Top stories

  • Cocobod plants ESG loans in EM, but not all taste the sweetness

    Ghana Cocoa Board has signed its first sustainability-linked loan facility, kick-starting this year’s environmental, social and governance financing in emerging markets. The deal emerges as a trio of global trade bodies have launched a set of standards to codify this fast-growing market segment, which some financiers are still trying to come to terms with. Mariam Meskin and Mike Turner report.

    • 20 Mar 2019
  • Reliance Industries serves Schuldschein lenders their first taste of India

    The oldest private loan market in Germany has bagged the largest private company in India. Reliance Industries, the conglomerate headquartered in Mumbai and founded by Dhirubhai Ambani, has launched a Schuldschein — the first from the country, and what many market participants hope is a sign of things to come.

    • 20 Mar 2019
  • Leveraged loan pipe heats up as 2019 projects take flight

    Banks are bringing forward leveraged loans to fund projects from earlier this year, launching them into a strong market buoyed by another round of liquidity support from central banks. New buyout debt for IFCO and a full refinancing for Perstorp join a host of other deals in the market.

    • 21 Mar 2019
  • SSP returns to US PP mart with scant Brexit premium

    SSP, the UK food and drinks retail operator, has sold US private placements (US PP) via Barclays and Bank of America. Pricing was similar to its PP debut last year, market participants said, which is a sign that, for the right UK credit, the market remains stable amid the Brexit storm.

    • 21 Mar 2019
  • Avolon’s unsecured loan debut soars to $500m

    Demand for Ireland-based aircraft leasing company Avolon's unsecured loan took off, allowing it to sign the deal at $500m this week, as the company attempts to gain an investment grade rating.

    • 21 Mar 2019
  • Sustainability-linked loans get their own standards

    A trio of global loan trade bodies has launched the Sustainability-Linked Loan Principles, intended to codify the rapidly growing market of bank facilities with margins tied to how the borrower performs under sustainability metrics.

    • 20 Mar 2019
  • Continental aims at traditional lenders with Schuldschein launch

    Continental launched a Schuldschein on Wednesday and, judging by the arranging banks, market participants believe the German tyres and car parts group has its eye on German co-operative and savings bank investors.

    • 20 Mar 2019
  • Bonfire of the adjectives as credit burns hot

    Bankers and investors are running out of superlatives to describe investor demand in Europe’s corporate bond market, as each deal seems to push further than the last into extreme territory.

    • 20 Mar 2019
  • Loans banker joins Rand from UK regulator

    Rand Merchant Bank London has made a new addition to its Africa loan syndication team.

    • 18 Mar 2019
  • Levfin pipeline heats up in the wake of Power Solutions

    Following the success of the jumbo acquisition financing for Brookfield and CPDQ’s purchase of Johnson Controls’ Power Solutions unit, European leveraged loan buyers now have a wide variety of credits to assess, with deals from Ceva Santé, Delachaux, Konecta and Hotelbeds in the market this week.

    • 18 Mar 2019
  • CNH Industrial offers bright spark in dim market

    UK capital goods firm CNH Industrial has signed a €4bn revolving credit facility in a rare bout of activity in the high grade loan market, with bankers saying the lethargy is going to continue for the foreseeable future.

    • 19 Mar 2019
  • IFCO launches buyout debt

    Bank of America and Goldman Sachs have launched the loan backing Triton Partners and Luxinva's buyout of IFCO Systems, the Germany-based reusable plastics business of Australia’s Brambles.

    • 19 Mar 2019
  • Uralkali to raise $1bn refi but Russian mart riddled by obstacles

    Uralkali, a Russian potash fertiliser producer, has sent out a request for proposals to lenders in a bid to raise $1bn. But bankers say that the Russian market is beset with difficulties that are delaying the few transactions in the pipeline.

    • 19 Mar 2019
  • FIS plans to raise $11bn for Worldpay purchase

    US company FIS is buying the formerly RBS-owned Worldpay in a debt-funded $43bn transaction, a deal that will form one of the biggest financial services technology and payment companies in the world.

    • 18 Mar 2019
  • Nedbank to tap market for $400m

    Nedbank is planning to tap the market for a new loan, the first of an expected parade of South African bank borrowers. While bankers still worry about aspects of lending into the country, including a potential ratings downgrade and political uncertainty, appetite remains strong.

    • 18 Mar 2019
  • Sonnedix feels warm rays from loans

    Solar energy generator Sonnedix has signed a €250m bank facility, as it looks to snap up new projects in OECD countries.

    • 18 Mar 2019
  • Lufthansa launches Schuldschein exclusively via VC Trade

    Lufthansa, the German airline, entered the Schuldschein market on Tuesday, only accepting orders from lenders bidding via online marketplace VC Trade. Participants are watching closely, to see whether investors will be persuaded to move into a digital world.

    • 14 Mar 2019
  • Buyers rush into Johnson as levfin floodgates open

    The leveraged finance market is feasting on the $10.2bn financing for the buyout of Johnson Controls’ batteries business by Caisse de dépôt et placement du Québec. Levfin players believe its success is in part due to a lack of jumbo supply in the US prior to the trade.

