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Market stress so far confined to consumer credit and SMEs across region
Utilities metering company could refinance Schuldschein in coming months
Tight spreads keep Middle East borrowers in bond market, and away from loans
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Bankers are confident that companies up and down the ratings scale can lean on their lending groups during market volatility. But borrowers in the most stretched groups are not waiting to find out, with some clients already drawing their lines, adding backup loans, and trying to negotiate waivers on debt limits. Silas Brown, Jon Hay and Owen Sanderson report. -
British American Tobacco has signed the first multicurrency revolving credit facility that uses a variety of risk-free rates as benchmarks, potentially clearing a hurdle that loan market participants have long said was hindering the transition from Libor.
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Loans bankers are expecting their relationship clients to start leaning more heavily on their banks, but an arcane and little used clause found in many lending contracts means that banks might be able to demand early repayment or stop further lending.
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Garanti BBVA has launched the first environmental, social and governance loan from Turkey's banking sector, as the syndicated loan primary market continues to be one of the few hardy spots in a financial system hit by the coronavirus and oil price panic.
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Thai conglomerate Charoen Pokphand Group’s $10.6bn purchase of Tesco’s Asia business has been hailed as a “landmark” deal that will liven up the region’s loan market. Bankers are now openly debating how they can get in on a financing that will tap both international and domestic liquidity. Pan Yue reports.
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UK Chancellor Rishi Sunak did not change the lending levels for local authorities in his Spring Budget — apart from cuts to borrowing costs for social housing projects — keeping alive the prospect of capital markets providing UK councils with a cheaper financing alternative.
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