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Utilities metering company could refinance Schuldschein in coming months
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
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Chinese online marketplace 58.com has received a $3.5bn loan from Shanghai Pudong Development Bank to support its take-private. -
The strong response from banks to Charoen Pokphand Group’s acquisition-related loan is not a true reflection of conditions in Asia’s syndications market — despite what some may say.
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The corporate sector was not at the centre of the 2008-9 financial crisis — banks were. This time, it is companies of all kinds that are first in the financial markets to feel the stress of the coronavirus pandemic. Measures to control the infection have stopped many businesses’ revenues, completely and suddenly, and put others under severe strain. In such a situation, the quality of a company’s financial planning and management are revealed. Tested just as much are the financial networks that surround a company: its banking relationships and ability to finance itself in a variety of markets.
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Swedish airline SAS needs Skr12.5bn (€1.2bn) of new funding to get through the coronavirus pandemic. The Swedish and Danish governments have pledged billions more to support it, on top of the revolving credit facility guarantees granted last month, but want “burden sharing” from financial stakeholders in SAS, including holders of its conventional and hybrid bonds.
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Cineworld has withdrawn from its proposed acquisition of Canada’s Cineplex, which had been funded by a $1.9bn term loan syndicated in February. With lenders to the transaction sitting on a paper loss of around 30 points, the collapse of the agreement will prove a boon, but break fees, swap costs and litigation could chip away at the chain’s stretched cash resources.
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Despite a staggering drop in emerging market syndicated lending during the coronavirus pandemic, Russian borrowers are not letting wider margins put them off. With a number of deals in the pipeline, the market is uncharacteristically raring to go.
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