• Leveraged loan worries dominate US bank earnings

    End of year earnings calls at the US banks all featured anxieties about the exposure of the firms to a leveraged finance market that was looking increasingly stretched through year end, with some bridges said to be hung and discounts offered on risk positions.

    • 17 Jan 2019
  • Climate activists boo Larry Fink’s CEO letter

    Larry Fink, chief executive of BlackRock, became one of the most namechecked people in the responsible investing movement in 2018 when he affirmed that “Companies must benefit all of their stakeholders, including shareholders, employees, customers and the communities in which they operate.”

    • 17 Jan 2019
  • UK M&A to run into national security wall

    UK companies hoping to be involved in mergers and acquisitions (M&As) are heading towards a sea of red tape, with the government due to review around 100 times more transactions a year than before on national security grounds. That could prompt a spree of deals before the proposed measures become law, writes Mike Turner.

    • 17 Jan 2019
  • Schuldscheine harder to read, distribution skills more crucial

    Some Schuldschein arrangers are expecting that a syndicate’s distribution skills may become more important this year, as conditions across capital markets become difficult.

    • 17 Jan 2019
  • UK agents head to Florida PP conference with Brexit in mind

    US private placement (US PP) participants the world over will descend on Florida next week for four days of intensive meetings at a major market conference. For UK-based PP agents attending, soothing concerns over and gleaning investors’ views on Brexit is the top priority.

    • 17 Jan 2019
  • When a bad deal leads to no deal, no one wins

    Maintaining confidence in the system relies on trust that leaders — those selected for their competence and character to set the course for the rest of us — are well informed, able to communicate with others at their level and take decisions that serve the interests of those they lead.

    • 17 Jan 2019
  • RDI finds home for sterling loan

    London-listed RDI REIT has refinanced a sterling club loan, pushing out its average maturities amid a flurry of refi activity in the European loan market.

    • 17 Jan 2019
  • EM loans suffer dry January

    While hopes are high for emerging market syndicated loan activity in EMEA in 2019, the year has started slowly, leaving many banks with half-empty pipelines.

    • 17 Jan 2019
  • BNPP hires in the Nordics

    BNP Paribas has hired numerous bankers to bolster its corporate and institutional banking presence in the Nordic countries, including senior bankers in equity and derivatives roles.

    • 16 Jan 2019
  • Mauritius Commercial Bank offers lenders brief refi respite

    Mauritius Commercial Bank is looking for a syndicated loan, in a rare deal to pass across London desks so far this month that is not a refinancing exercise.

    • 16 Jan 2019
  • Network Homes opts for sterling PPs with Canadian and US investors

    Network Homes, a London housing association, has sold £175m of private placement notes to a group of six Canadian and US investors, as the asset class grows more familiar to overseas buyers.

    • 16 Jan 2019
  • Bank lenders see potential in CEE region

    At the Central and Eastern European Forum hosted by Euromoney in Vienna, central bank governors, chief executives and other market leaders gathered to discuss challenges and strengths for the region's markets. Despite monetary difficulties and geopolitical tensions within the region, bankers were optimistic, particularly for the syndicated loan market.

    • 16 Jan 2019
  • End Brexit paralysis, plead levfin investors

    This week’s parliamentary vote in the UK on a withdrawal agreement for its exit from the European Union has emptied the deal pipeline in the euro leveraged finance markets in early January. But after the plan was rejected on Tuesday, any clarity about the near future looks unlikely, and some debt buyers say borrowers have little reason to wait for longer.

    • 16 Jan 2019
  • Optimism abounds among CEE borrowers

    With many of Europe’s emerging market bankers and investors this week in Vienna for Euromoney’s annual Central and Eastern Europe Conference, much focus has been on planning for the year ahead in this region. The mood at that conference is one of quiet optimism for the year ahead.

    • 16 Jan 2019
  • Sun Hung Kai returns for annual loan foray

    Hong Kong-listed Sun Hung Kai Properties is talking to banks for its annual return to the loan market. The company has raised its funding cost for the first time in five years.

