Top stories
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MMC makes £4.3bn debt funded swoop on JLT
US firm Marsh & McLennan Companies will buy UK insurance company Jardine Lloyd Thompson (JLT) for around £4.3bn, with a Goldman Sachs bridge loan due to do most of the deal’s heavy financial lifting.
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LMA and ACT update Libor replacement guide
The Loan Market Association (LMA) and the Association of Corporate Treasurers (ACT) have released an update to their guide on the Libor reforms, as the industry bodies look to lead the market through the “enormous task” of transitioning away from the pricing benchmark.
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PIF hints at regular capital markets use
Saudi Arabia’s sovereign wealth fund has got markets buzzing after announcing that its $11bn loan signed earlier this month is the first step of its capital markets funding programme.
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HSBC picks DCM stalwart to co-head securities services
HSBC Securities Services has appointed two global co-heads — one of them a well-known figure in the debt capital markets.
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AfDB leads diverse push for SSA risk transfer
The African Development Bank’s $1bn synthetic securitization is not its first risk transfer transaction, and will not be its last. The bank has marked itself out as a leader in this sphere, though the effort to get such techniques to work is also highly collaborative.
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Breakthrough for supra ABS as AfDB debuts
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The African Development Bank has become the first supranational bank to use a securitization sold to private investors to free up balance sheet capacity. The deal, four years in the making, demonstrates a new technique that could expand development banks’ firepower to promote development.
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EC’s guarantee fund a useful ally for markets
The European Commission has unveiled a portfolio of financial guarantee transactions it is doing to support development in Africa and regions bordering the EU. Among them are two programmes conducted by the African Development Bank, including its new synthetic securitisation.
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‘Have you forgotten your brothers?’
Those at Lehman Brothers on Monday, September 15, 2008 will remember the moment the lines between the London and New York offices went dead.
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Intersnack banks on SSD flexibility with sterling tranche
German snack food company Intersnack has launched a €150m-equivalent Schuldschein with euro and sterling tranches — evidence, market players said, of the flexibility of the instrument.
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O-film Tech debuts with $100m amid US-China trade war
China’s O-film Tech is tapping offshore lenders for the first time for a $100m term loan, hitting the market amid escalating tensions between the US and China.
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Datacenter goes big locally with loan
Dutch firm Datacenter Group has signed a €52m syndicated facility as part of an acquisition that will see it become the also data centre provider in the Netherlands.
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Bosnia and Herzegovina gets infrastructure loan
The Bosnia and Herzegovina sovereign has signed a €180m loan to build sections of a motorway, seen as a key infrastructure project in bringing the country towards EU markets.
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Ukraine's ViOil triples tenor on bank loan
Ukraine’s ViOil has returned to the market for an $80m loan, with the cooking oil company managing to stretch the tenor of its bank debt from one to three years.
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Nexity doubles size of bank credit facility
France’s Nexity has signed a €2.3bn corporate credit facility, with the real estate developer refinancing early and ramping up the size of its bank line to finance its growth strategy.
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Europe's levfin markets strong but tough
Borrowers are unloading a still increasing number of new deals in the leveraged debt primary markets in September, hoping to find sufficient demand. But investor appetite, while supportive, is showing a selective taste this week.
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Turkish corps can handle refi needs, says Moody’s
Most rated Turkish corporates can handle their refinancing needs over the next 12-18 months, according to Moody’s. This is despite anecdotal evidence from bankers about deteriorating loan metrics in the country.
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Sterling lev loans brave Brexit uncertainty
Sterling leveraged loan volumes are on the rise, even as sterling high yield bond volumes have been heavily curtailed, said Marlborough Partners this week.
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RPC catches private equity’s eye
The UK’s RPC Group is in talks with two private equity firms for a potential sale, with the plastics packaging company’s pre-acquisition leverage well below covenant breaching levels.
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European levfin pipeline shoots above €20bn before mid-September
On Friday, AkzoNobel and Suse announced new deals in the already bustling European markets for high yield bonds and leveraged loans, bolstering expectations of record volume for September.
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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 | 333,577.03 | 960 | 10.78% |
| 2 | Bank of America Merrill Lynch | 305,375.25 | 978 | 9.87% |
| 3 | Citi | 184,742.14 | 543 | 5.97% |
| 4 | Wells Fargo Securities | 176,390.90 | 648 | 5.70% |
| 5 | MUFG | 127,673.57 | 738 | 4.13% |
Bookrunners of All Syndicated Loans EMEA
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 35,188.43 | 145 | 6.49% |
| 2 | JPMorgan | 32,762.25 | 63 | 6.04% |
| 3 | UniCredit | 29,291.42 | 133 | 5.40% |
| 4 | SG Corporate & Investment Banking | 28,951.69 | 110 | 5.34% |
| 5 | Credit Agricole CIB | 26,611.53 | 134 | 4.91% |
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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 | 333,577.03 | 960 | 10.78% |
| 2 | Bank of America Merrill Lynch | 305,375.25 | 978 | 9.87% |
| 3 | Citi | 184,742.14 | 543 | 5.97% |
| 4 | Wells Fargo Securities | 176,390.90 | 648 | 5.70% |
| 5 | MUFG | 127,673.57 | 738 | 4.13% |
Bookrunners of Middle East and Africa Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Standard Chartered Bank | 3,639.74 | 13 | 7.32% |
| 2 | Citi | 3,471.92 | 10 | 6.98% |
| 3 | JPMorgan | 3,173.44 | 8 | 6.38% |
| 4 | Mizuho | 2,968.52 | 9 | 5.97% |
| 5 | Sumitomo Mitsui Financial Group | 2,575.67 | 5 | 5.18% |
Bookrunners of European Leveraged Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 14,336.43 | 69 | 7.12% |
| 2 | Credit Agricole CIB | 12,134.36 | 54 | 6.03% |
| 3 | Deutsche Bank | 11,901.17 | 45 | 5.91% |
| 4 | Goldman Sachs | 11,327.05 | 46 | 5.63% |
| 5 | UniCredit | 10,733.06 | 63 | 5.33% |
Bookrunners of European Marketed Syndicated Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 35,188.43 | 145 | 6.49% |
| 2 | JPMorgan | 32,762.25 | 63 | 6.04% |
| 3 | UniCredit | 29,291.42 | 133 | 5.40% |
| 4 | SG Corporate & Investment Banking | 28,951.69 | 110 | 5.34% |
| 5 | Credit Agricole CIB | 26,611.53 | 134 | 4.91% |
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% |
