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Tight spreads keep Middle East borrowers in bond market, and away from loans
Kazakh bank doubles the tenor to two years compared to previous deals
Tighter margin loan a 'sign of things to come' for infrastructure lending
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UK hospitality companies have been avid users of the US private placement market in the past, but since the coronavirus pandemic began, their businesses have been up-ended, with pubs subject to curfews, social distancing and closures. Fortunately, US PP investors have largely followed bank lenders in opting for leniency, waiving covenants or switching to monitoring minimum levels of liquidity. One firm even managed to raise new debt this summer. -
Loan syndicate desk heads at major European lenders are expecting to make budget this year, but the bulk of their desks’ profits will not be coming from the usual sources of loan income nor the torrent of bridge loans that hit the market in the Spring outbreak of the coronavirus pandemic.
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The coronavirus pandemic has subjected the European leveraged loan market, where ‘cov-lite’ documents reign supreme, to a brutal test. The early results are positive.
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South Africa's Standard Bank, which is 20% owned by ICBC, has raised a syndicated loan from a consortium of Chinese lenders. The transaction marks one of the few spots of activity in a market that has almost halved in size this year.
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Ion Investment Group is preparing to combine its Dealogic and Mergermarket units under a single corporate entity, Ion Analytics, and refinance the group’s expensive private debt raised last year with a cheaper, broadly syndicated loan package across dollars and euros. A strong performance over the last year should encourage investors to look past the group’s previous struggles with access to the public markets.
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European syndicated loan bankers are confident that the market is heading towards a tipping point in its transition from Libor, despite new data showing just 18 publicly announced deals in markets that use Libor have signed or been amended to reference risk-free rates.
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