    • 16 Jan 2019
  • Hyosung Vina revamps loan, cuts size to $750m

    Hyosung Vina Chemicals is holding bank presentations and a site visit at the end of January to woo lenders with a $750m syndicated financing that has been relaunched with a smaller size, higher margins and a different bookrunning team.

    • 16 Jan 2019
  • Amendageddon just beginning of loan market's Libor woes

    Libor is likely on the way out for sterling loans in 2021, and it is almost impossible to overestimate the deluge of facility amendments headed towards loans desks. But there is worse to come.

    • 15 Jan 2019
  • London US PP agents approach Florida conference with Brexit on their minds

    US private placement (US PP) participants the world over descend on Florida next week for four days of intensive meetings. For the UK PP agents, soothing concerns and gleaning insights from investors around Brexit is top priority.

    • 15 Jan 2019
  • National security in crosshairs for UK M&A

    UK mergers and acquisitions are set for a tricky time over the next few years, as the government is expected to begin implementing a more stringent national security regime this year.

    • 15 Jan 2019
  • Chinese activity in CEE set to grow

    China’s activity in central and eastern European (CEE) lending and investment is set to swell further in 2019, as its banks and other financial institutions extend their reach.

    • 15 Jan 2019
  • PE sponsors eager to bring new wave of loose deal documentation

    Private equity sponsors have bankers and lawyers working on deals that will seek more flexibility and borrower-friendly covenants this year. But investors are also likely to offer tougher scrutiny this year.

    • 15 Jan 2019
  • ASM Pacific seeks debut loan to refinance CB

    ASM Pacific Technology is tapping the offshore loan market for the first time, raising a HK$2.25bn ($287m) five year borrowing to refinance a convertible bond maturing in March.

    • 15 Jan 2019
  • Schuldschein market becomes harder to read

    Some Schuldschein arrangers are expecting that a syndicate’s distribution skills may become more important this year, as conditions across capital markets become more chaotic.

    • 14 Jan 2019
  • L’Occitane makes biggest buy to date

    Luxury cosmetics company L’Occitane has agreed to buy UK skincare brand Elemis for $900m, in what will be its biggest acquisition since it listed at the turn of the decade.

    • 14 Jan 2019
  • Japanese buyers to widen bids for US triple-A CLOs

    Large Japanese buyers of US triple-A CLO debt are set to move their bids for the bonds wider as managers line up the first US deals of 2019, said sources this week.

    • 14 Jan 2019
  • Shandong Qingyuan closes $430m loan with five

    Shandong Qingyuan Group has closed a $430m one year self-arranged club loan with five participants.

    • 14 Jan 2019
  • BRI launches $700m borrowing at tight levels

    Bank Rakyat Indonesia (BRI) has launched a $700m multi-tranche loan into general syndication, raising some debate among bankers about the tight pricing on offer.

    • 14 Jan 2019
  • Sritex eyes $350m loan for bond buy-back

    Indonesian textile company Sri Rejeki Isman (Sritex) has returned to the syndications market for a $350m loan that will go partly towards a bond buy-back.

    • 11 Jan 2019
  • US will try to stop MDBs securitizing

    Hopes of a thriving new market for securitizations by multilateral development banks hit a hole in the road in December, when the US Treasury said it disapproved of them and would seek to stop them.

    • 10 Jan 2019
  • Bashing World Bank damages US interests

    That US president Donald Trump’s administration should pick a fight with the World Bank — and the bevy of other multilateral development banks the US owns shares in — is no surprise.

    • 10 Jan 2019
  • Levfin investors band together against borrower domination

    Investors in the leveraged finance market established a new trade body this week, giving them the chance to push back against aggressive covenant terms, and offering an alternative forum to the Association for Financial Markets in Europe, increasingly dominated by the sell side following a mass walk-out by the buy side last year.