    • 14 Mar 2019
  • Slim EMEA pipeline forces EM lenders into tricky position

    A slowdown in loans activity in Europe and the Middle East has thrown the market’s usual supply-and-demand dynamics out of balance. Now although international lenders are eager to lend, they are having to make concessions to borrowers.

    • 13 Mar 2019
  • Ashley offers Debenhams loan for CEO spot

    UK department store Debenhams is considering a £150m loan offer from its potential acquirer Sports Direct, in a deal that could bypass lending banks and see leadership of the company fall to Mike Ashley.

    • 14 Mar 2019

  • Commercial banks tighten grip on international Schuldscheine

    Commercial banks have been flexing their muscles in the Schuldschein market, with three international deals being marketed without a Landesbank in sight.

    • 14 Mar 2019
  • High grade lenders spy hint of Brexit reprieve

    The lacklustre EMEA high grade loan market was witness to a piercing ray of hope from Donald Tusk, president of the European Council and prime minister of Poland on Thursday, when he called for a “long extension” to the UK’s Brexit deadline.

    • 14 Mar 2019
  • Ivory Coast to tap market for €300m

    The Ivory Coast is set to tap the loan market to raise long-term financing. Market spectators were confident about the sovereign's chances. Its currency peg against the euro has proved attractive to both investors and lenders in recent years.

    • 14 Mar 2019
  • Orano bumps up banking group, adds another lender

    French nuclear firm Orano has increased the size of its syndicated loan and added another lender to its banking group, as some loans officials said that only names further down the credit curve are growing the number of lenders they use.

    • 13 Mar 2019
  • Battle over Taxonomy in Euro Parliament as conservatives fight back

    Conservative and liberal members of the European Parliament have voted down an ambitious draft of the bill to set up the EU’s Taxonomy of Sustainable Economic Activities, in favour of a weaker text with fewer safeguards for the environment and society.

    • 12 Mar 2019
  • Smith & Nephew leans on debt for Osiris buy

    UK medical equipment manufacturer Smith & Nephew has agreed to buy US firm Osiris Therapeutics using cash and debt, as consolidation in the healthcare sector continues to provide one of the few bright spots for M&A activity this year.

    • 12 Mar 2019
  • Lufthansa launches Schuldschein exclusively via VC Trade

    Lufthansa, the German airline, entered the Schuldschein market on Tuesday, only accepting orders from lenders bidding via tech platform, VC Trade.

    • 12 Mar 2019
  • Three follow Akbank into Turkish refi season

    Garanti Bank, Turk Eximbank and Ziraat Bank have begun refinancing one year loans, according to two loans bankers. Pricing is said to be in line with Akbank, which launched a refinancing in early February.

    • 12 Mar 2019

The GlobalCapital View logo   Comment

  • The perverse logic of Deutsche-Commerzbank

    The potential merger of Deutsche Bank and Commerzbank has been repeatedly panned since it was first floated, with good reason. But at the level of the whole German banking system, there is a certain logic to it.

    • 19 Mar 2019
  • Prepare for the worst: No Deal is most likely outcome

    Capital market specialists are good at living with radical uncertainty. Just as banks and investors carried on calmly trading US Treasuries through successive debt ceiling crises, they are now displaying similar sangfroid about Brexit.

    • 21 Mar 2019
  • Bank debt: finding resolve in the face of a resolution

    The courts are starting to show that they have a key role to play in determining how EU bank resolutions play out.

    • 21 Mar 2019
  • Russia returns, investors should rejoice

    Fear of US sanctions kept Russian borrowers out of the market for much of 2018. Now they’re coming back, and investors would be well advised to get involved.

    • 19 Mar 2019

more comment

   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 86,516.58 171 15.12%
2 Bank of America Merrill Lynch 58,053.08 186 10.14%
3 Citi 37,921.02 109 6.63%
4 Mizuho 31,174.64 123 5.45%
5 MUFG 26,631.44 168 4.65%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 8,946.93 17 9.40%
2 Deutsche Bank 6,056.30 15 6.36%
3 Commerzbank Group 5,474.20 22 5.75%
4 BNP Paribas 5,160.94 25 5.42%
5 UniCredit 4,424.51 19 4.65%

Global Syndicated Loan Volume

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 86,516.58 171 15.12%
2 Bank of America Merrill Lynch 58,053.08 186 10.14%
3 Citi 37,921.02 109 6.63%
4 Mizuho 31,174.64 123 5.45%
5 MUFG 26,631.44 168 4.65%

Bookrunners of Middle East and Africa Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 First Abu Dhabi Bank 2,111.69 5 15.23%
2 Citi 1,159.06 2 8.36%
3 Standard Chartered Bank 892.96 4 6.44%
4 MUFG 826.21 3 5.96%
5 BNP Paribas 766.21 2 5.53%

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 1,517.16 8 7.69%
2 Goldman Sachs 1,495.21 6 7.58%
3 Credit Agricole CIB 1,179.51 9 5.98%
4 BNP Paribas 1,084.57 11 5.50%
5 Bank of America Merrill Lynch 1,011.25 5 5.13%

Bookrunners of European Marketed Syndicated Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 8,946.93 17 9.40%
2 Deutsche Bank 6,056.30 15 6.36%
3 Commerzbank Group 5,474.20 22 5.75%
4 BNP Paribas 5,160.94 25 5.42%
5 UniCredit 4,424.51 19 4.65%

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%