Top stories

  • Agent carp over PP minnows nibbling at business

    Agents active in private debt markets in the UK are growing increasingly frustrated by a crop of advisory firms muscling in on their market share, often arranging deals without the need an investment bank. Some bankers allege that advisory firms don’t have the capacity to price deals effectively, and also that some do not have appropriate regulatory cover from the US regulators to pitch investors their legally.

    • 22 Aug 2019
  • Scandlines stays the course with IG loan

    Denmark ferry operator Scandlines has signed a €305.6m infrastructure finance facility, with the recently junk rated ferry company reaffirming its place in the triple-B credit rating bracket with the deal.

    • 22 Aug 2019
  • Blackstone’s Essel loan launches into general

    A $170m loan supporting Blackstone’s acquisition of Essel Propack (EPL) has been launched into general syndication, attracting two lenders already.

    • 22 Aug 2019
  • One Housing enters US PP market for secured and unsecured debt

    One Housing, a UK housing association focused on London and southeast England, has sold £150m of secured and unsecured US private placement notes to institutional investors.

    • 21 Aug 2019
  • Aperam launches Schuldschein for euro raise

    Aperam, the steel producer headquartered in Luxembourg, has entered the Schuldschein market, on the hunt for at least €100m.

    • 21 Aug 2019
  • European IG loans lined up but queue is short

    Investment grade loans bankers are eagerly awaiting the start of September to see if much business comes their way, though at the moment there is an overwhelming sense that the final quarter will be as drab as the rest of the year has been.

    • 21 Aug 2019
  • Lenders pledge support to Turkish SMEs

    Albaraka Turk Participation Bank and the Islamic Development Bank have signed a $40m Islamic financing facility to support small and medium enterprises in Turkey.

    • 21 Aug 2019
  • Bayer sells animal health unit to Elanco for $7.6bn

    Germany’s Bayer has agreed to sell its animal health business to US firm Elanco for $7.6bn in cash and equity. Analysts reckon this will be positive for Bayer's credit quality, after its litigation-shrouded Monsanto acquisition last year.

    • 20 Aug 2019
  • GIG agrees £1.6bn debt-backed wind farm buy

    Macquarie’s Green Investment Group has secured debt financing to back its acquisition of a 40% stake in East Anglia One, in a deal that values the Iberdrola-owned wind farm at an enterprise value of £4.1bn.

    • 20 Aug 2019
  • Highgate School closes US private placement

    Highgate School in north London has closed a £60m US private placement, joining a clutch of private schools using the instrument for long term financing.

    • 20 Aug 2019
  • Longhurst houses £100m amid affordable homes funding spree

    Longhurst Group has signed a £100m revolving credit facility, as the UK’s social housing sector finds plenty of support and increased competition from lenders for their business.

    • 19 Aug 2019
  • Secondary spreads tighten as EM loans dry up

    Market participants say that secondary spreads of emerging market loans are compressing as activity draws to a standstill, amid signs of slowing global growth and the threat of trade wars.

    • 19 Aug 2019
  • Sweden's Medicover turns to Schuldschein for euro debt

    Medicover is on the hunt for at least €100m of funding in the Schuldschein market. The Swedish healthcare company joins a growing number of Nordic borrowers looking to tap the German loans market.

    • 19 Aug 2019

  • Tottenham to win its spurs in US PP market

    London football club Tottenham Hotspur FC has entered the US private placement market, looking for £350m to partly pay off bank loans generated from the construction of its new stadium.

    • 15 Aug 2019
  • China banks in CEE upset trad lenders

    Chinese lending to and investment in central and eastern Europe is on the up. China has extended its reach to rival the influence of its western counterparts with its best weapon: money. But many bankers speaking to GlobalCapital this week think the trend is problematic.

    • 15 Aug 2019
  • Loan veterans fear juniorisation of market

    Some senior loan bankers believe there is an increasing shift in hiring practices towards junior staff, as the syndicated lending market faces mounting pressure on lenders to cut costs.

    • 15 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
  • Fresenius enters Schuldschein market on hunt for euros

    German healthcare company Fresenius has launched a Schuldschein across three tenors.

    • 15 Aug 2019
  • Details emerge on ZF blockbuster Schuldschein return

    ZF Friedrichshafen is targeting the end of August to launch its grand return to the Schuldschein market, according to people with knowledge of the situation. The German car parts maker’s €2.2bn issue in November 2014 is the biggest deal the market has ever seen but a bigger deal may be on the way.

    • 14 Aug 2019
  • ING creates sustainability derivative

    ING has launched the world’s first sustainability improvement derivative, a derivative with a credit spread that is linked to sustainability performance. The trade comes amid growing demand for environmental, social and governance derivatives products.

