Year:
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Green companies seek ‘voice in the debate’ — EDF CFO
Sixteen companies, all leading green bond issuers, have formed a Corporate Forum on Sustainable Finance. Electricité de France was the prime mover. Xavier Girre, chief financial officer of EDF, tells GlobalCapital why the group is needed, why he supports a green supporting factor and how EDF’s sustainable finance strategy is developing.
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Oman to overcome hurdles for debt raise
Bankers are confident that Oman can overcome the obstacles in the way of its borrowing capabilities, namely a large fiscal deficit and speculative grade ratings, in order to raise financing from international lenders.
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EMEA loan volumes nosedive 75%
Syndicated lending volumes in the EMEA region are down 75% from last year to record their worst January in five years, and senior loans bankers say the rest of the year is unlikely to get much better.
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Getty Images dusts off full refi after family takes back control
Getty Images launched a refinancing of its capital structure on Thursday, the company’s first capital markets outing since the Getty family regained control of it last September. An investment vehicle controlled by conservative activists the Koch brothers was willing to commit $500m of preferred PIK equity last year, but the refi of the debt stack had to wait for market conditions to improve.
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Aberdeen and Leicester unis set to raise US PP notes
The universities of Aberdeen and Leicester are marketing US private placements (US PP), it is understood, both of which willl be inaugural transactions.
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Geely drives in for tightly priced €1.4bn dual-trancher
Chinese automobile retailer Zhejiang Geely Holding Group has returned for a €1.4bn dual-tranche facility to refinance a bridge loan raised last year for its purchase of a share in Swedish truck maker AB Volvo.
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India’s Power Grid plugs in for 12 year debut Samurai
Power Grid Corporation of India has broken a seven-year absence from the international loan market to target Japanese liquidity for a ¥22bn ($201m) Samurai deal.
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IFRS 9 could worsen leveraged default rates, according to S&P
S&P expects speculative grade default rates to rise to 2.6% in 2019, from 1.9% at the end of last year, thanks to tightening credit conditions, and slowing economic growth. But new accounting standards could also worsen the credit cycle.
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Gerry Weber insolvency ripples through Schuldschein market
German fashion house Gerry Weber has filed for insolvency after failing to repay a Schuldschein tranche last November and after subsequent discussions with lenders about restructuring the company broke down. The result is that Schuldschein lenders are out of pocket and have yet another example of default in a market ill-suited to the idea. Silas Brown investigates.
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High grade secondary loan prices tighten
Secondary prices for investment grade loans have sharply fallen since the end of last year, with market participants pointing to tightening primary prices and few drawn loans as the most likely culprits.
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PDVSA sanctions put squeeze on Maduro
A fresh round of US sanctions on Venezuela’s government will add to the pressure on 46th president of Venezuela Nicolas Maduro to clear off, said bond investors.
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Comexposium raises loan to fund CAA buy
Comexposium, the French exhibitions group, has raised new debt to finance Crédit Agricole Assurances’ purchase of a majority stake from Charterhouse Capital Partners.
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Cash-rich Suek to tap market for $1.5bn refi
Siberian Coal Energy Co (Suek) is set to tap the market to refinance an existing pre-export credit facility, according to bankers. The borrower is usually one of the first Russian names in the market, and is notable for its robust liquidity position.
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Asahi’s round at Fuller a credit positive
Asahi has agreed to buy UK alcohol maker Fuller, Smither & Turner for £250m, with the debt-funded purchase expected to be positive for the Japanese brewer’s credit metrics.
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MET continues debt binge with revolver
MET Group, the originally Hungarian, now Swiss-based energy trading, generation and distribution company, has agreed an €885m revolving credit facility. It has more than doubled the amount of bank debt it has available in the past three years.
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BB Healthcare Trust switches revolver currency
The UK’s BB Healthcare Trust has amended its revolving credit facility, with the healthcare equity investment trust switching the base currency of its bank debt from sterling to dollars.
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US lifts Rusal and EN+ sanctions to muted reaction
The US Treasury went ahead with its plans to lift sanctions on Rusal and EN+ on Sunday. The move was well-flagged and has not caused much of a reaction in capital markets but was nevertheless seen as being ‘constructive’.
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Interplex eyes $400m to refinance acquisition loan
Singapore’s Interplex Holdings has returned for a $400m five year loan to refinance a 2016 borrowing that supported its acquisition by Baring Private Equity Asia.
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Wittur pockets loan add-on as market mood improves
Leveraged loan bankers in Europe speak of a growing pipeline, but the only deal priced this week was a small loan extension from Wittur, the German maker of lift parts.
