Top stories

  • LSEG spurns HKEX's £32bn takeover bid

    London Stock Exchange Group (LSEG) has emphatically rejected the unsolicited £32bn takeover bid by Hong Kong Exchanges and Clearing (HKEG), with LSEG's board suggesting that the deal has profound flaws.

    • 13 Sep 2019
  • Nissan debuts in US private placements, as car companies take shelter in private debt

    Nissan has sold upwards of $600m US private placements in the first US PP deal for any Japanese car company, according to several people familiar with the situation. Headline deals from car companies in both European and US private debt markets this year has led market players to believe private investors are taking a rather forgiving approach to the industry’s challenging moment. Silas Brown reports.

    • 12 Sep 2019
  • Enel-SG trade shows derivatives market’s sustainable longings

    The over-the-counter derivatives market is one of the last areas still barely touched by the wave of interest in environmental and social issues that is sweeping financial markets. But below the surface, derivatives players want to get involved. That was highlighted publicly on September 5 when Enel, the Italian power and gas group, engaged with Société Générale in what it called “the world’s first Sustainable Development Goal-linked cross-currency swap”.

    • 12 Sep 2019
  • Battersea Power Station secures loans for third development phase

    Battersea Power Station, the former power station on the banks of the Thames in London, has got £600m of additional term loans for the third phase of its redevelopment.

    • 12 Sep 2019
  • Deutsche promotes Lewellen to run IG DCM, Buvat to run levfin

    Deutsche Bank has announced a round of senior appointments in its primary debt businesses, naming Hoby Buvat head of EMEA leveraged finance origination and Mark Lewellen head of EMEA debt capital markets origination.

    • 11 Sep 2019
  • Capital markets divided as ECB wheels out big guns once more

    There was a mixed bag of views across the capital markets after the European Central Bank unleashed a new comprehensive stimulus package on Thursday, comprising restarting net bond buying, a rate cut and a tiered deposit rate system for banks.

    • 12 Sep 2019
  • Pinewood’s bond with shaky terms gobbled up

    Pinewood Studios' effort to re-cast itself as a real estate company seemed pure box office to investors, who placed enough orders for a new bond to allow the borrower to up the deal size and still price at the tight end of guidance.

    • 12 Sep 2019
  • Nissan debuts in private debt, taking shelter with US PPs

    Nissan has sold upwards of $600m US private placements in the first US PP deal for any Japanese car company, according to several people familiar with the situation.

    • 11 Sep 2019
  • Hong Kong exchange gatecrashes LSE-Refinitiv party

    Hong Kong Exchanges and Clearing has made an unsolicited £32bn bid for the London Stock Exchange Group, a move that could torpedo the LSE’s acquisition of Refinitiv.

    • 11 Sep 2019
  • Kernel secures yet another facility, as EBRD continues Ukrainian funding

    Kernel, a Ukrainian grain and sunflower producer, is set to secure yet another credit facility, alongside an amend and extend deal it recently signed. The European Bank of Reconstruction and Development will provide up to $80m of the total $300m facility, as the development bank continues to support Ukrainian corporates.

    • 11 Sep 2019
  • Two UK airports set to sell US private placements

    Two of the smaller airports in England are looking to raise US private placements, according to sources in the market, as players note that airports and port operators in Australia and Europe have carved out a particularly strong section of the market in the past 12 months.

    • 09 Sep 2019
  • Auto industry takes comfort and cash in Schuldschein market

    The car industry has long been a staple of the Schuldschein market, but this year more than borrowers than usual have taken a spin round the market in search of debt. The product has attracted a wide range of manufacturers, from its native Germany and the rest of Europe.

    • 10 Sep 2019
  • Lonza refinances its revolvers and terms

    Swiss medical firm Lonza has refinanced its term debt and revolving credit facilities, in dollars, euros and Swiss francs.

    • 10 Sep 2019
  • RMB Mauritius secures loan, months after dollar debt transfer

    Rand Merchant Bank International Mauritius (RMBIM) has secured a $400m syndicated loan from international lenders, months after a transfer of dollar debt from FirstRand Bank. The deal marks the latest in a series of loans raised by South African banks this year.

    • 09 Sep 2019
  • Market first as Northern Irish housing association seeks US PPs

    Radius is set to become the first housing association from Northern Ireland to issue US private placements, with Barclays prepping a deal of at least £100m.

