US banks all featured anxieties about the exposure of the firms to a leveraged finance market that was looking increasingly stretched through year end, with some bridges said to be hung and discounts offered on risk positions.

    • 17 Jan 2019
  • UK M&A to run into national security wall

    UK companies hoping to be involved in mergers and acquisitions (M&As) are heading towards a sea of red tape, with the government due to review around 100 times more transactions a year than before on national security grounds. That could prompt a spree of deals before the proposed measures become law, writes Mike Turner.

    • 17 Jan 2019
  • Schuldscheine harder to read, distribution skills more crucial

    Some Schuldschein arrangers are expecting that a syndicate’s distribution skills may become more important this year, as conditions across capital markets become difficult.

    • 17 Jan 2019
  • UK agents head to Florida PP conference with Brexit in mind

    US private placement (US PP) participants the world over will descend on Florida next week for four days of intensive meetings at a major market conference. For UK-based PP agents attending, soothing concerns over and gleaning investors’ views on Brexit is the top priority.

    • 17 Jan 2019
  • When a bad deal leads to no deal, no one wins

    Maintaining confidence in the system relies on trust that leaders — those selected for their competence and character to set the course for the rest of us — are well informed, able to communicate with others at their level and take decisions that serve the interests of those they lead.

    • 17 Jan 2019
  • RDI finds home for sterling loan

    London-listed RDI REIT has refinanced a sterling club loan, pushing out its average maturities amid a flurry of refi activity in the European loan market.

    • 17 Jan 2019
  • EM loans suffer dry January

    While hopes are high for emerging market syndicated loan activity in EMEA in 2019, the year has started slowly, leaving many banks with half-empty pipelines.

    • 17 Jan 2019
  • BNPP hires in the Nordics

    BNP Paribas has hired numerous bankers to bolster its corporate and institutional banking presence in the Nordic countries, including senior bankers in equity and derivatives roles.

    • 16 Jan 2019
  • Mauritius Commercial Bank offers lenders brief refi respite

    Mauritius Commercial Bank is looking for a syndicated loan, in a rare deal to pass across London desks so far this month that is not a refinancing exercise.

    • 16 Jan 2019
  • Network Homes opts for sterling PPs with Canadian and US investors

    Network Homes, a London housing association, has sold £175m of private placement notes to a group of six Canadian and US investors, as the asset class grows more familiar to overseas buyers.

    • 16 Jan 2019
  • Bank lenders see potential in CEE region

    At the Central and Eastern European Forum hosted by Euromoney in Vienna, central bank governors, chief executives and other market leaders gathered to discuss challenges and strengths for the region's markets. Despite monetary difficulties and geopolitical tensions within the region, bankers were optimistic, particularly for the syndicated loan market.

    • 16 Jan 2019
  • End Brexit paralysis, plead levfin investors

    This week’s parliamentary vote in the UK on a withdrawal agreement for its exit from the European Union has emptied the deal pipeline in the euro leveraged finance markets in early January. But after the plan was rejected on Tuesday, any clarity about the near future looks unlikely, and some debt buyers say borrowers have little reason to wait for longer.

    • 16 Jan 2019
  • Optimism abounds among CEE borrowers

    With many of Europe’s emerging market bankers and investors this week in Vienna for Euromoney’s annual Central and Eastern Europe Conference, much focus has been on planning for the year ahead in this region. The mood at that conference is one of quiet optimism for the year ahead.

    • 16 Jan 2019

The GlobalCapital View logo   Comment

  • Turkish debt – get it while you can

    Backed by a resilient and toughened banking system, Turkish debt could be one of the most rewarding investments in loan and bond format alike. As the country recovers from the currency crisis of August 2018, it is high time for those still standing on the platform to board the Turkish train.

    • 22 Jan 2019
  • Rusal sanctions are still working, even as they go

    US sanctions on EN+ and Rusal look set to be lifted soon, but they have not been the failure that some emerging market investors claim.

    • 22 Jan 2019
  • Who’s afraid of the big bad loans?

    Mere mention of the words non-performing and loans together has the power to make markets quake, regardless of whether the details are good, bad or neutral.

    • 17 Jan 2019
  • When a bad deal leads to no deal, no one wins

    Maintaining confidence in the system relies on trust that leaders — those selected for their competence and character to set the course for the rest of us — are well informed, able to communicate with others at their level and take decisions that serve the interests of those they lead.

    • 17 Jan 2019

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   Loan Ranger

  • 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.

    • 27 Sep 2018

more Loan Ranger


Global Syndicated Loan Volume

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 32,121.03 52 15.89%
2 Bank of America Merrill Lynch 24,180.32 67 11.96%
3 Mizuho 9,935.55 34 4.92%
4 MUFG 9,018.01 64 4.46%
5 Wells Fargo Securities 8,066.57 36 3.99%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 6,045.16 4 18.58%
2 BNP Paribas 1,742.18 7 5.36%
3 Credit Agricole CIB 1,539.94 8 4.73%
4 MUFG 1,257.24 4 3.87%
5 SG Corporate & Investment Banking 1,165.08 6 3.58%

Global Syndicated Loan Volume

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 32,121.03 52 15.89%
2 Bank of America Merrill Lynch 24,180.32 67 11.96%
3 Mizuho 9,935.55 34 4.92%
4 MUFG 9,018.01 64 4.46%
5 Wells Fargo Securities 8,066.57 36 3.99%

Bookrunners of Middle East and Africa Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 MUFG 766.21 2 8.47%
1 First Abu Dhabi Bank 766.21 2 8.47%
1 BNP Paribas 766.21 2 8.47%
1 Abu Dhabi Commercial Bank PJSC 766.21 2 8.47%
5 Standard Chartered Bank 409.06 1 4.52%

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Credit Agricole CIB 484.94 3 17.32%
1 BNP Paribas 484.94 3 17.32%
3 SG Corporate & Investment Banking 194.57 2 6.95%
3 HSBC 194.57 2 6.95%
5 Natixis 174.13 2 6.22%

Bookrunners of European Marketed Syndicated Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 6,045.16 4 18.58%
2 BNP Paribas 1,742.18 7 5.36%
3 Credit Agricole CIB 1,539.94 8 4.73%
4 MUFG 1,257.24 4 3.87%
5 SG Corporate & Investment Banking 1,165.08 6 3.58%

Syndicated Loan Revenue - EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Apr 2016
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%