• TEB maintains resilient refi season for Turkish banks

    Türk Ekonomi Bankası (TEB) has signed a $530m-equivalent loan, as lenders predict Turkish banks to continue a strong refinancing season, despite the country's economic and political troubles.

    • 19 Oct 2018
  • LSEG increases LCH stake to over 80%

    London Stock Exchange Group on Friday announced that it would increase its stake in London-based clearing house company LCH Group by up to 15.1%, bringing its holdings to over 80%.

    • 19 Oct 2018
  • BoE on leveraged loans: less than meets the eye

    A cautionary remark made by the Bank of England in early October about the sterling leveraged loan market has come back to the fore this week. But the renewed attention is blowing the original warning out of proportion.

    • 19 Oct 2018
  • Rotam attracts three for $90m refi

    Taiwan-listed agro-chemical maker Rotam Global Agrosciences has attracted three participants to its $90m refinancing loan.

    • 19 Oct 2018
  • Green finance jolts forward with Bank’s push

    Green finance experts have hailed the Bank of England’s announcement this week that it intends to tighten supervision of financial firms’ climate risks as an important step forward in greening the financial system. But doubts remain as to whether the Bank will push firms far enough, fast enough.

    • 18 Oct 2018
  • PRA’s four part plan for greening finance supervision

    The UK's Prudential Regulation Authority will soon begin supervising banks and insurance companies on their approach to the physical and transition risks of climate change.

    • 18 Oct 2018
  • Loans in Brief - October 18, 2018

    • 18 Oct 2018
  • SIFCA’s loan sparks talk of further green financing in West Africa

    SIFCA, Ivory Coast’s leading agricultural producer, signed a loan to finance agro-industrial transformation and renewable energy objectives last week, in a deal which has stimulated a debate as to whether further green financing could occur across West Africa.

    • 18 Oct 2018
  • Turkey returns, cheaper but unbowed

    The Turkish sovereign returned to international markets this week riding a wave of relief and renewed goodwill, following the release of US pastor Andrew Brunson, write Francesca Young and Lewis McLellan.

    • 18 Oct 2018
  • Saudi murder allegation heaps pressure on loan market

    The loan market is weighing up the fate of billions of dollars worth of deals after the disappearance and possible murder of Jamal Khashoggi, a prominent Saudi journalist who had criticised the regime. Mariam Meskin and Mike Turner report.

    • 18 Oct 2018
  • NatWest signs on to blockchain loans platform

    NatWest has become the first bank to integrate with a new blockchain-based platform that the UK lender says will “dramatically transform and streamline” the £3.5tr global syndicated loans market.

    • 18 Oct 2018
  • Trade war tensions to seep into loan syndications market

    Chinese privately-owned borrowers should be prepared to cough up higher margins and offer tighter covenants for their syndicated fundraisings as trade tensions between the Mainland and the US escalate.

    • 18 Oct 2018
  • Telecom Egypt dials in loan syndication

    Telecom Egypt has signed its $500m loan, with 11 mostly Gulf region banks joining the trade during the syndication process.

    • 18 Oct 2018
  • Deutsche Bank appoints north Asia loans head

    Deutsche Bank has hired former Standard Chartered banker Erick Pan as head of syndicated loans for north Asia.

    • 18 Oct 2018
  • Canadian loan extends Heathrow's financial globetrot

    The UK’s Heathrow Airport has signed its first loan from Canada’s export credit agency, building its presence among the country’s financiers after printing C$800m of bonds earlier this year.

    • 17 Oct 2018
  • Ithaca drills into loan market

    The UK’s Ithaca Energy has signed $700m of loans, five months after pulling out of a high yield bond deal.

    • 17 Oct 2018
  • ADO sets wider margins on SSD after Moody’s downgrade

    ADO Properties has been downgraded by Moody’s while marketing a Schuldschein transaction, forcing the lead arrangers to issue “substantial repricings”, according to a Schuldschein player familiar with the deal.

    • 17 Oct 2018
  • Turkey makes international comeback

    Turkey made a successful return to international markets on Tuesday after six months away. The sovereign paid up for the privilege, but took an important step in returning financing conditions in the country to normal.