    • 09 Sep 2019

  • UK levfin faces obstruction as Brexit chaos reigns

    Leveraged finance bankers say they have a substantial deal pipeline in sterling to execute this autumn, while the UK's fall into political chaos threatens market volatility. Sub-investment grade buyers are likely to be offered buyout debt for Ei Group, Merlin and BCA Marketplace, among a flood of business totalling at least £15bn ($18.5bn), writes Owen Sanderson.

    • 05 Sep 2019
  • Record year for Schuldschein market a ‘near-certainty’

    Volumes in other syndicated loan markets may be down, but bankers in the Schuldschein market have rather more to crow about. Derided though it may be for being antique and parochial, it has nonetheless managed to attract an impressive number of debut entrants this year and is set to break the record volumes of 2017.

    • 05 Sep 2019
  • Turkish banks push for tightening in latest refi round

    This year’s second Turkish bank refinancing wave has started and borrowers are pushing hard for tighter pricing. Akbank is expected to set the benchmark for its peers by securing tighter margins on its upcoming loan refi.

    • 05 Sep 2019
  • Ukraine's Kernel to tap lenders for A&E

    Ukrainian grain and sunflower producer Kernel is set to amend and extend an existing syndicated loan, according to bankers familiar with the deal. The transaction marks one of the few intermittent spots of activity in the Ukrainian loan market.

    • 05 Sep 2019
  • AMS lines up €4.2bn bridge loan in Osram swoop

    Austria’s AMS has agreed a €4.2bn bridge loan from two banks, with the sensor maker outbidding private equity firms in an attempt to buy German lighting company Osram.

    • 04 Sep 2019
  • Paddy Power looks to cash out with US private placements

    Paddy Power is looking to sell US private placements in the next few weeks, according to market participants, as the Irish bookmaker is set to recreate the success of Australian peers in the market.

    • 04 Sep 2019
  • AFC signs Samurai loan as Asia money pours into Africa

    Lagos-headquartered Africa Finance Corporation (AFC) has debuted in the Samurai loan market, raising a $150m-equivalent loan from a consortium of Japanese lenders. The deal is one of two Samurai loans signed by African borrowers in recent weeks.

    • 03 Sep 2019
  • JPM hires Dawson for levfin

    JP Morgan has hired Nomura’s Ryan Dawson as a managing director in its leveraged finance origination team, covering sponsors in EMEA and sponsors and corporates in the UK.

    • 03 Sep 2019
  • ING and RiverRock strike deal for loan investments

    ING and RiverRock have struck a deal to give the asset manager access to ING’s pipeline of senior loans, as part of the launch of RiverRock’s debut senior loan fund. The Dutch bank, unlike other commercial banks, committed to avoid cherry-picking its pipeline, and to show RiverRock everything that was eligible for the fund.

    • 03 Sep 2019
  • LXi Reit draws new revolver for acquisitions

    The UK’s LXi Reit is already putting its new revolving credit facility to work, with the property investment company making acquisitions totalling £55m.

    • 03 Sep 2019
  • Russian borrowers turn to euros with dollars difficult

    Russian companies are showing more interest in euro-denominated loans, as funding in the currency becomes cheaper and as US sanctions complicate borrowers’ access to dollars. Siberian Anthracite is expected to close a loan refinancing with a new euro tranche this week, and at least two Russian borrowers are in preliminary discussions with international lenders.

    • 03 Sep 2019
  • UK’s Hipgnosis plays revolver for sterling swan song

    Hipgnosis Songs, a UK musical intellectual property fund, has signed a £65m revolving credit facility. But it could be one of the last bits of sterling business this year, with loans bankers saying that any sterling deals close to being signed will probably be pushed back to next year.

    • 02 Sep 2019
  • Tottenham Hotspur ups private placement deal to £525m

    London football club Tottenham Hotspur FC has sold £525m of US private placements, according to sources familiar with the situation, to pay off bank loans which funded the construction of its new stadium.

    • 02 Sep 2019
  • Barclays’ head of European private debt leaves

    Barclays' head of private capital markets for Europe, the Middle East and Africa has decided to leave the bank.

