Top stories

  • Pension big beasts stomp into PE territory

    Pension funds, especially Canadian ones, are increasingly direct participants in the largest leveraged buy-outs. They're appearing not just as members of consortia, but also sometimes alone, as in Ontario Teachers' purchase of Trivium, a spin-out from packaging firm Ardagh.

    • 18 Jul 2019
  • City of London closes maiden US PP as green debt

    The City of London Corporation will raise £450m ($562m) of debt from its first US private placement deal, surpassing expectations. The debt will be issued under a green and sustainable financing framework.

    • 18 Jul 2019
  • Euro investors drive Skin Health buyout loan tighter

    Euro investors gave the buyout debt for EQT and Abu Dhabi Investment Authority’s purchase of Nestlé Skin Health a particularly strong reception. Driving pricing through 400bp despite the high leverage on the deal.

    • 18 Jul 2019
  • Schuldschein offers home and foreign debutants cheap cash

    As its profile grows, the Schuldschein market is attracting a healthy supply of new issuers. Increasingly, these come from abroad, but banks are still finding a good number of German companies to woo to the market for the first time, like DIC Asset this week.

    • 18 Jul 2019
  • Bruntwood SciTech signs green real estate loan

    The UK’s Bruntwood SciTech has signed a £185m green facility, with the property company planning to use part of the funds to develop specialist scientific workspaces in the north of England.

    • 18 Jul 2019
  • GEMS to raise $1.85bn debt package, readies for CVC acquisition

    Dubai-headquartered international education provider GEMS Education is seeking a $1.85bn debt package to support CVC Capital Partners taking a minority stake in the company.

    • 18 Jul 2019
  • Harmony Gold goes digging for $400m refi

    Harmony Gold, a South African gold mining company, is in the market to raise $400m to refinance existing debt. The deal is being led by domestic lenders Absa Bank and Nedbank, according to bankers.

    • 18 Jul 2019
  • Salini plans capital raise and facilities for Astaldi buy

    Italy’s Salini Impregilo is pushing ahead with plans to buy compatriot troubled construction rival Astaldi after getting the preliminary nod from financiers, with the acquiring company set to raise €600m among a raft of funding agreements.

    • 17 Jul 2019
  • Oman's Octal raises $625m for expansion

    Oman-based Octal, a leading producer of plastic packaging, has raised loans to the value of $625m from a range of local and international lenders

    • 17 Jul 2019
  • Places for People seals €150m private placement

    Places for People, the UK housing association and property management company, has raised €150m from a privately placed note led by Goldman Sachs.

    • 16 Jul 2019
  • PIF to close $10bn loan in September, tighter than debut

    Public Investment Fund (PIF), Saudi's sovereign wealth fund, is expected to close its second ever debt offering in September, according to bankers close to the deal. Some say the bridge loan, which is a reprieve to EM bankers that have been operating in a barren market all year, may receive tighter margins than PIF's competitively-priced debut loan in September 2018.

    • 16 Jul 2019
  • Yara the latest to link loan to sustainability

    Norway’s Yara has signed a $1.1bn-equivalent revolving credit facility, with the fertiliser company swapping its existing bank debt for a sustainability-linked deal.

    • 16 Jul 2019
  • Take-private turbulence holds levfin in the balance

    The leveraged loan market in Europe is relying on several high profile take-private trades to rescue volumes and fees for 2019, and give the squeezed CLO market much needed supply. But these deals are vulnerable, and can easily fall apart, as sponsors must navigate an obstacle course of trade buyers, competition authorities, and recalcitrant shareholders.

    • 16 Jul 2019
  • Germany’s Badenova sells Schuldschein

    German power company Badenova closed a four tranche Schuldschein transaction last week.

    • 16 Jul 2019
  • NatWest Markets launches ESG deposit product

    NatWest Markets, the investment bank owned by Royal Bank of Scotland, has launched its own environmental, social and governance deposit product, responding to a desire among companies, public bodies and investment firms to invest their cash ethically.