    • 17 Oct 2018
  • AFC takes first Chinese state loan

    Africa Finance Corp (AFC) has signed a $300m financing package from a Chinese state run bank for the first time, at a time when China’s lending into the continent is coming under increased scrutiny.

    • 17 Oct 2018
  • BofE exec hired to help write UK Green Finance Strategy

    The UK’s Department for Business, Energy and Industrial Strategy, which is now in charge of the country’s policy on climate change, has hired a Bank of England official on secondment for a key role shaping green finance policy.

    • 16 Oct 2018
  • Market entices another CEE borrower as Agrofert debuts in SSD

    Agrofert, the agricultural and industrial firm from Czechia, has entered the Schuldschein market in search of debt.

    • 16 Oct 2018
  • England expects — but how much?

    The Bank of England will steer banks and insurers to think seriously about climate change. This is great news in itself. But what will count is how far the Bank is willing to push them.

    • 16 Oct 2018
  • Drax powers up bridge loan facilities for Iberdrola acquisition

    UK power company Drax has signed bridge financing for a £702m acquisition of assets from Iberdrola, as the Spanish company shifts away from traditional energy sources.

    • 16 Oct 2018
  • Uzbek reforms start to pay off as EBRD lends €333m

    Uzbekistan has got its first infrastructure financing from the European Bank for Reconstruction and Development for almost a decade, as it starts to reap the rewards of its Development Strategy.

    • 16 Oct 2018
  • Loan banks weigh up possible effects of Saudi diplomatic strain

    The loan market is weighing up the consequences of the disappearance and plausible murder of Jamal Khashoggi, a prominent Saudi journalist who had criticised the regime.

    • 16 Oct 2018
  • Lenders agree terms for Vedanta’s $1.1bn privatisation loan

    A $1.1bn loan to take India’s Vedanta Resources private was launched into general syndication at the beginning of the month, with Credit Suisse and Standard Chartered at the helm.

    • 16 Oct 2018
  • Titan Infra Energy debuts with $450m loan

    Indonesia’s Titan Infra Energy is tapping the offshore loan market for the first time for a $450m five year loan.

    • 16 Oct 2018
  • Sears files for long awaited bankruptcy

    Sears filed for Chapter 11 bankruptcy on Monday as a $134m interest payment came due and efforts to restructure the firm’s debt out of court failed.

    • 15 Oct 2018
  • Actiam tries to sail within planet’s nine boundaries

    Actiam, the Dutch asset manager, has launched what it believes is the first investment strategy built around the nine planetary boundaries — an attempt to describe the ecological limits within which humans can live sustainably on Earth.

    • 15 Oct 2018
  • Steinhoff asks creditors for more restructuring time

    Steinhoff has asked its creditors for a one month extension on its multi-billion euro debt restructuring process, with the South African retailer saying on Monday that it needs longer to finalise documentation.

    • 15 Oct 2018
  • Daewoo E&C launches $100m loan

    South Korea’s Daewoo Engineering & Construction (Daewoo E&C) is tapping the offshore market for a $100m term loan.

    • 15 Oct 2018
  • UK regulators ratchet up pressure on banks over climate change

    The Bank of England announced on Monday a consultation on a package of measures to tighten its scrutiny of banks’ and other financial firms’ readiness for climate change. The Bank’s approach is gradualist, but it is signalling clearly that firms must take the financial risks from climate change seriously, and that regulation in this area will be ramped up.

    • 15 Oct 2018
  • Mei Ta returns for €220m five year

    Taiwan’s Mei Ta Industries has returned to the offshore market after three years for a €220m ($254m) dual tranche borrowing.

    • 15 Oct 2018
  • Spotlight on IMF as Lagarde refuses to pull Saudi visit

    Despite a flurry of announcements by business leaders that they were abandoning their visits to a Saudi conference amid claims of the torture and murder of a journalist, IMF boss Christine Lagarde said she would go to Riyadh to “speak my mind”.