    • 02 Sep 2019

The GlobalCapital View logo   Comment

  • Gambling’s a gamble

    The US private placement market is set to host its first gambling firm from the UK and Ireland this month. Paddy Power's PP could herald a stream of trades from the sector, but investors should beware the risks of herding into any old deal offered to them.

    • 05 Sep 2019
  • Coal is going the way of the dinosaurs

    I’ve said it before and I’ll say it again: these Millennials are too sensitive.

    • 05 Sep 2019
  • A chink of light for the loans market

    The European loans market is suffering dark times, with volumes at decades-long lows. But next year has the potential to bring some much needed light, if only banks can hold their nerve.

    • 03 Sep 2019
  • UK LBOs aren’t a Brexit bargain hunt

    Sterling has dropped to levels not seen since the 1980s, making UK assets seem cheap to international buyers. But that is unlikely to be the driver of the recent crop of UK M&A.

    • 03 Sep 2019
  • Leveraged loan terms have never been better

    A slump in syndicated loan activity in Asia has put pressure on banks to offer juicy terms to borrowers seeking leveraged deals, including lower pricing and weaker structures. But the dearth of issuance won’t last long, leaving just a short window for borrowers to take advantage of.

    • 03 Sep 2019
  • Schuldschein entrants: Pareto optimal

    Some traditional arrangers of Schuldscheine, which see themselves as the guardians of the market’s probity, were horrified by the news that Pareto Securities is looking to set up shop on their front lawn. But the sort of companies Pareto is likely to bring will answer the prayers of some investors that the old guard have not. And with it, buyers will have to take greater responsibility for what they stick on their books.

    • 29 Aug 2019
  • Lenders: get with the times or get out

    The syndicated loan market is undergoing a transformation. Borrowers are growing in sophistication and artificial intelligence is creeping into the syndication process. It's time lenders faced a reality check: get with the programme, or get gone.

    • 13 Aug 2019
  • Hang in there, banks; Russia’s no riskier

    International banks should stand their ground and continue lending to Russian borrowers. The weak, ineffective sanctions that the US rolled out last week have not affected Russia’s creditworthiness and some even argue that investors in the country face fewer risks than they did two weeks ago.

    • 08 Aug 2019
  • Green deals will have the greatest impact on the Schuldschein market this year

    Green Schuldscheine have been a peripheral feature of the market for the past three years but this seems to be changing, with a billion plus transaction from Porsche and a sustainability linked note from Durr stirring investors into a frenzy. This green turn could have more of an impact for short term market growth than the odd non-European borrower tapping the market.

    • 06 Aug 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 278,288.62 760 11.22%
2 Bank of America Merrill Lynch 258,944.71 789 10.44%
3 Citi 160,705.94 476 6.48%
4 Wells Fargo Securities 141,784.95 529 5.72%
5 MUFG 124,982.69 707 5.04%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 34,500.40 147 7.60%
2 Credit Agricole CIB 33,214.96 138 7.32%
3 JPMorgan 24,833.56 67 5.47%
4 Bank of America Merrill Lynch 23,368.44 65 5.15%
5 SG Corporate & Investment Banking 22,509.71 104 4.96%

Global Syndicated Loan Volume

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 278,288.62 760 11.22%
2 Bank of America Merrill Lynch 258,944.71 789 10.44%
3 Citi 160,705.94 476 6.48%
4 Wells Fargo Securities 141,784.95 529 5.72%
5 MUFG 124,982.69 707 5.04%

Bookrunners of Middle East and Africa Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Sumitomo Mitsui Financial Group 3,696.09 10 8.40%
2 First Abu Dhabi Bank 3,439.28 15 7.82%
3 Standard Chartered Bank 3,038.82 11 6.91%
4 BNP Paribas 2,705.06 6 6.15%
5 Citi 2,349.19 11 5.34%

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 8,625.11 58 6.82%
2 Deutsche Bank 8,575.51 45 6.79%
3 Credit Agricole CIB 7,956.46 42 6.30%
4 JPMorgan 7,542.47 37 5.97%
5 Goldman Sachs 7,283.60 38 5.76%

Bookrunners of European Marketed Syndicated Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 34,500.40 147 7.60%
2 Credit Agricole CIB 33,214.96 138 7.32%
3 JPMorgan 24,833.56 67 5.47%
4 Bank of America Merrill Lynch 23,368.44 65 5.15%
5 SG Corporate & Investment Banking 22,509.71 104 4.96%

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%