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Deal liberates capital and tempts investors to take new frontier market risk
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Distressed loans using US documentation are some of the slow trades to settle in the capital markets, with an average time of 67 days, reflecting onerous legal requirements under the Loan Syndication and Trading Association standard terms. A new tool released by IHS Markit as part of its ClearPar loan settlement platform has the potential to slash this delay, with a recent trade by Deutsche Bank taking just 10 days to settle. -
The Public Investment Fund, Saudi Arabia's sovereign wealth fund, has closed a $10bn bridge loan, with tighter margins than its debut entry into the loan market in September 2018. The deal is one of this year's highlights from the region, where syndicated loan volumes have declined from last year.
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Emerging market issuers continued to enjoy solid market conditions this week with new mandates joining the pipeline and Abu Dhabi’s Mamoura executing a $3.5bn triple tranche trade.
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Dechra Pharmaceuticals, the UK veterinary pharmaceuticals company, has entered the US private placement (US PP) market, according to sources, in a debut set to test institutional appetite for the sector.
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State Grid Corporation of China is in talks with banks for a loan to support its $2.23bn acquisition of Sempra Energy’s Chilean business.
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Indonesian power company Perusahaan Listrik Negara has closed its $1bn five year loan, attracting eight participants during syndication.
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