    • 10 Jan 2019
  • World Bank risks US wrath with China loans

    Research by a US thinktank shows that the World Bank will have to carry out major reform of its lending to China to meet US-driven goals to focus loans on projects with benefits outside wealthy provinces. By Phil Thornton

    • 10 Jan 2019
  • Lenders face post-Libor administrative nightmare

    Loans desks are facing an unprecedented administrative ordeal over the next two years, as there will likely be no way to swap sterling loans that reference Libor to a new benchmark rate on a wholesale basis.

    • 10 Jan 2019
  • ESI expands lending group

    France’s ESI Group has signed a €40m syndicated loan, with the virtual prototyping company adding to its banking group through the deal.

    • 10 Jan 2019
  • Fitch joins ESG caravan with relevance scores

    Fitch Ratings has remedied its long lack of a visible response to the rise of environmental, social and governance investing by launching a set of ESG relevance scores.

    • 10 Jan 2019
  • Chexim guarantee helps Afreximbank borrow as Chinese inflows rise

    African Export-Import Bank has closed a $500m five year term loan, it announced on Wednesday, partly guaranteed by the Export-Import Bank of China. The presence of a mainly Asian syndicate has sparked discussion about the continually increasing Chinese capital flowing into Africa.

    • 10 Jan 2019
  • Barry Callebaut opts for Schuldscheine over bonds

    Barry Callebaut, the chocolate company headquartered in Switzerland, has launched a triple tranche Schuldschein a month after a roadshow for a sustainable bond failed to produce a public market result.

    • 10 Jan 2019
  • Cobepa mandates two for Scalian as underwriters start deal hunt

    Belgian private equity firm Cobepa is funding its acquisition of Scalian, the engineering consultancy, with two French investment banks.

    • 10 Jan 2019
  • Anta launches €2.2bn loan with HSBC joining as MLAB

    Anta Sports Products has launched its €2.2bn loan to back the acquisition of Amer Sports Oyj into general syndication, with HSBC joining the bookrunning group.

    • 10 Jan 2019
  • UK portion of US PP market swells to over a fifth

    The proportion of overall issuance in US private placements sold by UK borrowers may have risen to over 20% for the first time in years.

    • 09 Jan 2019
  • EMEA swarmed as Brexit looms

    The high grade loan market flew out of the starting blocks this week, as syndicate desks have encouraged clients to get any fundraising they need before the UK leaves the European Union on March 29.

    • 09 Jan 2019
  • Elfa triggers chain reaction across levfin trade bodies

    Leveraged finance industry bodies are a changin’. The two main trade organisations led by the sell side are set to open talks with a new, more independent investor lobby taking its first steps on Wednesday.

    • 09 Jan 2019
  • China Water Affairs closes $300m loan with 17

    China Water Affairs has closed a $300m loan launched last November, with 16 participants joining the deal in syndication.

    • 09 Jan 2019
  • Haitong seeks HK$13.8bn refi via 16 banks

    Haitong International Securities has returned to the loan market for a HK$13.8bn ($1.7bn) refinancing led by a 16-strong group of mandated lead arrangers and bookrunners.

    • 09 Jan 2019
  • Overheating lev loans may breed HY issuance, says HY sell side

    While leveraged market participants expect loans to maintain their lead over fixed income in volume terms, some underwriters and lawyers believe market fatigue is beginning to make borrowers turn their attention to high yield bonds again.

    • 08 Jan 2019
  • Austria’s Porr opens Schuldschein market with two deals in one

    Austrian construction firm Porr has become the first Schuldschein borrower in 2019, launching a pair of deals totalling €150m that are offered in three maturities. The deal was launched on Monday, and some of it is for green projects.

    • 08 Jan 2019
  • QNB pitching for general syndicate in euro test

    Bankers have confirmed that Qatar National Bank has entered the second phase of syndication to refinance an existing €2.25bn facility due for maturity in May 2019.

    • 08 Jan 2019
  • More funding for MTG as Nova sale collapses

    Sweden’s Modern Times Group has signed more bank funding related to spinning off Nordic Entertainment, as the media company’s talks with PPF to sell its Bulgarian business were scuppered after falling foul of regulators.