    • 16 Jul 2019
  • Acciona nabs €155m from green Schuldschein

    Acciona, the Spanish infrastructure and renewable energy company, appealed to investors with its green, triple tranche Schuldschein offering, which closed last week at €155m.

    • 15 Jul 2019
  • FCA’s Bailey urges loan market to switch to Sonia

    Andrew Bailey, CEO of the UK’s Financial Conduct Authority, said on Monday that progress was needed in the next “year or so” in moving the loan market away from Libor. He added that the consent solicitation undertaken by Associated British Ports to switch an FRN to Sonia was a model for other borrowers.

    • 15 Jul 2019
  • Carlyle garners $3.1bn for new private debt fund

    The Carlyle Group has raised $3.1bn of investable capital and $2.4bn of equity commitments for its new credit opportunities fund, tapping investors’ interest in private debt to surpass the firm’s target goal.

    • 15 Jul 2019
  • Landsvirkjun cuts loan size, adds sustainability clauses

    Iceland’s Landsvirkjun has signed a $150m-equivalent revolver, with the state owned energy company the latest borrower to refinance bank debt with a sustainability-linked facility.

    • 15 Jul 2019
  • Deutsche Bank stays committed to Schuldschein

    Deutsche Bank may devote more resources to its Schuldschein business after its restructuring and cutting of its equities business, a senior banker has said, though it does not plan to hire any extra staff in the area.

    • 15 Jul 2019

  • Esma cancels ‘shadow ratings’ fine for Nordic banks

    The European Securities and Markets Authority (Esma) has had to row back on fines for four Nordic banks for issuing credit ratings, after an appeal board found that the banks had not broken the rules negligently.

    • 15 Jul 2019
  • Jumbo M&A gifts euro lenders breathing space

    Germany’s Infineon Technologies and compatriot ZF Friedrichshafen have signed acquisition-related loans totalling €16.8bn, as loans bankers allow themselves a small sigh of relief after months of deal drought.

    • 11 Jul 2019
  • Metro LBO bid looks rough for debt holders, whatever happens

    Debt investors are looking at the leveraged bid for German retailer Metro AG by two private investors with uncertainty. Many questions remain about the outcome of the proposed deal, including the fate of Metro’s existing debt.

    • 11 Jul 2019
  • NatWest offers online calculator to ease Sonia transition

    NatWest Markets has published a free online calculator market participants can use to work out compounded daily Sonia — the rate that looks set to replace sterling Libor from January 2022.

    • 11 Jul 2019
  • Add-backs take leverage levels above 2007 — BoE

    The Bank of England said that the proportion of new highly leveraged loans would swell from 18% of the market to 28%, once add-backs and subsequent borrowing were included, taking overall leverage levels in the market above those prevailing in 2007.

    • 11 Jul 2019
  • ZF closes jumbo loan for Wabco buy

    Germany’s ZF Friedrichshafen has signed a €7.3bn financing from banks to back the automotive technology company’s purchase of Swiss commercial vehicle tech company Wabco.

    • 11 Jul 2019
  • Tight bonds could stymie Schuldschein record

    Germany’s Schuldschein market entered the second half of the year on strong form, after near-record issuance in the second quarter. But sharply tightening pricing in the bond market, which competes with it for deals, could yet scupper hopes for a record year.

    • 11 Jul 2019
  • TSKB closes annual loan as lenders gear up for refi round

    Turkish private sector development bank, Turkiye Sinai Kalkinma Bankasi (TSKB), has closed its annual loan refinancing. The deal was signed amid secondary spreads for Turkish bank paper tightening and as a precursor to the next wave of refinancings for the country's financial institutions.

    • 11 Jul 2019
  • ICBC loses head of global loan syndication

    The London-based head of global loan syndication at Industrial & Commercial Bank of China has resigned, GlobalCapital understands.

    • 10 Jul 2019
  • Hyde houses sterling revolvers

    The UK’s Hyde Housing Association has signed two bank facilities totaling £350m, with the sector again providing business for deal-starved lenders.