    • 13 Oct 2018
  • Europe’s push for greater global influence driving EIB-EBRD tie-up talks

    Moves for a closer alliance between European’s two main development institutions appear to be accelerating, as France exerts diplomatic pressure to boost the continent’s soft power.

    • 13 Oct 2018
  • Need to live with climate change teaches competitors to collaborate

    The advance of global warming, highlighted by the Intergovernmental Panel on Climate Change’s report this week, not only demands that the private sector accelerate efforts to cut carbon emissions. Companies must also adapt to the changing climate – and this will involve interacting in new ways, experts say.

    • 12 Oct 2018
  • AISL debuts with $180m club loan

    Asia International School (AISL) is tapping the offshore market for a debut loan of up to $180m.

    • 12 Oct 2018
  • Vinfast borrows $950m for machinery, equipment

    Vietnam’s Vinfast Trading and Production has raised a $950m guaranteed term loan to help it buy machinery and equipment from nine German suppliers.

    • 12 Oct 2018
  • Retail, media issuers in focus despite low defaults

    S&P Global said that consumer products, media and oil and gas were the most represented sectors on its list of ‘weakest links’ in sub-investment grade corporate debt, which remains relatively small in a low default environment.

    • 11 Oct 2018
  • US investors launch into sterling to boost PP demand for UK names

    US private placement (US PP) investors hailing from the United States are ramping up competition for sterling PP deals, as swap costs dwindle and key comparables in US markets tempt those buyers across the pond. Silas Brown reports.

    • 11 Oct 2018
  • Kim to use Human Capital Index to put pressure on governments

    World Bank Group president Jim Yong Kim plans to take the new Human Capital Index he launched on Thursday to Davos in the new year, where he will urge CEOs of companies in lagging countries to invest in health and education.

    • 11 Oct 2018
  • Governments must back banks' efforts to end dirty financing

    Pledges by leading banks to pull back from financing “dirty” projects such as coal will be meaningless unless governments step in with regulations to prevent other investors taking their place, a senior banker has said.

    • 11 Oct 2018
  • Masdar lands first green ME RCF

    Masdar, a Middle Eastern renewable energy company headquartered in the United Arab Emirates, has launched the region’s first green revolving credit facility, in a bid to fulfil sustainability goals and investments into clean technology.

    • 11 Oct 2018
  • ‘First test’ loan for Sonangol as oil price improves

    Sonangol, the Angolan national oil and gas company, has mandated Standard Chartered to arrange a term loan after a two year absence from the market.

    • 11 Oct 2018
  • Loans in Brief: 11/10/2018

    • 11 Oct 2018
  • Lenders prepare as fintech M&A soars

    Global fintech M&A has surged by more than a quarter year-on-year by value, as consolidation grips the upper echelons of the market and lenders prepare for a swathe of financing requests. Michael Turner reports.

    • 11 Oct 2018
  • SAF-Holland ramps up revolver

    Luxembourg’s SAF-Holland has increased the size of its revolving credit facility, with the commercial vehicle supplier locking in cheaper funding.

    • 11 Oct 2018
  • IHS Markit launches loans database and position platform

    IHS Markit has created a new syndicated loans database that the information company says is the first of its kind to pull data from different agents to create a single view of parts of the $1tr market.

    • 11 Oct 2018
  • Coffee group Jacobs Douwe Egberts smells tighter margins

    The leveraged loan markets are so awash with demand that investors appear willing to allow Jacobs Douwe Egberts (JDE) to cut funding costs even as it extends maturities.

    • 11 Oct 2018
  • Angola takes $2bn of Chinese funding

    Angola has signed a $2bn loan from China Development Bank, putting more debt onto the sovereign balance sheet as the country’s oil company seeks to borrow from commercial lenders.

    • 11 Oct 2018
  • Yuexiu Reit launches HK$2.8bn five year loan

    Yuexiu Real Estate Investment Trust, a subsidiary of Yuexiu Property Co, is tapping the offshore market for a HK$2.8bn ($357m) loan.

