Syndicated Loans - All Articles

  • The coronavirus graphic to watch: US and UK continue to worsen

    UPDATED 9 April 2pm GMT Media are reporting that the spread of the coronavirus is slowing in the US and UK, but this is not borne out by the reported facts. Both countries suffered their second highest daily totals of new cases on Wednesday.

    • 09 Apr 2020
  • Bank of England CP funds start flowing to paralysed UK companies

    Official financial lifelines to keep UK companies alive through the coronavirus pandemic are already having a tangible effect. Shares in Redrow, the UK housebuilder, rose 7.5% on Thursday morning after it announced it had been approved to borrow up to £300m from the Bank of England’s commercial paper facility for investment grade companies.

    • 09 Apr 2020
  • Private equity funds warned over quarter-end numbers

    The International Private Equity and Venture Capital Valuation Guidelines (Ipev) body has warned funds to take special care over quarter-end reporting and valuation of portfolios, so that marks for sponsor-owned companies reflect as well as they can the devastation of the coronavrius pandemic, rather than the benign conditions prevailing at the start of the year.

    • 09 Apr 2020
  • EBRD considers debt relief for clients alongside €1bn emergency framework

    The European Bank of Reconstruction and Development told GlobalCapital that alongside providing €1bn of emergency short-term funding, it is also considering debt repayment extensions for existing clients amid the coronavirus crisis.

    • 09 Apr 2020
  • H&M signs €980m short term crisis revolver

    Fashion retailer H&M has signed a €980m revolving credit facility to sit alongside its existing main bank line, as the Swedish company becomes the latest to turn to the bank market to bolster its finances during the coronavirus pandemic.

    • 09 Apr 2020
  • Techcombank attracts 21 in syndication

    Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has brought in 21 banks for its debut borrowing in the loan market.

    • 09 Apr 2020
  • Pigasse lands as Centerview’s new French boss

    Centerview Partners has appointed ex-Lazard rainmaker Matthieu Pigasse as head of its new French operation, as the boutique advisory firm expands in continental Europe with a 15-strong team.

    • 08 Apr 2020
  • ‘Private credit will come out of this stronger’ – Pemberton’s Drake-Brockman on the fate of European direct lending

    Some fear a sorry fate for European private debt funds, as small and medium-sized businesses across the continent struggle to stay afloat amid the devastation caused by Covid-19. Symon Drake-Brockman, founder and managing partner of Pemberton Capital Advisers, one such private debt fund, spoke to GlobalCapital’s Silas Brown about the pandemic and the prospects for private credit in its wake.

    • 08 Apr 2020
  • UK lockdown puts pressure on pubco securitizations as banks stuck with Stonegate debt

    The coronavirus lockdown in the UK is hurting cashflows to pub company securitizations, potentially putting firms in the firing line for bondholders, who have strong asset security rights in the highly leveraged vehicles. Meanwhile, banks are still sat on the £1.45bn acquisition debt to fund Stonegate’s takeover of Ei Group, which technically ranks behind one of the largest pubco securitizations, Unique.

    • 08 Apr 2020
  • EasyJet lands $500m revolver, taps CCFF

    The UK’s EasyJet is about to have $500m of funds released to it, after the budget airline sent a utilisation request to its banking group at the start of the week.

    • 08 Apr 2020
  • Southeast Asian borrowers warned of shorter tenors, reduced deal sizes

    Two Indonesian state-owned firms are planning $1bn loans, returning to the market despite a sharp rise in volatility as funding markets react to Covid-19. Bankers told GlobalCapital Asia that borrowers may need to scale back their ambitions. Pan Yue reports.

    • 08 Apr 2020
  • Former DBS senior loans banker to join Citic

    DBS’s former head of North Asia loan distribution and origination is set to join China Citic Bank International, according to multiple sources aware of the move.

    • 08 Apr 2020
  • Private equity is just another ownership structure

    Outrage has erupted among US progressives at efforts from the private equity industry to ensure their portfolio companies get a piece of government support for corporates. The buyout barons don’t do much to endear themselves to the public, but sponsor funds are just another legal vehicle for owning equity — and there’s no point punishing a company for its owners.

    • 07 Apr 2020
  • European M&A tipped to restart after the summer if crisis eases

    Some M&A bankers said they plan to pull the trigger on deals after the summer if the coronavirus pandemic continues to be contained, though lenders warned that internal credit analysis has become more stringent.

    • 07 Apr 2020
  • Schuldschein market in a muddle over Covid-19 pricing levels

    Schuldschein bankers are working out what pricing is fair during the Covid-19 crisis, as investors observe sharp widening in euro bond spreads.

    • 07 Apr 2020
  • Nigeria seeks $7bn from MDBs in bid to combat Covid-19

    Nigeria, Africa's largest economy, is the latest emerging market to approach international financing institutions for help to deal with Covid-19.

    • 07 Apr 2020
  • Geely eyes $900m loan for restructuring

    Zhejiang Geely Holding Group, a Chinese auto company, is in talks with banks for a new loan to support a planned restructuring.

    • 07 Apr 2020
  • BP raises $10bn in new revolving facility

    BP, the UK oil and gas company, has set up a new $10bn revolving credit facility, as oil companies look to shore up their cash positions in response to the twin maladies of Covid-19 and a drop in oil prices.

    • 06 Apr 2020
  • India’s Adani returns to the PP market for more

    Adani Transmission has raised a further $90m US private placement, according to market sources, after it became earlier this year the first Indian company to raise debt in the market since 2007.

