GC Asia
Regulation
Markets must face up to new deadlines for Libor transition
Banks should stop issuing loans and bonds linked to Libor by October, according to the Bank of England’s Working Group on Sterling Risk-Free Reference Rates.
16 Jan 2020
Syndicated Loans
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CLOs
Loan repricing accelerates but can CLOs keep up?
Some of the largest issuers in the leveraged finance universe are repricing their loans, cutting 50bp or more from their margins on the back of strong market conditions and proven performance since the loans were raised.
16 Jan 2020 -
Emerging Markets
Private finance revival emerges in CEE
Private capital in central and eastern Europe is gaining traction after a decade of diminished enthusiasm from international investors.
16 Jan 2020 -
Investment Grade
Everton hires JP Morgan, MUFG for stadium
JP Morgan and MUFG have been appointed Everton FC’s financial advisers to arrange roughly £500m ($651m) of financing for the football club’s new stadium at Bramley-Moore Dock in Liverpool.
14 Jan 2020
Other news
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More corporate borrowers adding loan language to green frameworks
Corporate treasurers are increasingly ensuring their green borrowing frameworks include loans, though sustainability bankers note that the most popular loan structure is still not being included.
16 Jan 2020 -
Nouryon, Fluidra continue repricing trend in leveraged loans
Dutch chemicals giant Nouryon is attempting an elephantine repricing of a €5.6bn loan. Nouryon is following Spanish Fluidra, a pool manufacturer, which announced a €300m repricing on Tuesday, and UK-based data company Refinitiv, which set a more favourable price for its €2.33bn loan last week.
15 Jan 2020 -
Röhm buyout loan returns to syndication
Advent’s buyout of German chemicals company’s Evonik’s acrylic unit last year is still haunting the leveraged loan market. The banks are relaunching syndication of €977m and $612m of term loan Bs, hoping that investors will find the credit more attractive this time around than when it was first syndicated.
14 Jan 2020 -
Wafer-thin margins for giant Froneri financing
Froneri, a PAI Partners-backed ice cream company, is syndicating the financing for its acquisition of Nestlé’s US ice cream business, raising €5.7bn-equivalent of first and second lien debt across three currencies.
14 Jan 2020 -
D Glasfaser signs €1.8bn but German lending outlook bleak
Germany’s Deutsche Glasfaser, a fibre cable company, has almost tripled its bank credit facility up to €1.8bn. But the country’s development bank, KfW, warned that lethargic lending growth will continue in Europe’s biggest economy.
14 Jan 2020 -
CVC Credit offers acquisition, unitranche lending to Sabio
CVC Credit Partners has provided an acquisition facility and a unitranche loan to Sabio, a UK firm providing customer engagement tools to bluechip companies.
13 Jan 2020 -
Asia grows its influence in European private debt
Gradually over the past decade, Asian investors have become more and more important to European corporate private debt markets, to the point where they are now often indispensable. Asian borrowers have been slower to appear, but are now arriving. However, while these arrivals have largely benefited these markets, they have introduced a few complications.
13 Jan 2020 -
BP gets credit rating nod for North Sea sale
Oil major BP's A1 rating from Moody's, which is somewhat strained, has been strengthened by its $625m sale of its interest in a North Sea oil field to Premier Oil.
08 Jan 2020 -
Banks tune in to Tencent’s Universal Music acquisition loan
Chinese technology company Tencent Holdings is set to sign a €1bn club loan to support its acquisition of a stake in Universal Music Group.
10 Jan 2020 -
Sustainability loans need rating agencies
The sustainability-linked loan market is a glorious mess.
10 Jan 2020 -
LMA to guide banks on how to avoid greenwashing in sustainable loans
The loan market’s trade bodies are preparing to give new guidance about how to ensure sustainability-linked loans — in which borrowers can get a margin reduction if they hit sustainability targets — are genuinely “ambitious”. Bankers want to protect the market from rising concerns that some deals’ terms are too easy on the borrowers.
