• Codes of conduct: breathing life into dead words

    Are professional codes of conduct shining lodestars for how to behave in financial markets — or dusty screeds of boilerplate that no one can remember? That is what a group of enthusiasts are trying to discover, in the hope that such codes, if used in the best way, could genuinely improve behaviour.

    • 15 Jul 2018
  • Investcorp eyes push into middle market, other CLO debt

    Investcorp Credit Management is looking to expand its footprint in US secured corporate loans, with middle market credit and the CLO debt of other credit managers’ both targets, according to the firm’s head of US credit.

    • 13 Jul 2018
  • CNCB woos lenders to $500m debut loan

    CNCB (Hong Kong) Investment, a subsidiary of China's Citic Group, has started wooing banks to its $500m debut loan.

    • 13 Jul 2018
  • eHi launches $200m refi into general

    Chinese auto rental company eHi Car Services has launched a $200m three year refinancing loan, led by sole mandated lead arranger and bookrunner Deutsche Bank.

    • 13 Jul 2018
  • H&H launches $350m loan into limited syndication

    Health and Happiness International Holdings has launched its $350m dual-currency loan into limited syndication.

    • 13 Jul 2018
  • Politics heaps pressure on Turkish bank loans

    Turkish banks are later than usual on their syndicated loan refinancing timetables amid political noise in the country, and loans bankers say it will soon be too late for the banks to roll the deals over, and they might instead have to take the unusual step of repaying the debt.

    • 12 Jul 2018
  • Comcast shoots back with biggest Sky offer yet

    US cable company Comcast fired a salvo in the acquisition battle for the UK’s Sky, valuing the company at almost £1.5bn ($1.98bn) more than 21st Century Fox’s own improved bid that was announced on Wednesday.

    • 12 Jul 2018
  • Andritz seeks Schuldschein for M&A with novel maturity range

    Austrian machinery maker Andritz has launched a €300m four tranche Schuldschein, with the intention to see if lenders could be lured out along the maturity curve with its five, seven, 7.75 and 10 year tranches.

    • 12 Jul 2018
  • Siro loan sees green as instruments grow

    Spain’s Grupo Siro has signed a €240m loan with sustainable features, as green financing continues to make a path into the syndicated loan market.

    • 12 Jul 2018
  • Comcast shoots back with biggest Sky offer yet

    US cable company Comcast fired a salvo in the acquisition battle for the UK’s Sky, valuing the company at almost £1.5bn ($1.98bn) more than 21st Century Fox’s own improved bid that was announced on Wednesday.

    • 12 Jul 2018
  • Changing market conditions force Yes Bank to pay up

    Shifting market conditions have forced Yes Bank to pay up for a quick return to the dollar loan market, after it struggled to woo lenders to a similar — but tighter priced — offering earlier this year, writes Pan Yue.

    • 12 Jul 2018
  • San Miguel wraps up $1.1bn senior phase

    Philippine conglomerate San Miguel has closed senior syndication of its $1.1bn loan, attracting seven participants, according to a banker close to the situation.

    • 12 Jul 2018
  • Akbank loan refi in September, despite August expectation

    Turkey’s Akbank will not refinance its one year loan signed last August until September, as that corresponds to when the borrower drew down on the facility, a source close to the bank said.

    • 12 Jul 2018
  • RBC takes HSBC's Tufts for sponsors push

    Graham Tufts has left his position as vice chairman of leveraged and acquisition finance at HSBC and is understood to be joining Royal Bank of Canada in a senior role.

    • 12 Jul 2018
  • Sky bun fight rolls on with improved Fox bid

    Rupert Murdoch’s 21st Century Fox has sharply increased its offer for UK media company Sky in a deal that values the company at £24.5bn. The offer includes an increased bridge loan and millions more in fees for the arrangers.

    • 11 Jul 2018
  • HSBC hires for sponsors and leveraged finance

    HSBC has hired two bankers, one from Credit Suisse and one from UBS, to strengthen its business with private equity firms and in offering leveraged financing.

    • 11 Jul 2018
  • Head to Head with Standard Bank CIB boss Kenny Fihla: betting big on Africa

    Africa has been having a rough ride in the capital markets in 2018 — credit spreads are up and local currencies have taken a beating. But Kenny Fihla, chief executive of Standard Bank CIB, says opportunities abound for banks, risks can be mitigated and the continent is only getting more attractive for Asian investors. He spoke to GlobalCapital’s emerging markets editor Francesca Young and people and markets reporter Nell Mackenzie.

