After a poll of market participants at the end of 2020, GlobalCapital can now reveal the winners of its annual Syndicated Loan and Leveraged Finance Awards.
Dyal Capital, the US private equity firm that specialises in buying minority equity stakes in private equity and hedge fund managers, has employed a financing method — private placements securitized on fund cashflows — rarely seen before in its industry, writes Silas Brown.
Banks arranging private placements in Europe have started weighing up bringing companies from the financial sector to market, amid a deal drought from the corporate borrowers which are the usual staple fare.
Banks and investors’ claims to be acting on climate change appear to clash with the financing they still provide in the real economy, research showed this week — such as plans to increase fossil fuel production and consumption, even in the UK and France.
NREP, the largest real estate investment manager in the Nordics, has signed a €300m subscription credit line, as Europe’s property companies extend their debt binge since the start of the year.
China Merchants Group’s leasing subsidiary has returned to the loan market for a $479.75m borrowing.
GLP, a Singapore-headquartered logistics facilities operator, has raised a $658m sustainability-linked loan.
Online travel agency Hostelworld has signed a five year €30m secured loan facility with HPS Investment Partners, the asset manager headquartered in New York.
Taiwanese semiconductor company WT Microelectronics is planning to return to the loan market after almost eight years.
Indonesian motor vehicle financing company Indomobil Finance Indonesia is sounding out the market for a loan return. It has opted for a club deal this time around.
Rusal, the leading Russian aluminium company, has arranged a syndicated loan from a consortium of local lenders. Funds will support the development of a smelting project in Siberia, which the company claims is “environmentally friendly”. In recent times, Rusal and its affiliates have come under both positive and negative scrutiny as regards sustainability.
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Jane Fraser, CEO of Citigroup, said on Monday — her first day in the post — that the bank was committing itself to net zero financed greenhouse gas emissions by 2050. It joins major banks such as Barclays, HSBC and Morgan Stanley in having made such a promise.
The synthetic risk transfer market helped some of Europe’s biggest banks dodge loan losses last year, with Barclays saving more than £300m and Deutsche at least €150m. But the backdrop last year led to investors taking a tougher line on writing new credit protection, steering clear of pools with limited disclosure and hoping to dodge the most damaged sectors.
EG Group lent on private markets to raise cash for its purchase of UK supermarket Asda’s forecourts business, as well as a chain of German petrol stations bought from OMV. The group is raising first and second lien loans, and privately placed a £675m bond in Reg S-only format on Friday.
McColl’s, the UK retailer, has amended and extended £167.5m of bank debt in part to relax covenant requirements, as banks are still being called upon to be lenient with borrowers a year after the coronavirus pandemic started.
Intermediate Capital Group Enterprise Trust (ICGT), a UK private equity investor, has signed a €200m loan facility, a month after the company’s parent refinanced its sterling facility.
Singapore real estate company United Industrial Corp has raised a $300m loan comprising both green and sustainability-linked tranches, adding further momentum to the nascent asset class in Asia.
Glenveagh Properties, the Irish house builder, has signed a €250m bank line to refinance debt due in April, adding to its lending group in the process.
Soltec, a Spanish solar tracker company, has refinanced its main syndicated bank loan, almost doubling the size of its bank facilities four months after the company publicly listed.
HIG Capital has hired a managing director from Houlihan Lokey for its European direct lending platform.
Ghana has secured two loan agreements, which are backed by the export credit agency of Italy, Sace. There is more room for the ECA-backed market to grow in the region, sources close to the deal said.
After a poll of market participants at the end of 2020, GlobalCapital can now reveal the winners of its annual Syndicated Loan and Leveraged Finance Awards. GlobalCapital can also reveal the winners of the Private Debt Awards. Regrettably, we still cannot celebrate the awards with you in person, but we congratulate all the winners and nominees in this exceptionally challenging year.
Taiwanese printed circuit board manufacturer Zhen Ding Technology Holding has closed a $250m loan with three participants.
Banks and investors’ claims to be acting on climate change appear to clash with the financing they still provide in the real economy, research showed this week — such as plans to increase fossil fuel production and consumption, even in the UK and France.
Look at any bank’s website or hear its CEO speak and you will get a torrent of virtuous words about climate change, sustainability and supporting clients on their journeys to net zero. The same goes for big investors, from BlackRock down, but the windows of their ivory towers are misted up with all the hot air being spouted.
Dyal Capital, the US private equity firm that specialises in buying minority equity stakes in private equity and hedge fund managers, has employed a financing method — private placements securitized on fund cashflows — rarely seen before in its industry, writes Silas Brown.
Nippon Telegraph & Telephone Corp (NTT) had a storming outing in the bond markets this week, easily raising €1bn in Europe and $8bn on the other side of the Atlantic to refinance M&A bridge debt.
Emerging market loan bankers say that despite a drought of activity, discussions with Middle East borrowers may offer a reprieve.
Bureau Veritas, the French laboratory testing company, has amended its €600m bank line to include ESG elements, as the company is on course to breeze through its relaxed covenant restrictions at the next evaluation.
Happy New Year to all Notebook readers! Although frankly, the lockdown restrictions, US democratic backsliding and unflappable markets make it feel like we never left 2020 behind.
Europe’s syndicated loan market is demanding more of borrowers seeking sustainability-linked financing. Recent history shows the bond market lags the loan market on sustainability-linked financing innovation, suggesting investors would do well to pay attention to what is happening in the lending market.
Goldman Sachs has launched the loan backing Bain Capital’s take-private of Ahlstrom-Munksjö into general syndication, looking to sell euro and dollar tranches over the next two weeks, and is likely to follow the loan launch with a secured bond in the coming days.
DenizBank is using its diversified protection rights (DPR) securitization programme to funnel cash into women-led businesses and renewable energy, snaring a $100m loan from the European Bank for Reconstruction and Development (EBRD).
HIG Capital has hired a managing director from Houlihan Lokey for its European direct lending platform.
Jane Fraser, CEO of Citigroup, said on Monday — her first day in the post — that the bank was committing itself to net zero financed greenhouse gas emissions by 2050. It joins major banks such as Barclays, HSBC and Morgan Stanley in having made such a promise.
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