Syndicated Loans - All Articles

  • Akbank launches first refi of 2018 at tighter pricing, despite Turkish war

    Akbank is taking the lead as usual in the spring round of Turkish bank refinancings. It has launched a loan to refinance the $1.2bn loan it took out in March last year. Pricing is set to compress further as lenders remain positive about Turkey, despite its recent invasion of Syria.

    • 31 Jan 2018
  • El Corte Inglés wins better terms on €3.6bn loans, bond to come

    El Corte Inglés, Europe’s largest department store group, has agreed a debt refinancing of up to €3.65bn and negotiated better terms, even as bankers fret about how loose lending conditions are becoming.

    • 31 Jan 2018
  • Richemont carries off backstop as it takes over Net-A-Porter

    Luxury goods group Compagnie Financière Richemont has entered into a backstop loan agreement as part of its all-cash bid for the rest of internet retailer Yoox Net-A-Porter (YNAP) that it does not already own.

    • 31 Jan 2018
  • Iberdrola cuts funding cost with €5.3bn green loan

    Iberdrola, the Spanish electricity company, has amended and extended €5.3bn-equivalent of green loans, in what it claims is the largest sustainable finance transaction ever. It has locked in its best bank facility terms for more than a decade.

    • 31 Jan 2018
  • HLEG report offers blueprint of sustainable finance system

    Europe has a good chance of being able to make a real start on greening its financial system, according to members of the High Level Expert Group on Sustainable Finance, which delivered its report to the European Commission on Wednesday.

    • 31 Jan 2018
  • Lao Feng Xiang out for maiden $200m loan

    Lao Feng Xiang Jewellery Hong Kong is dipping its toes into the offshore syndicated loan market for a $200m financing. This is the second firm in the Chinese jewellery sector to tap overseas investors this year.

    • 31 Jan 2018
  • Far East Horizon makes quick return for $800m borrowing

    Far East Horizon is making a rapid comeback with an $800m fundraising just two months after allocating an identical loan, confident that banks will gobble it up.

    • 31 Jan 2018
  • Sanofi swoops on Ablynx as M&A spree up

    French pharmaceutical company Sanofi has announced its second multi-billion euro takeover this month, offering to buy Belgian biotech company Ablynx for €3.9bn in cash.

    • 30 Jan 2018
  • Informa lines up debt for UBM purchase

    Informa, the UK media group, has made a formal £3.9bn takeover offer for events company UBM, and has agreed a bank loan to fund the roughly £653m cash part of the purchase.

    • 30 Jan 2018
  • 3i brings fifth dividend recap of Action with €2.3bn loan

    Private equity firm 3i is taking advantage of bullish conditions in the leveraged loan market to launch its fifth dividend recapitalisation of Action, the Dutch non-food discount retailer it bought in 2011.

    • 30 Jan 2018
  • US PP market agents bemoan fee-fall as issuers divvy up deal mandates

    US private placement issuers are regularly selecting more than one agent to arrange a transaction, forcing fees down and arranging standards to slip, according to two agents.

    • 30 Jan 2018
  • Tyre maker Shandong Linglong hits the road for $200m debut

    Chinese company Shandong Linglong Tire Co has chosen dollars and euros for its maiden overseas fundraising.

    • 30 Jan 2018
  • Don’t ignore the GIFT that keeps on giving

    A recent syndication for Omani borrower Bank Sohar made market observers take notice, thanks to the presence of Axis Bank at the top group, reflecting Indian banks’ rising eagerness to provide liquidity for foreign currency deals. Yet the country rarely features in the roadshow schedule for fundraisings — an oversight that banks should rapidly correct.

    • 30 Jan 2018
  • Central banks’ new green network broadens focus to environment

    The first meeting of the Central Banks’ and Supervisors’ Network for Greening the Financial System has broadened the emphasis of the group’s work from a focus on climate change to one on climate and the environment.

    • 29 Jan 2018
  • EU needs official Green Bond Standard, HLEG to advise

    The European Commission is being advised to set up a comprehensive Sustainability Taxonomy by 2020 to guide investment decisions towards a greener economy, and to develop an official EU Green Bond Standard. These are key recommendations of its High Level Expert Group on Sustainable Finance, according to a leaked draft copy of its report seen by GlobalCapital.