    • 06 Apr 2020
  • Riverside brings Sonia loans to UK housing as Libor transition looms

    Riverside Group has signed what it claims to be the first loan in the UK's social housing sector priced over the Sterling Overnight Index Average (Sonia), as signs of innovation continue in the loan market despite the crushing effect of the coronavirus pandemic.

    • 06 Apr 2020
  • CEEMEA loans have worst quarterly performance on record

    The number of year-to-date loans signed across CEEMEA more than halved compared to last year, which bankers said is a direct result of the coronavirus crisis that has engulfed countries and markets worldwide. The outlook for issuance is bleak, to the dismay of many lenders.

    • 06 Apr 2020
  • BRI sends out RFP for $1bn loan

    Bank Rakyat Indonesia is planning a return to the offshore loan market. It is inviting banks to bid for a new deal.

    • 06 Apr 2020
  • UK government extends loan scheme to some of ‘squeezed middle’ — but not all

    The UK government has moved to bridge the gap between its two financial support schemes for businesses hampered by the coronavirus: one aimed at investment grade firms and one for small companies with revenue less than £45m.

    • 03 Apr 2020
  • PLN braves tough market for $1bn loan

    Indonesian power company Perusahaan Listrik Negara has sent out a request for proposals (RFP) to a large group of banks, aiming to raise a new offshore loan despite the impact of the coronavirus on bank demand.

    • 03 Apr 2020
  • Guggenheim tops chart as IB revenues shrink

    Investment banking revenue in March was lower than normal as the coronavirus pandemic sapped risk appetite — but it was far from a total wipeout.

    • 02 Apr 2020
  • Daimler gears up on cash as companies hurry new lines of credit

    Daimler has signed a €12bn one year loan with four banks, to strengthen its cash position for the pandemic’s stormier days. It joins a host of borrowers agreeing new credit lines with relationship banks, rather than drawing down existing facilities. Bankers say the borrowers hope to enter the bond markets down the line.

    • 02 Apr 2020
  • FAB appoints new head of global markets UK

    First Abu Dhabi Bank has appointed a new UK head of global markets.

    • 02 Apr 2020
  • Covid-19 sends IG loan volumes tumbling

    Investment grade syndicated loan volumes in Europe have plunged almost 45% year-on-year, as the Covid-19 coronavirus tears into demand for bank credit.

    • 02 Apr 2020
  • Loans in brief: April 3, 2020

    Imperial Tobacco signs new RCF, no plans for drawdown — British Airways stretches dollar revolver maturity — Fiat Chrysler bridge loan in place as HY remains shut — Shell builds cash pile again with $12bn revolver

    • 02 Apr 2020
  • UAE's Network International refis loan

    London-listed UAE payments company Network International has refinanced an existing loan, raising $525m from regional and international lenders.

    • 02 Apr 2020
  • Dyson first UK firm to sell PPs under clouds of Covid-19

    Dyson has become the first UK company to sell private placements in the past month, as the coronavirus complicates primary issuance and the market instead focuses on amendments to existing deals. Sources said the UK manufacturer succeeded because it was realistic over the price it would have to pay.

    • 02 Apr 2020
  • Akbank and Ülker raise loans, lenders demonstrate resilience

    Turkey’s Akbank has refinanced a syndicated loan with tighter margins than its existing facility, as lenders demonstrate unwavering appetite for Turkish debt.

    • 02 Apr 2020
  • Volatile funding costs: a test for Asian loans

    Rising dollar funding costs for Taiwanese banks have made them push an existing borrower back to the negotiating table so that they can demand better returns on a loan. More worrying than the triggering of the market disruption clause, however, is the volatility that forced the move.

    • 02 Apr 2020
  • Beijing Enterprises Clean Energy makes loan return

    Beijing Enterprises Clean Energy Group is back in the offshore loan market, seeking a $150m borrowing seven months after its last deal.

    • 02 Apr 2020
  • Aircraft lessors under spotlight in PP market

    Aircraft lessors have become popular borrowers in the US private placement market but coronavirus pandemic has thrown up a whole new magnitude of risk for the industry and many will be looking to amend the terms of their deals. Many market participants predict that the conversations between borrowers and investors will be tricky.

    • 01 Apr 2020
  • Russian firms eye up loans as Covid-19, oil war raise pressure

    Russian commodity and metals companies are rethinking financing plans and talking to bankers about loans amid the drastic change in outlook due to Covid-19 and the oil price war. But bankers say borrowers insistent on pre-coronavirus terms on their deals must lower their expectations.

    • 01 Apr 2020
  • El Corte Inglés grabs short-term funding

    Spain’s El Corte Inglés has signed a €1.311bn short-term revolving credit facility, with the department store returning to the loan market twice in quick succession to make sure it has the cash to ride out the next year.

    • 01 Apr 2020
  • Glencore receives loans on pre-crisis terms

    Glencore, the Swiss-headquartered commodity trading and mining group, has agreed $14.625bn of loans, becoming one of the last in Europe to lock in pre-crisis terms.

    • 01 Apr 2020
  • Reliance woos banks in senior syndication

    Reliance Industries is seeking commitments from banks for a ¥38bn ($351m) Samurai loan in senior syndication. The Indian company’s deal is part of a two-tranche dollar and yen-denominated transaction worth about $1.45bn.

    • 01 Apr 2020