Top stories
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Sharpe! EM impact investment loans safe and stable, report says
One of the drawbacks of the strong growth in interest in responsible investing is that many investors only want to take conventional kinds of risk — such as buying large, liquid equities or investment grade bonds. But a report out this week suggests even small, obscure impact investments have a safe risk profile — perhaps even better than mainstream investments.
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Amundi targets €300m levloan fund
The speculative grade loan market is leading leveraged finance issuance in Europe again, as investors pour more cash into the asset class. This week, Amundi opened its new leveraged loans Europe 2018 fund for institutional investors.
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Shire rejects £42.4bn Takeda bid offer
Irish pharmaceutical company Shire has turned down a £42.4bn takeover offer from Takeda, putting pressure on the Japanese company’s ambitions for global expansion as it strives to maintain its dividend and investment grade rating.
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Lukoil dodges sanction noise to sign loan
Lukoil has raised a $600m 10 year export credit agency-backed loan via its Uzbekistan subsidiary, as bankers say the loan market remains open for some Russian borrowers.
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New banks pile into Stanbic Kenya’s loan
Seven new banks have joined Stanbic Kenya's loan, which will be signed on Thursday, leading to a heavy oversubscription, but the borrower declined to take any more money than the $100m it had set out to raise.
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Rockhopper drills close to Falklands funding
Emerging markets-focused oil company Rockhopper Exploration is on the cusp of appointing a commercial bank to lead an export credit agency-backed loan facility to develop a project off the Falkland Islands.
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SC Lowy spies gains from Credito di Romagna takeover
Boutique investment bank SC Lowy signalled the potential it sees in the Italian banking sector through its acquisition of Credito di Romagna this week. Michel Löwy, CEO of the firm, also views it as a way to expand the firm’s European leveraged finance operations.
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Heavy pipeline excites leveraged finance investors
Fund managers were looking into €6.5bn of live high yield bond and loan deals in the European leveraged finance markets on Wednesday. Those speaking to GlobalCapital were happy to see that spreads are slightly widening across ratings from last year’s historic lows.
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Loans for GTT’s Interoute buyout out in ‘restless’ levfin
Virginia-based GTT Communications launched a €1.7bn-equivalent package of leveraged loans this week, the first leg of funding for the acquisition of UK peer Interoute. The credits are well known, bankers said, but European investors have become more circumspect after overcoming a recent bout of volatility.
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San Miguel eyes $1.1bn loan for acquisition
Philippine conglomerate San Miguel Corp and its power unit SMC Global Power are jointly seeking a $1.1bn loan to finance a $1.9bn acquisition of a power plant in the country.
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Schuldschein investors flex muscles, demand change to VW Immo terms
Volkswagen’s real estate arm has been forced to change the terms of its Schuldschein, after investors failed to flock to the deal. A borrower issuing a second round of terms or price guidance is rare in the Schuldschein market, but this happened to Telefonica Deutschland in January.
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Euro PP wins another non-French issuer
UK ticket printing company Paragon Group returned to the euro private placement (PP) market on Monday, becoming the first non-French issuer to raise Euro PP notes this year.
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Two banks rev up loan to take eHi private
Two banks are supplying a $200m loan to back a consortium’s move to take New York-listed Chinese auto rental company eHi Car Services private.
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Qatar’s Commercial Bank bags $250m from Asia
The Commercial Bank of Qatar has signed a $250m borrowing with seven banks, in a deal syndicated in the Asian loan market.
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NTPC closes yen loan, attracts eight lenders
Indian power financier National Thermal Power Corp (NTPC) has closed its $350m-equivalent yen-denominated borrowing, attracting eight Japanese participants.
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Permira Debt Managers signs its seventh direct lending deal as market boom goes on
This week, Permira Credit Solutions III (PCS3) signed its seventh investment this year, a credit line for the acquisition of Maxicoffee by Daltys. The direct lending market seems on course to surpass last year’s record numbers, said market sources.
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Unpredictable April for high yield bond market, say players
Speculative grade borrowers stayed on the sidelines of the primary market this week. While bankers said the deal pipeline has a healthy list of issuers ready to go in April, investors warned that they might be pickier than in the first quarter.
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Yanks crowd out Brits in sterling PP deals
North American private placement (PP) lenders are being routinely chosen over UK investors by borrowers in sterling, as a consequence of increasing advantages won through cross currency swaps, US PP participants have said.
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Glencore syndication exuberance underscores loan market sickness
Commodity trader Glencore received a glorious response from the loan market to its latest refinancing, with the size of its annual revolver leaping by almost $4bn during syndication to close at $9.7bn. But senior bankers warned that this is a sign of lender desperation, not borrower strength, writes Michael Turner.
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GKN engineered own defeat in bitter Melrose battle
Industrial conglomerate Melrose has prevailed in its £8bn hostile bid for UK engineering firm GKN, after weeks of sabre-rattling rhetoric on both sides. Looking at GKN’s shaky defence, it is hard to see how there could have been any other outcome.
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 | JPMorgan | 127,376.76 | 354 | 11.00% |
| 2 | Bank of America Merrill Lynch | 123,119.59 | 379 | 10.64% |
| 3 | Citi | 65,208.28 | 197 | 5.63% |
| 4 | Mitsubishi UFJ Financial Group | 60,891.48 | 420 | 5.26% |
| 5 | Wells Fargo Securities | 54,142.80 | 245 | 4.68% |
Bookrunners of All Syndicated Loans EMEA
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 24,749.48 | 24 | 10.68% |
| 2 | Citi | 15,693.04 | 32 | 6.77% |
| 3 | SG Corporate & Investment Banking | 14,413.17 | 40 | 6.22% |
| 4 | Deutsche Bank | 13,118.70 | 35 | 5.66% |
| 5 | Bank of America Merrill Lynch | 12,117.87 | 27 | 5.23% |
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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 | 127,376.76 | 354 | 11.00% |
| 2 | Bank of America Merrill Lynch | 123,119.59 | 379 | 10.64% |
| 3 | Citi | 65,208.28 | 197 | 5.63% |
| 4 | Mitsubishi UFJ Financial Group | 60,891.48 | 420 | 5.26% |
| 5 | Wells Fargo Securities | 54,142.80 | 245 | 4.68% |
Bookrunners of Middle East and Africa Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 2,550.00 | 4 | 10.16% |
| 2 | JPMorgan | 2,426.50 | 4 | 9.67% |
| 3 | Standard Chartered Bank | 2,273.16 | 5 | 9.06% |
| 4 | Mizuho | 2,238.89 | 4 | 8.92% |
| 5 | HSBC | 2,100.00 | 4 | 8.37% |
Bookrunners of European Leveraged Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Credit Agricole CIB | 5,236.90 | 23 | 6.24% |
| 2 | Goldman Sachs | 5,129.09 | 18 | 6.11% |
| 3 | UniCredit | 5,090.85 | 26 | 6.06% |
| 4 | Barclays | 5,053.31 | 13 | 6.02% |
| 5 | BNP Paribas | 4,910.75 | 20 | 5.85% |
Bookrunners of European Marketed Syndicated Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 24,749.48 | 24 | 10.68% |
| 2 | Citi | 15,693.04 | 32 | 6.77% |
| 3 | SG Corporate & Investment Banking | 14,413.17 | 40 | 6.22% |
| 4 | Deutsche Bank | 13,118.70 | 35 | 5.66% |
| 5 | Bank of America Merrill Lynch | 12,117.87 | 27 | 5.23% |
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% |