    • 29 Jan 2018
  • QNB to sign well backed $3bn loan next week despite Gulf rift

    Qatar National Bank is expected to sign its $3bn loan refinancing in the first week of February, according to a source close to the deal.

    • 29 Jan 2018
  • PAI’s French moves spark buyout deals in levfin markets

    Private equity firm PAI's divestment of its majority stake in Kiloutou, the French equipment rental firm, is pumping supply into the term loan market this week through a secondary buyout. Meanwhile, PAI is itself funding its leveraged buyout of Albéa, a French beauty product packaging group, with a high yield pay-if-you-can (PIYC) bond.

    • 29 Jan 2018
  • Indiabulls Housing out for $200m refi with two

    Indiabulls Housing Finance is looking to borrow an up to $200m five year loan to replace an identical fundraising from September 2016.

    • 29 Jan 2018
  • Gaw Capital’s HK$13bn acquisition loan in limited syndication

    A HK$13bn ($1.66bn) three year financing to support a consortium’s acquisition of retail properties in Hong Kong is in limited syndication, with the underwriter title on offer.

    • 29 Jan 2018
  • Bain glides in with $305m loan for Trans Maldivian Airways

    Trans Maldivian Airways has landed back in the Asian loan market for a $305m senior secured deal, following its acquisition by a consortium led by Bain Capital Private Equity at the end of last year.

    • 26 Jan 2018
  • Investors swarm US CLOs despite weaker terms

    Looser documentation is emerging in the hot US CLO market, with debt investors in some instances now allowing managers to include terms that permit trading gains to be funnelled straight through to the pockets of equity investors, which is sometimes the CLO manager themselves.

    • 25 Jan 2018
  • Banks feel pressure on investment grade loan terms as pipeline bulges

    Some banks in Europe's syndicated loan market are worried that investment grade companies are pushing for looser terms and conditions on their loans, though others deny there is a problem, as the market prepares for 2018’s first big round of refinancings, writes Michael Turner.

    • 25 Jan 2018
  • Nordex turns to high yield to redeem Schuldschein

    Nordex, a German wind turbine manufacturer, began selling a €275m high yield bond this week as it plans to extend its debt maturities by taking out shorter-dated and floating rate Schuldschein paper.

    • 25 Jan 2018
  • Secondary loan prices fall to multi-month lows

    Prices in Europe’s secondary loan market have fallen to their lowest levels for two months, though investment grade loans bankers say recent sales have gone through at a “decent price”.

    • 25 Jan 2018
  • Banks prepare for loans to bloom in late winter

    High grade loans bankers are predicting a flood of refinancing and amend and extend exercises in February, as earnings blackouts end and deals that have sputtered early this year push through the market.

    • 25 Jan 2018
  • Top Glove loan bags commitments from two

    A $310m two-part borrowing to support Malaysian surgical glove maker Top Glove Corp’s acquisition of Aspion has received two commitments.

    • 25 Jan 2018
  • Tikehau’s unitranche tap for cross-border buyout

    Terratest, the Spanish geotechnical engineering business, has acquired US construction consultancy GeoStructures with funding from Tikehau IM.

    • 24 Jan 2018
  • Telefonica pushes Schuldschein market: Schuldschein market pushes back

    Telefonica Deutschland has been forced to issue a second round of price guidance on its €150m Schuldschein issue after launching it in early January, after investors' demand was cooler than expected.

    • 24 Jan 2018
  • Emaar Development seeks loan for Dubai project

    Emaar Properties’ real estate development unit Emaar Development is expected to launch a loan soon to fund a development project in Dubai, according to a source close to the deal.

    • 24 Jan 2018
  • Loan banks disagree over pressure on investment grade terms

    Some banks in Europe's syndicated loan market are worried that investment grade companies are starting to push for looser terms and conditions on their loans, though others deny there is a problem.

    • 24 Jan 2018
  • Investors hope social returns will make bond yields look better

    So far this year, the European corporate bond market has been an issuer’s market without many issuers. Or perhaps, the feeling that this January has been quiet is a measure of how used market participants have become to a torrent of deals.

    • 24 Jan 2018
  • Dongying Fangyuan mines for $100m loan

    Dongying Fangyuan Nonferrous Metals Co has made a rapid return to the dollar loan market, seeking commitments for a $100m one year facility.