    • 11 Oct 2018
  • Logan makes quick loan comeback for HK$1.2bn

    Hong Kong-listed Logan Property is making a quick return to the offshore loan market for a HK$1.2bn ($153m) borrowing, six months after sealing a HK$900m deal in April.

    • 11 Oct 2018
  • Euro levfin primary steady amid Italian noise

    Investors in speculative grade debt are joining the discussion about the potential conflict over fiscal policies between Italy and the European Commission. But the leveraged finance markets are still keeping busy.

    • 10 Oct 2018
  • Fintech M&A value soars

    Global fintech M&A has surged by more than a quarter year-on-year by value, as consolidation grips the upper echelons of the market.

    • 10 Oct 2018
  • ‘First test’ loan for Sonangol as oil price improves

    Sonangol, the Angolan national oil and gas company, has entered the loan market after a two year absence, following a rise in oil prices.

    • 10 Oct 2018
  • Eyes on Brunson hearing for Turkey’s future

    Turkey is braced for one of the most important political events of what has been a turbulent year; the hearing of US pastor Andrew Brunson. The consequences could shape Turkey’s recovery from its recession. Elsewhere, a Russian mining company's loan showed the country is not quite closed for business, and after weeks of quiet, Latin American markets have bounced into life.

    • 10 Oct 2018
  • Non-Saudi ME loan pipeline dwindles

    The Middle East has driven emerging market loan volumes this year, but Gulf bankers say there are signs that parts of the region are already shutting up shop for the year.

    • 10 Oct 2018
  • Starwood keeps A&E ticking over

    London-listed Starwood European Real Estate Finance has added two years to the maturity of its sterling revolving credit facility, as Western European loans bankers get settled in for months of amend and extend exercises running up to year end.

    • 09 Oct 2018
  • Newlon Housing returns to US PP market

    Newlon Housing Trust, a north and east London housing association rated A3 by Moody's, has returned to the US private placement market, raising £135m.

    • 09 Oct 2018
  • CBD Aviation lands secured loan

    Ireland’s CDB Aviation has signed a $700m secured portfolio financing facility from eight banks, as the company looks to diversify its funding sources.

    • 09 Oct 2018
  • NTB raises $50m five year from FMO

    Sri Lanka’s Nations Trust Bank (NTB) has raised a $50m five year loan arranged by Dutch development bank FMO.

    • 09 Oct 2018
  • Russia’s UMMC gets debut loan

    Russia’s Ural Mining and Metallurgical Company (UMMC) has signed its debut syndicated loan, as lenders remain resolute that sanctions have not made the country a no-go zone.

    • 09 Oct 2018
  • April self-arranges $1bn dual trancher

    Asia Pacific Resources International Group, a pulp and paper producer also known as April, is self-arranging an up to $1bn offshore loan.

    • 09 Oct 2018
  • Aramco and Total plot $9bn complex

    Saudi Aramco and oil major Total on Monday signed an engineering and design contract to build a $9bn petrochemical complex on Saudi Arabia’s east coast.

    • 08 Oct 2018
  • Southern Electric hits road with dollar and sterling PP

    GlobalCapital understands UK utility company Scottish and Southern Electric (SSE) is roadshowing in the US private placement (US PP) market for £400m ($528m) equivalent offer across dollars and sterling.

    • 08 Oct 2018
  • Soltec turns to domestic lenders

    Spain’s Soltec has signed a €100m loan from local banks, as the photovoltaic tracking equipment company furthers its global expansion.

    • 08 Oct 2018
  • DAE ramps up revolver

    Dubai Aerospace Enterprise (DAE) has used the accordion feature of its dollar revolving credit facility in full, with the leasing company bringing in eight more banks to max out the size to $800m.

    • 08 Oct 2018
  • Fubon hires Liu from ANZ for loan syndication

    Taipei Fubon Bank has hired Sean Liu, a former ANZ loans banker, to its Singapore office.

    • 05 Oct 2018
  • Latest Saudi mega-loan puts lending limits on trial

    Saudi Arabia’s newfound zeal for international loans is testing some lenders’ credit limits for the country, as banks prepare to digest an up to $50bn financing for Saudi Aramco. Michael Turner reports.

