Top stories
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Banque Misr latest Egyptian bank to seek loan
Egypt’s Banque Misr is looking to raise dollar funding from the loan market, according to lenders, continuing the trend of financial institutions in the country raising international bank debt.
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Hermes adds to Europe’s bulging direct lending market
Hermes has launched a European direct lending fund, as the investment manager looks to carve out part of a market that has recently reached record highs by volume.
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Bigger returns come with lite covenants in euro lev loan market
Speculative grade investors are being tempted by higher total returns in the leveraged loan market, but lack of supply and growing demand is favoring a loosening of default protection covenants.
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Goodbaby ventures out for $250m debut
China’s Goodbaby International Holdings, a developer of parenting products, is debuting in the offshore loan market with a $250m borrowing.
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Canvest attracts five banks to $150m borrowing
Canvest Environmental Protection Group Company’s Hong Kong dollar denominated $150m-equivalent loan has attracted five participants.
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Four loans bankers exit Credit Suisse
Four bankers in Credit Suisse’s Asia Pacific loan syndications and financing group left the firm this month, according to sources close to the situation.
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Schuldschein's down year is no cause for dismay
The Schuldschein market, darling of European banks for the last few years, is likely to have a quieter year in 2018 — its first without breaking an issuance record for some time. But there is no need to worry: the product is strong and has much to offer.
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Vodafone boss hands over reins to "safe pair of hands" as Moody's warns
Analysts have reacted with surprise but not frustration after Vodafone’s chief executive officer Vittorio Colao announced he was stepping down on Tuesday. New boss Nick Read looks likely to have a tricky task ahead of him to retain the company’s credit rating amid its €18.4bn debt-financed acquisition.
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EBRD reaffirms possibility of African expansion at annual meeting
The European Bank for Reconstruction and Development is in the midst of its first annual meeting in the Middle East, and its president has again floated the idea of another big expansion of the bank’s remit to include sub-Saharan Africa.
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Returns on riskiest US lev loans outpace wider market
The riskiest end of the US leveraged loan market has outperformed the wider loan market in the year to date, although investors are starting to push back on pricing in some instances.
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HoF angers Sports Direct for finding new owner over CVA
House of Fraser, the department store chain, has joined the trail of UK high yield retailers that have turned to company voluntary arrangements (CVAs) to deal with financial difficulties. But this time, the borrower has also found a new owner, a development its 11% shareholder Sports Direct is threatening to block in court.
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Vakif Katilim debut loan shines in syndication
Turkey’s Vakıf Katılım Bankası has signed its debut syndicated loan, increasing the Sharia-compliant murabaha facility after lenders piled into it.
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The change in EM loan structures is unstoppable
Before a dam bursts, there are telltale signs. A few drops of water might eke their way through, some ominous creaking could sound, or the once-sturdy walls might look like they’re starting to buckle. Similar indicators are showing in parts of the emerging markets loan market, with more borrowers asking for terms that until now were only seen on investment grade, developed market deals.
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Frutarom bought in Israel’s second biggest M&A ever
US firm International Flavors & Fragrances (IFF) has agreed to buy rival Frutarom in a debt-backed $7.1bn transaction, in what will be the second largest ever acquisition of an Israeli company.
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Indomobil Finance returns with $100m loan
Indomobil Finance Indonesia has returned to the offshore loan market for a new $100m borrowing, according to a banker invited to participate in the deal.
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Kangde Xin kicks off $200m loan debut
Kangde Xin Composite Material Group has made its debut in the offshore loan market, launching a $200m three year deal into syndication.
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ZTE sends waiver request for $450m loan
Chinese telecommunications firm ZTE Corp, which has failed to comply with a covenant on a $450m syndicated loan due in July, has requested lenders to waive the breach, according to bankers close to the situation.
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Avic International back for $200m borrowing
Chinese company Avic International Leasing has returned to the offshore loan market for a $200m borrowing, according to a banker who has received the invitation.
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Greentown cuts price on $630m refi
Property firm Greentown China Holdings has returned to the offshore debt market for a $630m term loan to refinance a similar deal sealed in 2016.
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Comment
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Halting trades can make sanctions work better
Euroclear’s refusal to continue settling Rusal trades when US sanctions were slapped on the company on April 6 may have saved many US bond investors from crystallising crippling losses. If the US plans further rounds of similar punishments, it should turn that happy accident into a permanent feature of the sanctions process.
Loan Ranger
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Loan Ranger: Christmas spirits
The holiday season kicked off at the Loan Syndicate Managers’ Forum’s carol concert in London last week and, as usual, Canon David Parrott delighted the crowd with another lively sermon — though one banker risked life and limb by questioning the quality of the drinks served at the Commerzbank reception...
Global Syndicated Loan Volume
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Bank of America Merrill Lynch | 167,717.28 | 489 | 11.11% |
| 2 | JPMorgan | 160,125.74 | 464 | 10.60% |
| 3 | Wells Fargo Securities | 83,531.55 | 314 | 5.53% |
| 4 | Citi | 78,570.80 | 255 | 5.20% |
| 5 | Mitsubishi UFJ Financial Group | 70,818.28 | 474 | 4.69% |
Bookrunners of All Syndicated Loans EMEA
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 26,573.45 | 32 | 9.73% |
| 2 | Citi | 16,837.08 | 38 | 6.17% |
| 3 | SG Corporate & Investment Banking | 15,661.30 | 47 | 5.73% |
| 4 | Deutsche Bank | 14,193.64 | 44 | 5.20% |
| 5 | Bank of America Merrill Lynch | 13,028.84 | 31 | 4.77% |
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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 | Bank of America Merrill Lynch | 167,717.28 | 489 | 11.11% |
| 2 | JPMorgan | 160,125.74 | 464 | 10.60% |
| 3 | Wells Fargo Securities | 83,531.55 | 314 | 5.53% |
| 4 | Citi | 78,570.80 | 255 | 5.20% |
| 5 | Mitsubishi UFJ Financial Group | 70,818.28 | 474 | 4.69% |
Bookrunners of Middle East and Africa Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 2,942.31 | 6 | 10.08% |
| 2 | JPMorgan | 2,618.81 | 5 | 8.97% |
| 3 | Standard Chartered Bank | 2,514.82 | 6 | 8.62% |
| 4 | HSBC | 2,341.67 | 5 | 8.02% |
| 5 | Mizuho | 2,238.89 | 4 | 7.67% |
Bookrunners of European Leveraged Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Goldman Sachs | 6,104.35 | 21 | 6.39% |
| 2 | Credit Agricole CIB | 6,017.39 | 25 | 6.30% |
| 3 | BNP Paribas | 5,679.50 | 22 | 5.95% |
| 4 | UniCredit | 5,441.24 | 29 | 5.70% |
| 5 | Barclays | 5,256.27 | 14 | 5.51% |
Bookrunners of European Marketed Syndicated Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 26,573.45 | 32 | 9.73% |
| 2 | Citi | 16,837.08 | 38 | 6.17% |
| 3 | SG Corporate & Investment Banking | 15,661.30 | 47 | 5.73% |
| 4 | Deutsche Bank | 14,193.64 | 44 | 5.20% |
| 5 | Bank of America Merrill Lynch | 13,028.84 | 31 | 4.77% |
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% |