    • 08 Jan 2019
  • Avolon flies in for $300m borrowing

    Aircraft leasing company Avolon has returned to the offshore syndications market for a $300m loan.

    • 08 Jan 2019
  • Pick-up in China M&A loans is just a pipe dream

    A handful of outbound M&A deals announced in the second half of 2018 have given leveraged and acquisition finance bankers hopes for a rebound in action this year. But with many roadblocks ahead, being "cautiously optimistic" will be critical.

    • 08 Jan 2019
  • Jim Yong Kim quits World Bank as Trump influence fears grow

    The unexpected decision by Jim Yong Kim to stand down as World Bank president three years ahead of schedule will raise worries in the development community that Donald Trump will use the opportunity to select a political appointee. By Phil Thornton

    • 07 Jan 2019
  • BNPP hires senior Schuldschein originator at BayernLB

    BNP Paribas has hired a senior originator at BayernLB to cover the Schuldschein market.

    • 07 Jan 2019
  • US PP agents braced for price move as vol bites

    US private placement agents are preparing bids for transactions with higher yield targets than much of last year. But as borrowers are forced to offer chunky new issue concessions to lure public bond investors into primary markets, US PP agents are confident that pricing in their market is still enticing for issuers.

    • 07 Jan 2019
  • Lilly to pay $8bn for Loxo Oncology as cancer M&A soars

    Eli Lilly, the US pharmaceuticals company, has agreed to buy Loxo Oncology for around $8bn, as big ticket consolidation in the drug sector continues apace.

    • 07 Jan 2019
  • Nigeria loan market prospects divide opinion

    Pessimism hangs over Nigeria's chances of entering the loan market in 2019 as the country battles an economic slowdown, a commodity slump and political uncertainty. But not all loans bankers are so glum about the chances of Africa's most populous nation and biggest oil producer raising debt from international financiers.

    • 07 Jan 2019
  • Danske hires Thirasilpa for leveraged finance

    Danske Bank has hired DNB Markets’ JoJo Thirasilpa as a managing director in leveraged finance.

    • 07 Jan 2019
  • StanChart nabs two loan syndicate bankers

    Standard Chartered has hired two loans syndicate bankers, in Hong Kong and Shanghai respectively, according to a source close to the move.

    • 07 Jan 2019
  • BNP loan syndicate head relocates to Sydney

    Wayne Green, head of loan syndicate and sales for Asia Pacific at BNP Paribas, has relocated to Sydney for another position, according to sources close to the situation.

    • 07 Jan 2019
  • BOC HK loses senior loans banker

    A senior loans syndicate banker at Bank of China (Hong Kong) has left the firm, according to a source close to the situation.

    • 07 Jan 2019
  • Vinci in talks with banks for £2.1bn Gatwick M&A debt

    Banks are courting France’s Vinci to grab lending spots on the company’s £2.9bn acquisition of a controlling stake in UK airport Gatwick. A bond issue from Vinci is possible in the first half of this year.

    • 04 Jan 2019
  • Loan market expects continued recovery of Turkish borrowers

    Turkey is on track to continue its recovery in financial markets, as inflation declines and the lira rebounds from its crisis of August, according to syndicated loan bankers.

    • 04 Jan 2019
  • EDF seals green RMB loan from CréditAg China

    Electricité de France, the Paris-based electricity company, raised a Rmb122m ($17.8m) one year bilateral loan through Crédit Agricole CIB (China) on December 20.

    • 04 Jan 2019
  • VPBank Finance returns for short tenor loan

    VPBank Finance has made a quick comeback to the international syndications market for a $130m borrowing with a short one year tenor.

    • 04 Jan 2019
  • Bank of the Lao PDR seeks separate $100m loan

    The central bank of Laos is seeking a $100m loan through Taipei Fubon Bank, while simultaneously syndicating another deal of the same size via Cathay United Bank.