    • 04 Oct 2018
  • American Tire files for Chapter 11 battling industry pressures

    American Tire Distributor (ATD) filed for Chapter 11 bankruptcy on Thursday after battling shifts in the tire industry that saw two major manufacturers cut ties with the firm earlier this year.

    • 04 Oct 2018
  • HSBC hires six, revamps infra team

    HSBC said on Thursday that it had strengthened its infrastructure and real estate team, hiring six bankers externally and making five internal appointments.

    • 04 Oct 2018
  • Loans in Brief: 05/10/2018

    • 04 Oct 2018
  • Nestlé embodies Q4 loans with refi and extend

    Switzerland’s Nestlé has refinanced or extended loans totaling around €11bn, and lenders say that the rest of the year will be populated by similar transactions in the investment grade market.

    • 04 Oct 2018
  • Distributed Power leveraged loan deal enjoys cross-border price tightening wave

    Most European leveraged loan deals in October are achieving savings of 25bp and more over price talk, with demand on the rise. The loan offering to fund Advent’s buyout of Distributed Power confirmed this trend, as it tightened margins and issue discounts.

    • 04 Oct 2018
  • Revival on the cards for loan market after tough year

    The Asian loan market suffered a drop in volume in the third quarter, with bankers blaming a lack of event-driven deals, a deprecating renminbi and trade tensions for the fall. But all hope is not lost just yet, with a turnaround coming, writes Pan Yue.

    • 04 Oct 2018
  • UPL launches $3bn loan for Arysta acquisition

    India’s UPL Corp has launched a $3bn five year term loan into general syndication to support its acquisition of Arysta LifeScience.

    • 04 Oct 2018
  • CapitaLand raises S$300m sustainability borrowing

    CapitaLand has raised a S$300m ($218m) sustainability-linked loan from DBS, the first of its kind from Asia’s real estate sector.

    • 04 Oct 2018
  • Botswana diamond sector wins dollar loan backing

    Botswana’s diamond industry has received a $125m boost, after a trio of commercial and state-linked lenders have signed a joint risk loan guaranty agreement.

    • 04 Oct 2018
  • Iraq trade bank and Commerz agree export loan framework

    Trade Bank of Iraq (TBI) has signed a €100m financing loan framework with Commerzbank, with the money earmarked for projects connected to rebuilding Iraq.

    • 04 Oct 2018
  • Prodware taps loan market for refi

    France’s Prodware has signed €92.5m of senior debt financing, as the management software consultant looks to refinance all its debt and fund growth plans.

    • 03 Oct 2018
  • Schuldschein market posts largest quarter since 2008

    The Schuldschein market processed €8.3bn of deals in the third quarter — more than in the whole first half of 2018 — as rising interest rates and higher spreads in the bond market have brought borrowers back.

    • 03 Oct 2018
  • Jumbo hangover leaves spare cash

    October’s deal pipeline in the European leveraged debt markets is increasingly looking like a mismatch between supply and demand.

    • 03 Oct 2018
  • Evergrande's Fortune Choice debuts with HK$5.2bn

    Fortune Choice is tapping the offshore loan market for a HK$5.2bn ($664m) fundraising to support the development of a residential building in Hong Kong.

    • 03 Oct 2018
  • Latest Saudi mega loan puts lending limits on trial

    Saudi Arabia’s newfound zeal for international loans is testing lenders’ credit limits for the country, as banks prepare to digest an up to $50bn financing for Saudi Aramco.

    • 03 Oct 2018
  • PLN attracts 13 for maiden loan outing

    Indonesian power company Perusahaan Listrik Negara has closed its debut offshore loan after exercising part of the greenshoe option.

    • 03 Oct 2018
  • IFC to unveil Operating Principles to guide impact investing

    Work to clarify thinking about impact in investment – meaning its effects on society or the environment – is going on apace. The International Finance Corp will launch next week at the World Bank/IMF annual meetings in Bali a set of Operating Principles for Impact Management, which are designed to complement the framework for analysing impact produced by the Impact Management Project.