09 Jan 2020
Comment
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The power of making a fuss
As head of BlackRock, the largest asset manager, Larry Fink’s pivot to responsible investing in recent years has been influential.
16 Jan 2020 -
EU has painted itself into a corner on bank bailouts
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Europeans look west for IB growth
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Capital markets should put no faith in Johnson
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Serious about green? Lagarde must ditch dirty debt
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Basel III or IV? The ECB will decide
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Comrade Corbyn capital markets: surprisingly enriching?
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Houlihan’s European expansion rolls on
Investment Grade
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Zhongce Rubber returns for $250m refi
Zhongce Rubber Group has returned to the international loan market for a $250m refinancing.
17 Jan 2020 -
Markets must face up to new deadlines for Libor transition
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Palmieri shakes up corp finance at SG
Leveraged/non-investment grade
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The power of making a fuss
As head of BlackRock, the largest asset manager, Larry Fink’s pivot to responsible investing in recent years has been influential.
16 Jan 2020 -
BNPP and Deutsche prep secondary buyout loan for Armacell
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Loan repricing accelerates but can CLOs keep up?
Emerging markets
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ICBC Asia hires two loans bankers from Hang Seng
Industrial and Commercial Bank of China (Asia) has hired two former Hang Seng loans banker to join its global capital finance department in Hong Kong.
17 Jan 2020 -
The power of making a fuss
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Private finance revival emerges in CEE
Private Debt
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UK PP agents to test US investors’ appetite for councils
UK private placement advisers and agents are keen to speak to North American investors about their appetite for debt from UK local governments, seen by many as the next source of growth for PPs in Europe after the central government raised the rate at which it lends to them.
15 Jan 2020 -
Everton hires JP Morgan, MUFG for stadium
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CVC Credit offers acquisition, unitranche lending to Sabio
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Asia grows its influence in European private debt
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General Mills raises dough
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Faber-Castell pencils in sustainability-linked SSD
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Reden Solar offers euro PP market a green deal
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Vetter first off the blocks in Schuldschein market
Editor's picks
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Russian borrowers march on as fear of sanctions fades
13 Dec 2019 -
Mega-funds muscle into European leveraged market
13 Dec 2019 -
Bonds take the lead in Middle East financing
13 Dec 2019 -
US PP market flourishes in UK as investors eye councils
13 Dec 2019 -
Private credit builds EM momentum
13 Dec 2019 -
Green loans are coming to EM — eventually
13 Dec 2019 -
Turkey on a knife edge
13 Dec 2019 -
Schuldscheine in rude health as market breaks new ground
13 Dec 2019
People News
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ICBC Asia hires two loans bankers from Hang Seng
Industrial and Commercial Bank of China (Asia) has hired two former Hang Seng loans banker to join its global capital finance department in Hong Kong.
17 Jan 2020 -
Markets must face up to new deadlines for Libor transition
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Palmieri shakes up corp finance at SG
Syndicated Loans Awards
Global Syndicated Loan Volume
| Rank | Lead Manager | Amount $bn | No of issues | Share % |
|---|---|---|---|---|
| 1 | BofA Securities | 1.43 | 6 | 12.62% |
| 2 | RBC Capital Markets | 1.16 | 6 | 10.21% |
| 3 | BMO Capital Markets | 0.91 | 4 | 8.08% |
| 4 | JPMorgan | 0.83 | 4 | 7.36% |
| 5 | Barclays | 0.80 | 3 | 7.07% |
Bookrunners of All Syndicated Loans EMEA
| Rank | Lead Manager | Amount $bn | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 60.84 | 264 | 7.99% |
| 2 | Credit Agricole CIB | 47.68 | 243 | 6.26% |
| 3 | JPMorgan | 35.73 | 111 | 4.69% |
| 4 | SG Corporate & Investment Banking | 34.28 | 171 | 4.50% |
| 5 | UniCredit | 33.71 | 188 | 4.43% |