    • 24 Jan 2018
  • Lev loans heat up, some buyers cool down

    Axilone, Comexposium and Hurtigruten have begun the syndication of a combined deal volume of €1.5bn, but European leveraged loan spreads are now so tight that some investors are heading for the exit.

    • 23 Jan 2018
  • Healthcare provider Capio takes bank loan to A&E

    Swedish healthcare company Capio has given its revolving credit facility a shot in the arm by amending and extending it, increasing it by 45% to €343m-equivalent and extending its maturity by 2.5 years.

    • 23 Jan 2018
  • Porsche halves its spread on €280m SSD return

    Porsche has launched a Schuldschein, priced at about half the spreads on its previous €1.1bn offering in March 2016.

    • 23 Jan 2018
  • UCB extends RCF to back of debt queue

    UCB, the Belgian pharmaceutical company, has amended and extended its €1bn revolving credit facility early, pushing the maturity of its only commercial bank loan to the far end of its debt profile.

    • 23 Jan 2018
  • Steinhoff saga shows the strain on banking industry's new love

    Banks across the Street have sought to woo shareholders with business models that celebrate the holy matrimony between Steady Eddie wealth management and (supposedly) reformed wild child investment banking. But the repercussions on bank earnings from the demise of South African retailer Steinhoff are a reminder that the course of true love never did run smooth.

    • 23 Jan 2018
  • Saudi Arabia seeks $10bn loan, new bond and ECA debt

    Saudi Arabia has requested proposals to refinance its $10bn syndicated loan, signed in 2016. It has also asked for ideas for a dollar bond issue and a possible export credit agency-backed financing, as part of a new financing plan.

    • 23 Jan 2018
  • Ollerenshaw survives Barclays cull

    A new role for Simon Ollerenshaw was announced internally at Barclays on Monday.

    • 23 Jan 2018
  • Shenzhen Sunway beams debut financing into syndication

    Shenzhen Sunway Communications has reached out to lenders for an up to $250m borrowing, marking its debut in the overseas loan market.

    • 23 Jan 2018
  • China Houze sets out for $60m loan with IFC umbrella

    China Houze Group, a non-bank financial company, has embarked on its maiden offshore loan syndication with the help of International Finance Corp.

    • 23 Jan 2018
  • HIG taps direct lender for Beinbauer stake

    HIG Capital has acquired a controlling stake in German manufacturing firm Beinbauer Group. The fund used financing from direct lender Beechbrook Capital, with both borrower and lender praising the flexibility of the evolving direct lending market.

    • 22 Jan 2018
  • Survey shines light on 3.29m index tally

    The Index Industry Association on Monday revealed that its members administered about 3.29m indices around the world, with more than 95% of those referencing equities.

    • 22 Jan 2018
  • Big loan tickets up for grabs as Sanofi sets sights on Bioverativ

    Investment grade loans bankers are ready to stump up big tickets for bridge loans, and deals are coming their way. Sanofi, the French pharmaceutical group, is readying an $11.6bn debt-financed acquisition of Bioverativ, the blood disorder treatment company, and banks are set to launch at least one other M&A loan into syndication this week. Michael Turner reports.

    • 22 Jan 2018
  • Investec’s UK branch more than doubles loan at $450m

    Investec plc, the South African bank’s UK branch, has signed a loan for $450m — growing to more than double its launch amount of $200m after being three times subscribed.

    • 22 Jan 2018
  • IndusInd Bank out for biggest offshore borrowing

    Indian lender IndusInd Bank has sent invitations for a $500m borrowing, its largest from the overseas syndicated loan market.

    • 22 Jan 2018
  • AerCap flies in for $600m syndication

    AerCap Holdings, one of the world's largest aircraft leasing companies, has approached banks for a $600m four year revolver, with three lenders co-ordinating the syndication.

    • 22 Jan 2018
  • Alloheim launches €600m lev loan for Nordic buyout

    The German private nursing care group Alloheim Senioren-Residenzen is out with a new leveraged loan offering to fund its buyout by Nordic Capital. This loan is among the first deals to be lined up to close in February, as hopes build of a surge of merger and acquisition driven borrowing.

    • 19 Jan 2018
  • Saudi Electricity scores its largest loan for $2.6bn

    Saudi Electricity Co (SEC) has signed its biggest ever syndicated loan, for $2.6bn, with a club of eight banks, after tapping the same banks for $1.75bn last year. The loan is an unsecured one year bridge facility.