    • 03 Oct 2018
  • Barclays delighted with sustainable incubator programme

    Barclays is on the verge of signing up for four more years of its partnership with the Unreasonable Group, a company that supports high-achieving entrepreneurs leading businesses that solve social or environmental problems.

    • 03 Oct 2018
  • CIFC adds four new hires for distressed strategy

    US based credit manager CIFC has hired four executives from leveraged credit firm Logen Asset Management to expand the firm’s distressed debt offering.

    • 02 Oct 2018
  • MetLife names new head of European private placements

    Jason Rothenberg, former head of MetLife’s corporate private placements in Europe, has returned to the US to start a new role at the institution.

    • 02 Oct 2018
  • Tritax finds storage for sterling loan

    UK REIT Tritax Big Box has signed a £250m short term facility, as the large logistics warehouse investor looks to make acquisitions.

    • 02 Oct 2018
  • Carlyle guides $1.8bn leveraged loan for Nep Group in borrower-friendly market

    Nep Group, a US producer of broadcast programmes, gave price talk below 400bp for all first lien loans in the financing for its buyout by Carlyle, a further sign that margins have tightened in the leveraged loan market.

    • 02 Oct 2018
  • PDO extends tenor on existing loan

    Petroleum Development Oman (PDO) has completed an amend and extend on its syndicated loan, stretching out the tenor of its first international deal.

    • 02 Oct 2018
  • Minsheng Leasing hikes loan to $510m

    Minsheng Financial Leasing has boosted its three year borrowing to $510m after attracting 12 participants during syndication.

    • 02 Oct 2018
  • Uniper cuts lenders with early refi

    Germany’s Uniper has refinanced its syndicated credit facility early, with the energy group joining a growing trend of borrowers trimming the number of banks in its lending group.

    • 01 Oct 2018
  • VC Trade adds legal wing to SSD platform

    VC Trade, a leading digital platform in the Schuldschein market, has added law firms Linklaters and White & Case as its preferred counsel. VC Trade believes this cuts costs for Schuldschein borrowers prepared to engage with the technology.

    • 01 Oct 2018
  • CME group launches Sofr swap clearing and Sonia futures

    Chicago Mercantile Exchange (CME) Group on Monday released clearing for OTC swaps based on the secured overnight financing rate (Sofr), the preferred benchmark to replace dollar Libor.

    • 01 Oct 2018
  • Khan Bank gets its biggest loan

    Mongolia’s Khan Bank has signed a $120m term loan, the largest in its history.

    • 01 Oct 2018
  • Uljanik Plovidba finds debt relief amid choppy waters

    Croatia’s Uljanik Plovidba has hammered out a loan refinancing that includes “significant” debt relief, throwing a lifeline to the cash-strapped ship builder.

    • 01 Oct 2018

Global Syndicated Loan Volume

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 366,167.18 1050 10.84%
2 Bank of America Merrill Lynch 335,304.67 1070 9.93%
3 Citi 196,945.44 589 5.83%
4 Wells Fargo Securities 188,260.75 698 5.57%
5 MUFG 140,830.80 905 4.17%

Bookrunners of Middle East and Africa Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 5,906.63 17 8.12%
2 HSBC 5,291.43 13 7.27%
3 JPMorgan 4,763.03 12 6.55%
4 Mizuho 4,566.75 13 6.28%
5 Sumitomo Mitsui Financial Group 4,470.55 9 6.14%

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 16,684.16 83 7.43%
2 Credit Agricole CIB 13,287.71 61 5.92%
3 Deutsche Bank 12,890.62 50 5.74%
4 Goldman Sachs 12,767.85 54 5.68%
5 UniCredit 11,414.29 66 5.08%

Bookrunners of European Marketed Syndicated Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 43,227.81 174 7.04%
2 JPMorgan 38,825.76 78 6.32%
3 Credit Agricole CIB 33,071.14 158 5.38%
4 UniCredit 32,366.25 145 5.27%
5 SG Corporate & Investment Banking 31,330.98 120 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%