Top stories
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Starwood keeps A&E ticking over
London-listed Starwood European Real Estate Finance has added two years to the maturity of its sterling revolving credit facility, as Western European loans bankers get settled in for months of amend and extend exercises running up to year end.
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Newlon Housing returns to US PP market
Newlon Housing Trust, a north and east London housing association rated A3 by Moody's, has returned to the US private placement market, raising £135m.
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CBD Aviation lands secured loan
Ireland’s CDB Aviation has signed a $700m secured portfolio financing facility from eight banks, as the company looks to diversify its funding sources.
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Aramco and Total plot $9bn complex
Saudi Aramco and oil major Total on Monday signed an engineering and design contract to build a $9bn petrochemical complex on Saudi Arabia’s east coast.
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Russia’s UMMC gets debut loan
Russia’s Ural Mining and Metallurgical Company (UMMC) has signed its debut syndicated loan, as lenders remain resolute that sanctions have not made the country a no-go zone.
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Southern Electric hits road with dollar and sterling PP
GlobalCapital understands UK utility company Scottish and Southern Electric (SSE) is roadshowing in the US private placement (US PP) market for £400m ($528m) equivalent offer across dollars and sterling.
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UPL launches $3bn loan for Arysta acquisition
India’s UPL Corp has launched a $3bn five year term loan into general syndication to support its acquisition of Arysta LifeScience.
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CapitaLand raises S$300m sustainability borrowing
CapitaLand has raised a S$300m ($218m) sustainability-linked loan from DBS, the first of its kind from Asia’s real estate sector.
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Botswana diamond sector wins dollar loan backing
Botswana’s diamond industry has received a $125m boost, after a trio of commercial and state-linked lenders have signed a joint risk loan guaranty agreement.
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Schuldschein market posts largest quarter since 2008
The Schuldschein market processed €8.3bn of deals in the third quarter — more than in the whole first half of 2018 — as rising interest rates and higher spreads in the bond market have brought borrowers back.
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Jumbo hangover leaves spare cash
October’s deal pipeline in the European leveraged debt markets is increasingly looking like a mismatch between supply and demand.
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Latest Saudi mega loan puts lending limits on trial
Saudi Arabia’s newfound zeal for international loans is testing lenders’ credit limits for the country, as banks prepare to digest an up to $50bn financing for Saudi Aramco.
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PLN attracts 13 for maiden loan outing
Indonesian power company Perusahaan Listrik Negara has closed its debut offshore loan after exercising part of the greenshoe option.
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IFC to unveil Operating Principles to guide impact investing
Work to clarify thinking about impact in investment – meaning its effects on society or the environment – is going on apace. The International Finance Corp will launch next week at the World Bank/IMF annual meetings in Bali a set of Operating Principles for Impact Management, which are designed to complement the framework for analysing impact produced by the Impact Management Project.
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Barclays delighted with sustainable incubator programme
Barclays is on the verge of signing up for four more years of its partnership with the Unreasonable Group, a company that supports high-achieving entrepreneurs leading businesses that solve social or environmental problems.
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Tritax finds storage for sterling loan
UK REIT Tritax Big Box has signed a £250m short term facility, as the large logistics warehouse investor looks to make acquisitions.
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Carlyle guides $1.8bn leveraged loan for Nep Group in borrower-friendly market
Nep Group, a US producer of broadcast programmes, gave price talk below 400bp for all first lien loans in the financing for its buyout by Carlyle, a further sign that margins have tightened in the leveraged loan market.
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PDO extends tenor on existing loan
Petroleum Development Oman (PDO) has completed an amend and extend on its syndicated loan, stretching out the tenor of its first international deal.
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Uniper cuts lenders with early refi
Germany’s Uniper has refinanced its syndicated credit facility early, with the energy group joining a growing trend of borrowers trimming the number of banks in its lending group.
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CME group launches Sofr swap clearing and Sonia futures
Chicago Mercantile Exchange (CME) Group on Monday released clearing for OTC swaps based on the secured overnight financing rate (Sofr), the preferred benchmark to replace dollar Libor.
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Ghana deputy finance minister cools century bond talk
Ghana is not preparing to issue 100 year bonds this year, according to deputy finance minister Charles Adu Boahen, but has not ruled them out for 2019, although the nation is looking at different opportunities to raise long term capital.
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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 | 364,464.18 | 1046 | 10.84% |
| 2 | Bank of America Merrill Lynch | 334,196.00 | 1065 | 9.94% |
| 3 | Citi | 195,851.99 | 583 | 5.82% |
| 4 | Wells Fargo Securities | 187,651.25 | 696 | 5.58% |
| 5 | MUFG | 140,476.30 | 902 | 4.18% |
Bookrunners of All Syndicated Loans EMEA
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 43,227.81 | 174 | 7.06% |
| 2 | JPMorgan | 38,825.76 | 78 | 6.34% |
| 3 | Credit Agricole CIB | 33,071.14 | 158 | 5.40% |
| 4 | UniCredit | 32,366.25 | 145 | 5.29% |
| 5 | SG Corporate & Investment Banking | 31,330.98 | 120 | 5.12% |
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Most Viewed: Syndicated Loans
Bank Profiles
Latest news by market and league table performance
Global Syndicated Loan Volume
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 364,464.18 | 1046 | 10.84% |
| 2 | Bank of America Merrill Lynch | 334,196.00 | 1065 | 9.94% |
| 3 | Citi | 195,851.99 | 583 | 5.82% |
| 4 | Wells Fargo Securities | 187,651.25 | 696 | 5.58% |
| 5 | MUFG | 140,476.30 | 902 | 4.18% |
Bookrunners of Middle East and Africa Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | HSBC | 5,291.43 | 13 | 7.47% |
| 2 | Citi | 4,999.84 | 14 | 7.06% |
| 3 | JPMorgan | 4,763.03 | 12 | 6.72% |
| 4 | Mizuho | 4,566.75 | 13 | 6.45% |
| 5 | Sumitomo Mitsui Financial Group | 4,158.05 | 8 | 5.87% |
Bookrunners of European Leveraged Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 16,684.16 | 83 | 7.43% |
| 2 | Credit Agricole CIB | 13,287.71 | 61 | 5.92% |
| 3 | Deutsche Bank | 12,890.62 | 50 | 5.74% |
| 4 | Goldman Sachs | 12,767.85 | 54 | 5.68% |
| 5 | UniCredit | 11,414.29 | 66 | 5.08% |
Bookrunners of European Marketed Syndicated Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 43,227.81 | 174 | 7.06% |
| 2 | JPMorgan | 38,825.76 | 78 | 6.34% |
| 3 | Credit Agricole CIB | 33,071.14 | 158 | 5.40% |
| 4 | UniCredit | 32,366.25 | 145 | 5.29% |
| 5 | SG Corporate & Investment Banking | 31,330.98 | 120 | 5.12% |
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% |