    • 19 Jan 2018
  • PFC $300m five year hits general syndication

    A $300m five year facility for Indian state-owned company Power Finance Corp (PFC), which mandated three banks for the loan in October, is now open to retail participation.

    • 19 Jan 2018
  • US loan covenants sink to weakest level on record

    Moody’s Investors Service said on Thursday that quality of covenants in the US leveraged loan market have dropped to their weakest ever level.

    • 18 Jan 2018
  • African sovereigns set for loan spree

    Emerging market loans bankers are predicting African sovereign issuance will blossom this year, after Kenya led the way with a $1bn transaction last year.

    • 18 Jan 2018
  • Banks prepare to fight companies over loan terms

    Investment grade loans bankers are trying to hold firm against what they claim is an attempt by borrowers to loosen deal terms aggressively, as the market prepares for a spate of merger and acquisition financing, writes Michael Turner.

    • 18 Jan 2018
  • EG Group launches jumbo syndication

    UK petrol station operator EG Group launched a jumbo leveraged loan facility on Thursday, totalling €3.5bn-equivalent, to finance its acquisition of Esso sites in Italy and Germany. Bank meetings are due to be wrapped up by the end of this week.

    • 18 Jan 2018
  • Lenders joyful as jumbo M&A season begins

    Investment grade loans bankers are licking their lips as a spate of big UK M&A transactions gathered pace this week, but jumbo acquisitions rarely go smoothly and lenders have already had to adjust expectations after GKN batted away an offer from Melrose.

    • 18 Jan 2018
  • HeidelbergCement seals cheaper revolver

    Germany’s HeidelbergCement, rated Baa3/BBB-/BBB-, has signed a new €3bn-equivalent multi-currency revolving credit facility, refinancing debt early to lock in better terms.

    • 18 Jan 2018
  • Carillion collapse rumbles through private debt markets

    The Schuldschein and US PP markets pride themselves on rigorous credit analysis, but both were caught flat-footed when UK outsourcing firm Carillion fell into liquidation this week. The likelihood of private debt investors getting their money back is slim, and the knock-on effects on both markets are being disputed, write Nell Mackenzie and Silas Brown.

    • 18 Jan 2018
  • Risk transfer deal transfers risk

    Risk managers are already turned on to the benefits of balance sheet CLOs — if arrangers and investors in this intensely private market are to be believed, almost every large institution in Europe has been looking at issuing these deals. But they still leave a nasty taste in some mouths.

    • 18 Jan 2018
  • EQT Credit signs largest deal as alternatives power on

    Institutional investors are playing a bigger role in alternative asset classes, a BlackRock survey showed on Thursday, increasing the chance of larger deals. EQT Credit’s latest investment was a case in point.

    • 18 Jan 2018
  • Investec’s UK branch wins big demand for $300m loan despite Steinhoff fall

    Investec Bank plc, the South African bank’s UK branch, is expected to sign a loan to refinance a $300m facility signed in 2015.

    • 18 Jan 2018
  • GKN claims Melrose’s takeover bid ‘misleading’

    UK engineering group GKN slapped down the claims made in a hostile takeover bid by industrial conglomerate Melrose on Thursday, leaving loans bankers facing a long wait before they find out if debt will be needed to fund the deal.

    • 18 Jan 2018
  • EG Group oils acquisition plans with jumbo syndication

    UK petrol station operator EG Group launched a jumbo leveraged loan facility on Thursday totalling €3.5bn-equivalent to finance its acquisition of Esso sites in Italy and Germany, with bank meetings due to wrap up by the end of this week.

    • 18 Jan 2018
  • LMA consults with US PP investors about new documents

    The Loan Market Association is consulting with US private placement investors about creating European PP documentation that is more similar to what they are used to — in the hope that the lenders will be more drawn to European companies as a consequence.

    • 18 Jan 2018
  • Indian lenders woo FIs with overseas push

    Axis Bank’s presence in the top group of a recent loan for Oman’s Bank Sohar has once again put the focus on Indian lenders’ efforts to expand their overseas balance sheets. Banks from the south Asian country see FIG deals as a safe gateway to business in unfamiliar geographies — and are keen to step up their game. Shruti Chaturvedi reports.