    • 11 Jul 2018
  • Turkish bank liquidity tested as politics throws loans off schedule

    Turkish banks are running late on their syndicated loan refinancing timetables amid political noise in the country, and loans bankers say it will soon be too late for the banks to rollover the deals and will instead have to take the unusual step of repaying the debt.

    • 11 Jul 2018
  • Glut of CLOs drives decline in loan standards

    A spike in the supply of US leveraged loans and CLOs has caused spreads to widen in both markets in recent weeks. While CLO managers are scrambling to satisfy demand for the product, critics say they should be doing more to protect the quality of the loans they are investing in.

    • 10 Jul 2018
  • Andritz seeks Schuldschein for M&A with novel maturity range

    Austrian machinery maker Andritz has launched a €300m four tranche Schuldschein, with tranches of seven years and 7.75 years. A banker said the intention was to see if lenders could be lured further out along the maturity curve.

    • 10 Jul 2018
  • Riwal ramps up revolver

    The Netherland’s Riwal Holding Group has substantially increased the size of its revolving credit facility, refinancing its bank debt early as terms in the slow primary market continue to be weighted in favour of borrowers.

    • 10 Jul 2018
  • MET Group’s debt-financed growth powers on

    MET Group, the Swiss-headquartered but eastern Europe-focused energy company, has signed a €112m term loan, as part of a wider debt funding drive in which it has recently raised soft currency project financing and a euro revolving credit facility.

    • 10 Jul 2018
  • PLN surprises with tight pricing on $2bn debut

    Indonesian power company Perusahaan Listrik Negara is seeking an up to $2bn debut loan, but has surprised some bankers with the tight pricing on offer.

    • 10 Jul 2018
  • Aegis closes $150m LBO loan after seven-month syndication

    Indian business process outsourcing company Aegis has closed a $150m leveraged buyout loan after a seven-month syndication process that attracted only three participants.

    • 10 Jul 2018
  • Atlantia heads back to loans to refi bridge

    Italy’s Atlantia has refinanced an acquisition bridge facility with a €1.75bn five year term loan that was priced well below where the company sold 10 year bonds this time last year.

    • 09 Jul 2018
  • EQT allocates large Azelis buyout loan in private

    Specialty chemicals distributor Azelis offered a €1bn loan deal to fund its acquisition by EQT this week. It has pre-placed almost half of it amid widening margins in the European leveraged loan market.

    • 09 Jul 2018
  • Turkish bank liquidity strong but cracks start to show

    Turkish banks have enough foreign currency liquidity to withstand a prolonged capital market shut out, according to ING. While this remains unlikely, small signs of deterioration have begun to show in terms for the biggest source of FX funding in the country’s banking system - syndicated loans.

    • 09 Jul 2018
  • Yes Bank pays up for rapid loan comeback

    Yes Bank is enticing lenders to a $400m three year loan by offering a higher margin when compared to a similar transaction launched in January.

    • 09 Jul 2018
  • VFS grows unsecured loan to cut second lien

    VFS Global, a tech services specialist for governments across the world, is reducing the cost of its subordinated debt by increasing the size of its term loans ‘B’ to pay down more expensive second lien loans.

    • 06 Jul 2018
  • Canvest boosts loan to HK$1.41bn

    Canvest Environmental Protection Group Company has increased its latest offshore borrowing to HK$1.409bn ($180m).

    • 06 Jul 2018
  • Powerlong closes $305m borrowing

    Powerlong Real Estate Holdings has closed a $305m offshore loan with three lenders.

    • 06 Jul 2018
  • Dysfunction paralyses Green Climate Fund

    The governance problems at the United Nations’ Green Climate Fund hit a new low this week when a four day board meeting was almost entirely taken up with procedural wrangling and failed to reach agreement on most of the agenda.

    • 05 Jul 2018
  • Glencore fights again for IG status as its CDS gaps out

    It is common for a firm to have an association with an adjective. The description is often derogatory, so acquisitive companies are often said to be rapacious. For Glencore, the commonly used adjective is secretive.

    • 05 Jul 2018
  • Goldman loses Novo Banco court claim

    On Wednesday the UK’s final court of appeal rejected Goldman Sachs’s attempt to recover money lost on a loan to Banco Espírito Santo through the British courts. The judge said the EU’s framework for dealing with failing banks might be undermined if the actions of resolution authorities could be challenged outside of their home country.

