Top stories
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Tanzanian solar company ZOLA lands RCF
ZOLA Electric, formerly Off Grid Electric, has raised a $32.5m credit facility with development bank, FMO, and investment firm, Symbiotics.
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Anta mandates six for €2.2bn acquisition loan
Anta Sports Products has mandated six banks for a €2.2bn loan to back the €4.6bn acquisition of Finnish sports brand Amer Sports Oyj.
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Market split over Opec+ oil cut
Opec+, the oil producing countries’ cartel and their non-member oil producing allies, decided to cut oil production by 1.2m barrels a day, sending the Brent crude price up 5%. Market participants are evaluating the potential impacts on capital markets and international relations.
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Green Loan revision adds US trade body and RCFs
The Green Loan Principles (GLP) have been updated to include input from the US industry body the Loan Syndications and Trading Association (LSTA), with the green lending framework now including language about revolving credit facilities.
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EQT fund for DL four times bigger
Private equity firm EQT closed its largest direct lending fund this week, as market participants forecast a busy year for the market in 2019.
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Green principles declared for Belt and Road investments
A set of voluntary Green Investment Principles for the Belt and Road has been published, intended to help China’s huge overseas investment project the Belt and Road Initiative “low carbon and sustainable”.
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Freenet widens pricing after strong SSD run
European borrowers that flit between public and private debt have been choosing the Schuldschein market because of its comparatively tight pricing in the last few months but this week Freenet, the German telcoms firm, sweetened the terms it was offering investors.
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Tritax Big Box signs debut US PP
Tritax Big Box, the London listed industrial real estate investment trust, has sold £400m worth of 10 and 12 year US private placement notes, during the Brexit whirlwind that caused sterling bond markets to falter.
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Brexit anxiety kills refi loan from Vue
Cinema operator Vue International cancelled its £833m-equivalent leveraged loan offering amid increasing investor aversion to sterling risk, as the UK government and Parliament descended into a full-blown clash over the conditions for separation from the European Union.
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Lenders inundated with end of year deals
Investment grade loans bankers are still looking to thrash out up to 10 deals before Christmas, with two transactions in syndication now making up €7bn of business.
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Corp defaults to rise, says Moody’s
Defaults among borrowers with speculative grade ratings are set to dive at the start of next year, but only for a while, Moody’s said in an outlook report for non-financial corporates this week.
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EM investors hope for better next year despite shaky outlook
Investors are turning their attention to 2019, hoping for better returns than 2018 afforded. Despite the US Federal Reserve’s rate hiking ambitions and uncertainty over a US/China trade war, investors are looking forward to next year.
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Fund outflows bring levfin to standstill
Investors in European leveraged debt seem to be giving up for the year. Funds and financial vehicles that buy high yield bonds and leveraged loans have seen large volumes of cash outflows, leaving borrowers with no other option but to step back this week.
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EU banks must disclose on ESG, may get green/brown risk capital weights
The European Union has taken a step towards using the bank capital risk weighting system to favour green assets and discourage ‘brown’ unsustainable lending — one of the most controversial issues on the sustainable finance policy agenda.
Latest loans people news
Investment Grade
Emerging Markets
Leveraged Loans
Comment
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The alarm bells are going off across the City
Between sleeping and waking, there is a middle phase: you realise it’s time to get up, but can’t quite bear to admit you need to get out of bed. London’s debt capital markets teams are in that zone. Brexit’s alarm has sounded, but few are eager to haul themselves into the cold air of Frankfurt or Paris.
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Payment in kind of a bad way
Payment-in-kind has taken a turn for the worse in Asia’s bond market, with flight tickets and pork being offered instead of cash. Aviophobic vegetarians are up in arms.
Loan Ranger
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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.
Global Syndicated Loan Volume
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 449,175.42 | 1303 | 10.71% |
| 2 | Bank of America Merrill Lynch | 407,443.65 | 1306 | 9.72% |
| 3 | Citi | 255,928.70 | 745 | 6.10% |
| 4 | Wells Fargo Securities | 230,544.51 | 856 | 5.50% |
| 5 | MUFG | 184,466.70 | 1045 | 4.40% |
Bookrunners of All Syndicated Loans EMEA
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 48,305.28 | 204 | 6.53% |
| 2 | JPMorgan | 46,311.15 | 105 | 6.26% |
| 3 | UniCredit | 40,488.91 | 181 | 5.48% |
| 4 | SG Corporate & Investment Banking | 38,348.83 | 146 | 5.19% |
| 5 | Credit Agricole CIB | 37,171.96 | 185 | 5.03% |
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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 | 449,175.42 | 1303 | 10.71% |
| 2 | Bank of America Merrill Lynch | 407,443.65 | 1306 | 9.72% |
| 3 | Citi | 255,928.70 | 745 | 6.10% |
| 4 | Wells Fargo Securities | 230,544.51 | 856 | 5.50% |
| 5 | MUFG | 184,466.70 | 1045 | 4.40% |
Bookrunners of Middle East and Africa Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Sumitomo Mitsui Financial Group | 6,650.55 | 13 | 7.03% |
| 2 | Citi | 6,641.47 | 21 | 7.02% |
| 3 | JPMorgan | 6,612.85 | 15 | 6.99% |
| 4 | HSBC | 6,299.76 | 16 | 6.66% |
| 5 | Mizuho | 5,728.41 | 17 | 6.06% |
Bookrunners of European Leveraged Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 19,416.85 | 91 | 7.59% |
| 2 | JPMorgan | 16,386.55 | 57 | 6.40% |
| 3 | Deutsche Bank | 15,760.57 | 59 | 6.16% |
| 4 | Credit Agricole CIB | 14,532.27 | 68 | 5.68% |
| 5 | Goldman Sachs | 14,155.41 | 61 | 5.53% |
Bookrunners of European Marketed Syndicated Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 48,305.28 | 204 | 6.53% |
| 2 | JPMorgan | 46,311.15 | 105 | 6.26% |
| 3 | UniCredit | 40,488.91 | 181 | 5.48% |
| 4 | SG Corporate & Investment Banking | 38,348.83 | 146 | 5.19% |
| 5 | Credit Agricole CIB | 37,171.96 | 185 | 5.03% |
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% |
