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Investment Grade

Covid-19 sends IG loan volumes tumbling

Investment grade syndicated loan volumes in Europe have plunged almost 45% year-on-year, as the Covid-19 coronavirus tears into demand for bank credit.

02 Apr 2020

Private Debt

Dyson first UK firm to sell PPs under clouds of Covid-19

Dyson has become the first UK company to sell private placements in the past month, as the coronavirus complicates primary issuance and the market instead focuses on amendments to existing deals.

02 Apr 2020
People News

FAB appoints new head of global markets UK

First Abu Dhabi Bank has appointed a new UK head of global markets.

02 Apr 2020
Emerging Markets

Akbank and Ülker raise loans, lenders demonstrate resilience

Turkey’s Akbank has refinanced a syndicated loan with tighter margins than its existing facility, as lenders demonstrate unwavering appetite for Turkish debt.

02 Apr 2020

Other news

Aircraft lessors under spotlight in PP market

Aircraft lessors have become popular borrowers in the US private placement market but coronavirus pandemic has thrown up a whole new magnitude of risk for the industry and many will be looking to amend the terms of their deals. Many market participants predict that the conversations between borrowers and investors will be tricky.

01 Apr 2020
Russian firms eye up loans as Covid-19, oil war raise pressure

Russian commodity and metals companies are rethinking financing plans and talking to bankers about loans amid the drastic change in outlook due to Covid-19 and the oil price war. But bankers say borrowers insistent on pre-coronavirus terms on their deals must lower their expectations.

01 Apr 2020
El Corte Inglés grabs short-term funding

Spain’s El Corte Inglés has signed a €1.311bn short-term revolving credit facility, with the department store returning to the loan market twice in quick succession to make sure it has the cash to ride out the next year.

01 Apr 2020
Glencore receives loans on pre-crisis terms

Glencore, the Swiss-headquartered commodity trading and mining group, has agreed $14.625bn of loans, becoming one of the last in Europe to lock in pre-crisis terms.

01 Apr 2020
The coronavirus graphic to watch: Global cases top 1 million, a quarter in US

UPDATED 3 April 2am GMT Over 1m people have now been infected with coronavirus, as the disease has grown exponentially. Nearly 250,000 of these are in the US, which now has three times as many cases as China has had.

03 Apr 2020
Shell builds cash pile again with $12bn revolver

Royal Dutch Shell has signed a $12bn credit line, three months after securing a similarly sized deal, as the Anglo-Dutch oil major builds up its cash pile in the face of plunging oil demand and prices.

31 Mar 2020
Imperial Tobacco signs new RCF, no plans for drawdown

The UK's Imperial Brands, formerly Imperial Tobacco, has signed a new €3.5bn three year multi-currency revolving credit facility, slightly increasing its main bank line, despite not having plans to draw down.

31 Mar 2020
Home a-loan: lenders learn to love WFH

The loans market has been one part of the capital markets that has perhaps unsurprisingly taken to working from home easier than most. Some loans bankers even see a world after the pandemic where one or two days a week working out of the office becomes the norm.

31 Mar 2020
Evraz raises $750m, lenders stick to pre-virus terms

London-listed Russian steel firm Evraz has raised a syndicated loan with lenders honouring the pricing terms agreed before the outbreak of coronavirus that has wreaked havoc in markets.

31 Mar 2020
Never miss an opportunity for good PR

Standard Chartered’s announcement that it was allocating $1bn to help companies deal with coronavirus, or transition towards making essential medical kit, makes a virtue of doing what most banks are up to anyway. There’s nothing wrong with a bit of good news in these troubled times, but Stan Chart’s competition might feel they’ve missed a trick.

31 Mar 2020
Moody’s increases South Africa’s pain with final downgrade

Moody’s downgraded South Africa on Friday, removing the battered sovereign’s final investment grade rating. Sentiment among investors and bankers was split, with some confident that borrowers will be able to lean on their relationship lenders if needed, and others worried about the economic hit which is heading the country’s way.

30 Mar 2020

Loan Article Archive

Comment

Borrow like there’s no tomorrow

“There are decades when nothing happens; and there are weeks when decades happen.” So said Vladimir Lenin, although the founder of Soviet Russia probably didn’t write this with the capital markets in mind.

19 Mar 2020
Soon we’ll know what 'relationship banks' are really worth
A corporate crisis needs a corporate bailout
Prepared for the worst, hoping for the best
UK Budget: with great funding costs comes great fiscal responsibility
Banks vs Covid-19: whatever it takes

Investment Grade

PLN braves tough market for $1bn loan

Indonesian power company Perusahaan Listrik Negara has sent out a request for proposals (RFP) to a large group of banks, aiming to raise a new offshore loan despite the impact of the coronavirus on bank demand.

03 Apr 2020
Daimler gears up on cash as companies hurry new lines of credit
FAB appoints new head of global markets UK

Leveraged/non-investment grade

UK government extends loan scheme to some of ‘squeezed middle’ — but not all

The UK government has moved to bridge the gap between its two financial support schemes for businesses hampered by the coronavirus: one aimed at investment grade firms and one for small companies with revenue less than £45m.

03 Apr 2020
The coronavirus graphic to watch: Global cases top 1 million, a quarter in US
Guggenheim tops chart as IB revenues shrink

Emerging markets

The coronavirus graphic to watch: Global cases top 1 million, a quarter in US

UPDATED 3 April 2am GMT Over 1m people have now been infected with coronavirus, as the disease has grown exponentially. Nearly 250,000 of these are in the US, which now has three times as many cases as China has had.

03 Apr 2020
UAE's Network International refis loan
Akbank and Ülker raise loans, lenders demonstrate resilience

Private Debt

Dyson first UK firm to sell PPs under clouds of Covid-19

Dyson has become the first UK company to sell private placements in the past month, as the coronavirus complicates primary issuance and the market instead focuses on amendments to existing deals. Sources said the UK manufacturer succeeded because it was realistic over the price it would have to pay.

02 Apr 2020
Aircraft lessors under spotlight in PP market
Home a-loan: lenders learn to love WFH
Hotel firm Whitbread amends clause to avoid technical default
BMW sells quick SSD as German autos test private debt
Wizard wheeze: leveraged investors worry about sponsor cash injections
People moves in brief
Schuldschein moves undercover as firms chase big buyers

People News

Guggenheim tops chart as IB revenues shrink

Investment banking revenue in March was lower than normal as the coronavirus pandemic sapped risk appetite — but it was far from a total wipeout.

02 Apr 2020
FAB appoints new head of global markets UK
Home a-loan: lenders learn to love WFH

Syndicated Loans Awards

GlobalCapital SRI Awards crown sovereigns and Société du Grand Paris

18 Sep 2019
GlobalCapital Syndicated Loan and Leveraged Finance Awards 2018: the winners

06 Feb 2019

Rank	Lead Manager	Amount $bn	No of issues	Share %
1	BofA Securities	93.01	307	11.04%
2	JPMorgan	87.97	274	10.44%
3	Citi	62.40	172	7.41%
4	Wells Fargo Securities	40.80	172	4.84%
5	MUFG	38.56	375	4.58%

View full table

For detailed analysis:

Last updated Today

Rank	Lead Manager	Amount $bn	No of issues	Share %
1	Deutsche Bank	9.11	38	6.62%
2	UniCredit	7.52	36	5.46%
3	BofA Securities	7.39	29	5.37%
4	BNP Paribas	7.38	42	5.36%
5	Credit Agricole CIB	6.01	35	4.37%