    • 05 Jul 2018
  • ‘Malicious’ Lazard rumours send Bahrain to mat again

    Bahraini sovereign bonds fell victim to “malicious rumours” this week after they took a further battering following headlines that Lazard had been appointed as an adviser to the country. The firm, which advises on debt restructuring among other things, was in fact appointed in early May and has been advising the country on its economy for several months, according to a source with knowledge of the matter. Virginia Furness and Michael Turner report.

    • 05 Jul 2018
  • Loans in brief - July 5, 2018

    • 05 Jul 2018
  • Sainsbury’s and Vedanta keeps sterling M&A financing at multi-year high

    Retailer J Sainsbury and metals tycoon Anil Agarwal kept sterling denominated M&A running at full pace this week, after a quarter with the biggest volume of loans in the currency in five years.

    • 05 Jul 2018
  • Nets snares M&A funding

    Digital payment company Nets has agreed a €515m financing package, as the private equity owned Nordic company prepares to merge with Germany’s Concardis Payment and buy Poland’s Dotpay.

    • 05 Jul 2018
  • Sainsbury’s rings up £3.5bn Asda loan

    UK retailer J Sainsbury’s has signed a £3.5bn loan package to back its acquisition of Walmart-owned Asda, with the company raising more debt than the cash component of the deal despite analysts raising concerns about the borrower’s recent debt levels.

    • 05 Jul 2018
  • HSBC throws hat into digital Schuldschein ring

    HSBC Germany has launched a digital platform for Schuldschein issuance called Synd-X, following in the footsteps of Helaba and LBBW. But unlike its German peers, it aims to preserve the role of banks as gatekeepers to the market.

    • 05 Jul 2018
  • Investment banks beef up for take-private bonanza

    Banks have been hiring staff to help financial sponsors hunt jumbo take-private deals as opportunities dry up elsewhere, writes David Rothnie.

    • 05 Jul 2018
  • Goldman loses Novo Banco court claim

    On Wednesday the UK’s final court of appeal rejected Goldman Sachs’ attempt to recover money lost on a loan to Banco Espírito Santo through the British courts. The judge said that the EU’s framework for dealing with failing banks could be undermined if the actions of resolution authorities could be challenged outside of their home country.

    • 05 Jul 2018
  • UAF, Greentown boost loans on strong demand

    Two Chinese companies, United Asia Finance and Greentown China Holdings, have received strong responses to their offshore borrowings, allowing them to increase the loan sizes.

    • 05 Jul 2018
  • Bailed out Bahrain about the only game in town in EM loans

    A handful of deals from Bahrain and the CIS region is all there is to keep emerging markets loans bankers busy over the next six to eight weeks, with many already heading off for summer breaks as volumes and near term pipelines dwindle to almost zero.

    • 05 Jul 2018
  • Rémy Cointreau refills its bank debt

    Beverage company Rémy Cointreau has signed a €100m syndicated loan, with a pricing structure that could see the margin on the debt plunge by more than 70% if certain conditions are met.

    • 04 Jul 2018
  • Schroder REIT eyes interest rate rise with loan refi

    UK Reit Schroder Real Estate Investment Trust (SREIT) has refinanced £149.6m of loan debt, cutting fixed interest costs and stretching out duration as the firm looks to mitigate interest rate risk.

    • 04 Jul 2018
  • CVC takes pushback for Mehiläinen loan on the chin

    Investors have squeezed better terms out of Mehiläinen, the Finnish healthcare group seeking a €1bn loan to finance its acquisition by CVC.

    • 04 Jul 2018
  • REC mandates Baroda for $250m loan

    Rural Electrification Corp has mandated Bank of Baroda for its latest $250m offshore borrowing, according to a source close to the situation.

    • 04 Jul 2018
  • Southern Gas Corridor gets $750m loan as deliveries start

    Southern Gas Corridor, the 3,500km pipeline system costing $45bn that will run through Azerbaijan, Georgia, Turkey, Greece, Bulgaria, Albania and Italy, has signed a syndicated loan with guarantees totalling $750m-equivalent, as it begins its first commercial deliveries to Turkey.

    • 04 Jul 2018
  • Greentown allocates $800m loan among 18

    Property firm Greentown China Holdings has closed an $800m borrowing after attracting 17 lenders during syndication, according to a company filing.