    • 04 Jan 2019
  • China Everbright Greentech seeks HK$800m five year

    China Everbright Greentech, an environmental protection service provider under China Everbright International, is testing lenders’ appetite for a HK$800m ($102m) syndicated loan.

    • 04 Jan 2019
  • Corporates could get double whammy by investing cash in renewable energy assets

    Companies usually park their reserves of cash in staid, low-yielding liquid assets. But asset managers are trying to persuade them to invest some of that money differently, in a way that could help them live up to their environmental commitments.

    • 03 Jan 2019
  • US PP market gearing for Brexit-inspired flow

    US private placement market participants are expecting a busier time than usual as volatility due to the UK's departure from the European Union pushes borrowers away from the sterling bond market.

    • 03 Jan 2019
  • AFC raises $300m facility

    Africa Finance Corp has raised a $300m loan facility from a consortium of international lenders.

    • 03 Jan 2019
  • Two lenders win big in $74bn BMS Celgene merger

    The US’s Bristol-Myers Squibb (BMS) has picked two banks to provide the debt portion of its $74bn acquisition of biotech firm Celgene, in one of the biggest pharmaceuticals mergers in recent years.

    • 03 Jan 2019
  • Ashtead continues loan market’s A&E streak

    The UK’s Ashtead has ramped up the size of its bank facility to $4.1bn, as amend and extend operations continue unabated after the Christmas break.

    • 03 Jan 2019
  • Loan pricing to swing higher as markets change

    Is pricing in the Asian loan syndications market finally bottoming out? All the signs for an uptick in margins this year are there, writes Pan Yue.

    • 03 Jan 2019
  • Qatari banks finish 2018 on a high

    Qatar’s Doha Bank has closed a $525m unsecured facility as lenders demonstrated healthy appetite for the small and politically isolated Gulf country.

    • 02 Jan 2019
  • Schuldschein readying ships for year ahead

    Schuldschein players are not expecting much deal flow this week but most are optimistic that the market is in a better shape than others. A busier first quarter is expected as a consequence.

    • 02 Jan 2019
  • Loans primed but levfin needs strong start

    The 2019 loans market is raring to go, but lending officials say that the leveraged loan market needs some strong deals right away to ease the hangover lingering from last year.

    • 02 Jan 2019
  • Sovcomflot raises $264m but uncertainty 'killing the market'

    Russian shipping firm Sovcomflot has closed a $264m club facility with five international lenders, although the outlook for Russian companies in the syndicated loan market remains questionable going into the new year.

    • 02 Jan 2019
  • Laos central bank keeps pricing flat on loan return

    Bank of the Lao PDR is taking commitments for a $100m four year borrowing in general syndication, offering lenders terms that are identical to its last offshore facility from 2015.

    • 02 Jan 2019

Global Syndicated Loan Volume

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 10,609.64 9 44.00%
2 JPMorgan 1,066.00 5 4.42%
3 Mizuho 972.79 2 4.03%
4 Citi 741.50 5 3.07%
5 Deutsche Bank 709.50 4 2.94%

Bookrunners of Middle East and Africa Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 7,434.76 18 7.11%
2 First Abu Dhabi Bank 7,164.47 27 6.85%
3 Standard Chartered Bank 7,114.19 32 6.80%
4 Sumitomo Mitsui Financial Group 6,785.55 14 6.49%
5 Citi 6,751.47 22 6.45%

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Swedbank 160.81 1 11.11%
1 Sumitomo Mitsui Financial Group 160.81 1 11.11%
1 SEB 160.81 1 11.11%
1 Nordea 160.81 1 11.11%
1 Natixis 160.81 1 11.11%

Bookrunners of European Marketed Syndicated Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 9,498.80 2 86.78%
2 Swedbank 160.81 1 1.47%
2 Sumitomo Mitsui Financial Group 160.81 1 1.47%
2 SEB 160.81 1 1.47%
2 Nordea 160.81 1 1.47%

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%