    • 10 Jul 2019
  • Jan De Nul subsidiary turns bank facility green

    Dredging and Maritime Management, a Luxembourg-based company, is the latest borrower to have refinanced its bank debt with green financing, having agreed a €550m deal with lenders.

    • 10 Jul 2019
  • ‘Net short’ defence language could prove useless in bonds

    Language to prevent ‘net short’ debt activist investors manipulating distressed corporates to benefit CDS positions could prove ineffective in bond documentation, shutting down the changes almost as soon as they have been introduced in the market.

    • 09 Jul 2019
  • Infineon gets €9.5bn-equivalent loans for Cypress buy

    Germany’s Infineon Technologies has wrapped up a bank financing package totaling around €9.5bn-equivalent for its acquisition of the US’ Cypress Semiconductor Corp, with an army of banks joining the semiconductor maker’s deal.

    • 09 Jul 2019
  • ‘Tight’ Cocobod loan to close by September

    Ghana Cocoa Board, known as Cocobod, is likely to close its annual loan refinancing in September, and bankers expect it to have tight margins.

    • 09 Jul 2019

The GlobalCapital View logo   Comment

  • Winter’s coming boosts MUFG integration plan

    The arrival of a new chief executive marks big progress in Mitsubishi UFJ Financial Group’s aim to provide integrated corporate and investment banking to clients, at a time when it needs to boost returns. By David Rothnie.

    • 27 Jun 2019
  • Leveraged finance is ESG's final frontier

    While the cult of the environmental, social and governance-linked (ESG) bond has gone from strength to strength in investment grade markets, with dedicated bond funds, attempts to build risk-free green curves and more than $100bn of issuance per year, the leveraged finance market — in loan and bond form alike — has been a laggard. But it’s where the rubber (from sustainable sources) really needs to meet the road.

    • 25 Jun 2019
  • Moody’s gives Turkey’s lenders a scapegoat

    Banks pride themselves on analysing and pricing credit. But are they really just slaves to the rating agencies?

    • 20 Jun 2019

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   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 214,124.53 561 11.39%
2 Bank of America Merrill Lynch 195,899.21 603 10.42%
3 Citi 115,539.89 347 6.14%
4 Wells Fargo Securities 102,971.93 380 5.48%
5 MUFG 99,604.74 569 5.30%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 27,431.07 110 7.86%
2 Credit Agricole CIB 25,676.63 105 7.36%
3 JPMorgan 21,834.93 53 6.26%
4 Bank of America Merrill Lynch 21,382.31 54 6.13%
5 SG Corporate & Investment Banking 16,639.52 78 4.77%

Global Syndicated Loan Volume

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 214,124.53 561 11.39%
2 Bank of America Merrill Lynch 195,899.21 603 10.42%
3 Citi 115,539.89 347 6.14%
4 Wells Fargo Securities 102,971.93 380 5.48%
5 MUFG 99,604.74 569 5.30%

Bookrunners of Middle East and Africa Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Sumitomo Mitsui Financial Group 3,299.26 7 9.41%
2 Standard Chartered Bank 3,013.82 10 8.60%
3 First Abu Dhabi Bank 2,953.95 12 8.43%
4 BNP Paribas 2,737.23 6 7.81%
5 Citi 2,083.52 9 5.94%

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 5,725.19 29 6.43%
2 JPMorgan 5,589.28 27 6.28%
3 Credit Agricole CIB 5,408.68 30 6.07%
4 Deutsche Bank 5,084.59 30 5.71%
5 BNP Paribas 4,989.41 40 5.60%

Bookrunners of European Marketed Syndicated Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 27,431.07 110 7.86%
2 Credit Agricole CIB 25,676.63 105 7.36%
3 JPMorgan 21,834.93 53 6.26%
4 Bank of America Merrill Lynch 21,382.31 54 6.13%
5 SG Corporate & Investment Banking 16,639.52 78 4.77%

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%