    • 18 Jan 2018
  • Pan Brothers spins $150m three year deal

    Three bookrunners have kicked off primary distribution of an up to $150m revolver for Indonesian garment maker Pan Brothers.

    • 18 Jan 2018
  • Cineworld launches $6.6bn financing package for Regal takeover

    On Wednesday, Cineworld launched a $4bn term loan and £1.7bn rights issue to back its acquisition of Regal, the second biggest cinema operator in the US.

    • 17 Jan 2018
  • Two South African corporates expected to launch loans

    Two large South African corporates are due to refinance some loans in the coming weeks, according to bankers close to the deals, who expect activity in the country to be high this quarter.

    • 17 Jan 2018
  • Lenders gleeful as jumbo M&A season begins

    Investment grade loans bankers are licking their lips as a spate of big UK M&A transactions gathered pace this week, with lenders confident that the market will be able to provide financing almost no matter what the terms.

    • 17 Jan 2018
  • HeidelbergCement seals cheaper revolver

    Germany’s HeidelbergCement (Baa3/BBB-/BBB-) has signed a new €3bn-equivalent multicurrency revolver, with the company refinancing debt early to lock in better terms.

    • 17 Jan 2018
  • Carillion loan was hedged in HSBC CLO

    HSBC hedged part of its lending to Carillion in a synthetic CLO, Metrix 2015-1, with the latter company’s liquidation announcement on Monday triggering a credit event in the portfolio.

    • 17 Jan 2018
  • ZhengTong Auto winds up $380m loan with 19 on board

    Luxury auto dealership China ZhengTong Auto Services has wrapped up its latest borrowing at $380m.

    • 17 Jan 2018
  • Deutsche strengthens Asia loan origination with hire

    Deutsche Bank has beefed up its debt origination team in Asia with the addition of an experienced loans banker.

    • 17 Jan 2018
  • Carillion: unhappy in its own way

    Carillion filed for compulsory liquidation on Monday, prompting floods of columnists to rush to display their hours-old knowledge of the UK outsourcing sector and denounce the firm’s borrowing strategy. But what the case proves is that each collapsing company is unhappy in its own way.

    • 16 Jan 2018
  • Carillion: the insouciance of Schuldschein

    The UK building and services company had borrowed Schuldschein loans, which are unlikely to be paid in full — and the Schuldschein market couldn’t care less.

    • 16 Jan 2018
  • High grade loans bankers dig in for covenant battle

    Investment grade loans bankers are trying to hold firm over what they claim is an attempt by borrowers to aggressively loosen deal terms, as the market prepares for a spate of M&A activity.

    • 16 Jan 2018
  • Muoio readies exit from Jefferies levfin as Ramesh joins

    Tom Muoio, head of European leverage finance capital markets at Jefferies, who was appointed six years ago, will be leaving the bank, as former HSBC leveraged finance director Bala Ramesh joins the team.

    • 16 Jan 2018
  • GEMS Education loan roadshow attracts crowd

    Dubai’s GEMS Education hosted a roadshow last week for a $1.25bn loan, which attracted a mix of local and international banks.

    • 16 Jan 2018
  • Trio launches syndication for Xinjiang Goldwind

    A $300m debut international loan for Chinese wind turbine manufacturer Xinjiang Goldwind Science & Technology has entered primary syndication, after two lenders joined in the senior phase.

    • 16 Jan 2018
  • Bank Sohar seeks $300m in general syndication

    Oman’s Bank Sohar has enlisted three lenders to arrange a $300m new money borrowing.

    • 16 Jan 2018
  • Crédit Agricole veteran Sodhi promoted to global DCM corporates head

    Crédit Agricole has named Atul Sodhi as head of global debt capital markets corporates, for which he will relocate from Hong Kong to Paris.

    • 16 Jan 2018
  • Schuldschein market unfazed as Carillion sinks

    There has been little immediate impact on the broader Schuldschein market after the breakdown of talks between the UK government and Carillion’s creditors over the weekend, which has led to the UK building and services company going into liquidation.

    • 15 Jan 2018
  • Trafigura Pte launches $4.5bn revolving credit facility

    Trafigura’s Singaporean entity Trafigura Pte launched a $4.5bn revolving credit facility on Monday to refinance two loans taken out over the last two years.