    • 04 Jul 2018
  • UAF boosts loan to HK$4.7bn

    United Asia Finance, a Hong Kong-based consumer loan provider, has closed its latest dual-currency borrowing, raising the equivalent of HK$4.7bn ($599m).

    • 04 Jul 2018
  • China Everbright nabs new structured finance boss

    Mak Ka Ming, former head of structured finance at Chong Hing Bank has joined China Everbright Bank’s Hong Kong branch, according to a source close to the move.

    • 04 Jul 2018
  • US loans move toward wider pricing, tougher terms

    After a long wave of repricing activity, the amount of new money deals has increased in the US leveraged loan market and this is helping investors gain better terms and pricing.

    • 03 Jul 2018
  • IPP amends loan as sterling volume hits five year high

    The UK’s International Public Partnerships has amended and extended its £400m bank facility, keeping the sterling loan market going at full pace after it recorded its busiest quarter in five years at the end of June.

    • 03 Jul 2018
  • Tikehau brings former Commerzbanker to lev loan desk

    French alternative asset manager Tikehau Capital has hired Lorcan Kinsella for its loan trading team, as it expands its leveraged debt business.

    • 03 Jul 2018
  • Bahrain’s GCC bailout buoys loan market sentiment

    A new wave of liquidity and price crunching could hit Bahrain’s loan market once details of the country’s bailout from its GCC neighbours emerge, according to lenders from the region.

    • 03 Jul 2018
  • TVS Logistics closes $236.8m borrowing with ten

    TVS Logistics has attracted eight participants during the syndication of its latest dual-currency borrowing.

    • 03 Jul 2018
  • Chong Hing loses structured finance head

    Chong Hing Bank’s head of structured finance has resigned, according to a source close to the move.

    • 03 Jul 2018
  • US PP issuance falls as rate rises take effect

    Issuance of US private placement debt has fallen by up to a quarter year on year, according to US PP market participants. The fault lies in the US — as opposed to Australia and Europe — as the cost of debt begins to rise for issuers alongside US rate rises.

    • 02 Jul 2018
  • Agarwal's Volcan set to pay £778m and delist Vedanta Resources

    Metals tycoon Anil Agarwal has made a possible offer to take full ownership of Vedanta Resources, the London-listed mining company, for 825p a share, as UK M&A continues to drive a sharp increase in lending in the currency.

    • 02 Jul 2018
  • Smaller lev loans in as jumbos rekindle appetite from buyers

    Two borrowers, Marlink and Iris Software, offered a string of new medium sized leveraged loans this week, following the recent launch of some highly anticipated jumbo deals that sources say have helped renew investor interest in the European market.

    • 02 Jul 2018
  • GBI pares down loan size

    Garanti Bank International (GBI) has cut the size and price of its self-arranged annual syndicated loan, with the Dutch arm of one of Turkey’s biggest lenders raising $185m.

    • 02 Jul 2018

Global Syndicated Loan Volume

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 268,992.12 732 11.03%
2 Bank of America Merrill Lynch 239,131.39 774 9.81%
3 Citi 146,424.87 434 6.01%
4 Wells Fargo Securities 129,846.45 508 5.33%
5 Mitsubishi UFJ Financial Group 104,359.11 598 4.28%

Bookrunners of Middle East and Africa Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Standard Chartered Bank 3,844.39 11 8.66%
2 Citi 3,454.07 9 7.78%
3 JPMorgan 3,130.58 7 7.05%
4 Mizuho 2,575.67 6 5.80%
5 HSBC 2,441.65 6 5.50%

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 11,614.39 49 7.38%
2 Credit Agricole CIB 10,789.94 46 6.85%
3 Deutsche Bank 8,986.23 33 5.71%
4 UniCredit 8,448.15 49 5.37%
5 HSBC 8,442.65 35 5.36%

Bookrunners of European Marketed Syndicated Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 29,830.94 52 6.97%
2 BNP Paribas 28,182.03 110 6.58%
3 UniCredit 21,916.39 101 5.12%
4 Credit Agricole CIB 21,885.13 102 5.11%
5 SG Corporate & Investment Banking 21,814.64 83 5.10%

Syndicated Loan Revenue - EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Apr 2016
1 HSBC 35.45 69 6.71%
2 BNP Paribas 31.67 78 5.99%
3 ING 31.21 74 5.90%
4 Citi 22.60 36 4.27%
5 Deutsche Bank 21.89 32 4.14%