    • 13 Aug 2019
  • Gewobag closes Schuldschein with ‘well over €1bn’ bids

    German housing company Gewobag has closed a Schuldschein in the next few days with well over €1bn of orders, in a transaction that could be the largest of this year so far.

    • 13 Aug 2019
  • Dürr digs deeper into green borrowing

    Germany’s Dürr has signed a €750m sustainability-linked loan using blockchain technology, as the mechanical and plant engineering firm continues its push into sustainability refinancing that started with a green Schuldschein.

    • 13 Aug 2019
  • BUUK Infrastructure sells US private placement

    BUUK Infrastructure, a UK utilities firm formerly called Brookfield Utilities, has sold US private placements, according to market participants.

    • 12 Aug 2019
  • ING Turkey raises loan ahead of Turkish refi round

    ING's Turkish arm, ING Bank AS, has raised a $309m-equivalent trade finance loan from international lenders. The deal is a precursor to the year's second round of Turkish bank refinances, expected to begin in the next month.

    • 12 Aug 2019
  • Ovo Group the latest to court SSE energy retail arm

    UK energy supplier SSE is in talks to sell its retail business, SSE Energy Services, to Ovo Group, in a deal that could propel the latter to become one of the biggest firm's in the industry in the country.

    • 12 Aug 2019
  • Lenders disappointed by diminishing ME activity

    Middle East loans activity has fallen this year, confounding last year's hopes among bankers, with blame falling indirectly on the US-China trade war and sluggish global growth.

    • 12 Aug 2019

The GlobalCapital View logo   Comment

  • 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
  • Central banks should publish compounded post-Libor rates

    One of the biggest, if not the biggest problems facing borrowers in the move away from Libor is a mathematical one. Everyone agrees coupons based on the new risk-free rates should be compounded. But no one can agree on how to do the compounding. Central banks could solve this at a stroke.

    • 06 Aug 2019
  • Banks run to stand still in PE coverage race

    Banks are racing to expand their sponsors coverage teams as they fight to remain relevant to private capital providers at a time of disintermediation in investment banking. By David Rothnie.

    • 01 Aug 2019
  • Winter’s coming boosts MUFG integration plan

    The arrival of a new chief executive marks big progress in Mitsubishi UFJ Financial Group’s aim to provide integrated corporate and investment banking to clients, at a time when it needs to boost returns. By David Rothnie.

    • 27 Jun 2019
  • Leveraged finance is ESG's final frontier

    While the cult of the environmental, social and governance-linked (ESG) bond has gone from strength to strength in investment grade markets, with dedicated bond funds, attempts to build risk-free green curves and more than $100bn of issuance per year, the leveraged finance market — in loan and bond form alike — has been a laggard. But it’s where the rubber (from sustainable sources) really needs to meet the road.

    • 25 Jun 2019

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   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

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Global Syndicated Loan Volume

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 243,919.60 661 10.97%
2 Bank of America Merrill Lynch 236,551.03 726 10.64%
3 Citi 137,127.00 415 6.17%
4 Wells Fargo Securities 126,831.68 463 5.70%
5 MUFG 110,911.09 636 4.99%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 31,872.91 136 7.74%
2 Credit Agricole CIB 27,567.28 117 6.69%
3 JPMorgan 23,570.89 63 5.72%
4 Bank of America Merrill Lynch 23,072.58 63 5.60%
5 UniCredit 20,250.58 112 4.91%

Global Syndicated Loan Volume

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 243,919.60 661 10.97%
2 Bank of America Merrill Lynch 236,551.03 726 10.64%
3 Citi 137,127.00 415 6.17%
4 Wells Fargo Securities 126,831.68 463 5.70%
5 MUFG 110,911.09 636 4.99%

Bookrunners of Middle East and Africa Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Sumitomo Mitsui Financial Group 3,579.59 9 9.03%
2 Standard Chartered Bank 3,038.82 11 7.67%
3 First Abu Dhabi Bank 2,978.95 13 7.52%
4 BNP Paribas 2,705.06 6 6.83%
5 Citi 2,338.85 11 5.90%

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 7,517.46 42 6.58%
2 BNP Paribas 7,317.76 54 6.40%
3 Goldman Sachs 7,236.80 38 6.33%
4 Credit Agricole CIB 6,744.91 37 5.90%
5 Barclays 6,209.03 28 5.43%

Bookrunners of European Marketed Syndicated Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 31,872.91 136 7.74%
2 Credit Agricole CIB 27,567.28 117 6.69%
3 JPMorgan 23,570.89 63 5.72%
4 Bank of America Merrill Lynch 23,072.58 63 5.60%
5 UniCredit 20,250.58 112 4.91%

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%