    • 15 Jan 2018
  • Villiers to lead UK and Nordic corporate banking for MUFG

    MUFG has appointed Holly Villiers to a new role heading corporate banking for UK, Ireland and the Nordic countries.

    • 15 Jan 2018
  • Updated: Tata Steel mandates 21 for up to $2.16bn six year loan

    India's Tata Steel has lined up a group of 21 lenders for an up to $2.16bn six year loan, which will be launched into primary syndication in a couple of weeks, said bankers close to the deal.

    • 15 Jan 2018
  • VW places €600m SSD with single investor

    Volkswagen Financial Services has raised €600m through a Schuldschein placed with a single investor. The benchmark, which took the market by surprise, left many with more questions than answers.

    • 12 Jan 2018
  • Altran adds to early signs of expected LBO big bang

    Market participants hoping for a surge of large leveraged buyout financings in 2018 have been rewarded already by the arrival of seveal deals. One of them is the funding to finance French engineering services firm Altran's purchase of its peer Aricent.

    • 12 Jan 2018
  • Trans Media tunes in for $301m fundraising

    A $301m-equivalent five year refinancing for Trans Media Corpora has been launched into general syndication by five mandated lead arrangers and bookrunners.

    • 12 Jan 2018
  • Yes Bank makes quick comeback for new loan

    India’s Yes Bank is extending a fundraising spree that began last year, and is back in the overseas loan market for the third time since August 2017.

    • 12 Jan 2018
  • Euro lev loan bankers upbeat after bumper start to year

    With issuers already lining up €6bn of new deals in January, leveraged loan bankers are confident that the European market is set for another booming year in 2018.

    • 11 Jan 2018
  • REWE brings first Schuldschein benchmark this year

    German supermarket group REWE International has become the first company to launch a Schuldschein deal at benchmark size this year, a sign that German blue chips may be busy in the market this year.

    • 11 Jan 2018
  • Optimism in Euro PP market as heavier weights return

    Euro private placement issuance has dwindled in the past few years as larger companies have found cheaper funding elsewhere. But a flurry of chunky transactions late in 2017, including two from prestigious family holding companies, has led some to dream big for the year ahead.

    • 11 Jan 2018
  • Telefonica Deutschland launches Schuldschein using blockchain

    Telefonica Deutschland launched a €200m Schuldschein on Thursday, which included a €50m one year tranche that was placed using blockchain technology.

    • 11 Jan 2018
  • TowerBrook funds Bosal unit buyout with private EQT loan

    Bosal, the Dutch manufacturer of industrial equipment, is selling its tow bar division to private equity firm TowerBrook. EQT has provided the financing for the acquisition.

    • 11 Jan 2018
  • Adnoc to tap Japanese lenders for $3bn

    Abu Dhabi National Oil Co (Adnoc) is due to sign a $3bn loan with four lenders — three of which are Japanese — next week, after borrowing $6bn from the international market in November last year.

    • 11 Jan 2018
  • India to be a bright spot for loan syndications in first quarter

    Indian loan activity has got off to a steady start, with a large borrowing for companies under the Tata Group, including Tata Steel, due to be mandated shortly. Lacklustre credit demand from Indian firms may become a thing of the past as market participants are betting on a pick-up in momentum from the country this year. Shruti Chaturvedi reports.

    • 11 Jan 2018
  • China Water Affairs sails in for $200m five year

    China Water Affairs has returned to the international loan market after two years for a $200m fundraising.

    • 11 Jan 2018
  • LBO loans and roses: Flamingo seeks €300m loan

    Private equity firm Sun European Partners is merging its portfolio business Flamingo with Afriflora, the world’s largest exporter of roses to Europe, and funding it with an all-leveraged loan deal.

    • 10 Jan 2018
  • REWE brings first Schuldschein benchmark this year

    German retail group REWE International has become the first company to launch a Schuldschein at benchmark size this year, a sign that German blue chips may be active in the market this year.

    • 10 Jan 2018
  • US private placements to get green bug

    The trend for green debt issuance is set to touch the US private placement (PP) market this year, bringing yet another segment of the debt capital markets within its ambit.

    • 10 Jan 2018
  • Telkom hunts for €1bn acquisition financing

    Telekomunikasi Indonesia (Telkom) has asked banks to submit bids for a €1bn financing to support its M&A activities, said a banker whose firm is in the race for the mandate.

    • 10 Jan 2018