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Wharf eyes tightly priced HK$8bn fundraise
Hong Kong-listed Wharf Holdings, whose operations span property development and investment, is seeking a HK$8bn ($1bn) borrowing at tight levels.
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Luye Pharma allocates $300m loan among nine
Chinese drug developer Luye Pharma Group has closed a $300m loan after a five-month syndication.
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Southern Water launches last step in cap stack revamp
Southern Water launched a tender offer on Wednesday as the last step in a full-scale revamp of its capital structure — a journey which helped RBS handle nearly £1.3bn in uncollateralised swap exposure — in the largest ever repackaging of inflation risk. Ross Lancaster and Owen Sanderson report.
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Corporates form their own green finance body
Sixteen European industrial companies have formed the Corporate Forum on Sustainable Finance, to grant themselves a stronger voice in the green bond market and promote the use of sustainable finance products.
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EBRD, EIB jockey for position in revamped Juncker plan
The European Investment Bank, European Commission and EU member states are struggling to decide how to run InvestEU, a €47bn guarantee from the EU budget supposed to support €650bn in investment, as a successor to the Juncker plan. The Commission is seeking more direct control, while the European Bank for Reconstruction and Development is also after a bigger role.
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Trio get $5.9bn of ESG loans as green wave sweeps new ground
Three companies have signed sustainability-linked and green loans this week, as the product's seemingly inexorable rise brings it to new companies and into new countries.
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ICPF signs Australian green loan first
Investa Commercial Property Fund (ICPF) has signed the first green loan from an Australian borrower, as sustainability-linked lending continues to gain global traction.
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Finnair lands revolver refi as it expands Asian routes
Finnair has signed a €175m revolving credit facility, as it expands its routes to fly to new Asian destinations.
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Thames Water raises further US PPs
Thames Water sold roughly £220m of US private placement notes this January.
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Profit Reach uses put option in lieu of loan guarantee
Profit Reach, an investment vehicle owned by Chinese billionaire Shen Guojun, is seeking a $550m refinancing loan with a rare put option provided to lenders. The deal has raised debate over whether the structure can catch on in Asia. Pan Yue reports.
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Loans news in brief: January 24, 2019
Ping An Real Estate seeks $300m — ICTSI tests appetite for €260m — Huifeng Petrochemical debuts with $200m
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Rolls-Royce and Thames Water sell US PPs
Rolls-Royce & Partners Finance (RRPF), a structured aero-engine lessor owned by GATX Corp and Rolls-Royce Holdings, has sold a $700m US private placement (PP). It’s the fourth time it has entered the market, and the second in 12 months.
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Apollo cheers levfin market with £3.3bn take-private of RPC
Apollo Global Management is to buy UK plastic packaging producer RPC in a £3.323bn debt-backed leveraged buyout. The US private equity firm beat off competition from Bain for the FTSE 250 listed company.
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Bottoms up: Wetherspoon ups loan to £875m
The UK’s JD Wetherspoon has increased its sterling revolving credit facility to £875m, as the pub chain with heavily pro-Brexit management announced significantly higher costs in its latest trading update.
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EM primary market sluggish despite strong secondary
Emerging market investors are enjoying an excellent start to the year in the secondary market, but primary supply has not maintained its strong start to the year. Bankers and investors are confident that issuers will get moving soon though.
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Ping An Real Estate seeks $300m through Deutsche
Ping An Real Estate, a unit of Ping An Group, is returning to the loan market for an up to $300m borrowing after a two-year absence.
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Far East Horizon throws open $580m deal into general
Far East Horizon has opened into syndication a $580m-equivalent three year term loan via six mandated lead arrangers and bookrunners.
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Haitong UniTrust pays up for quick loan comeback
Haitong UniTrust International Leasing, owned by Haitong International Securities, is seeking a $100m loan as its parent company also woos lenders to a separate, larger facility.
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Turkish debt – get it while you can
Backed by a resilient and toughened banking system, Turkish debt could be one of the most rewarding investments in loan and bond format alike. As the country recovers from the currency crisis of August 2018, it is high time for those still standing on the platform to board the Turkish train.
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Solvay continues ESG drive with sustainable loan
Belgium’s Solvay has signed a €2bn sustainability-linked revolving credit facility, as the chemicals company progresses with one of the most ambitious decarbonisation undertakings in its industry.
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North Americans look across the Atlantic for PP returns
Two US PP institutional investors headquartered in the US are considering lending to UK borrowers for the first time this year.
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RBI rule loosening to propel Indian loan volumes
The Reserve Bank of India’s recent relaxation of rules governing offshore fundraising is set to give a fillip to dollar loan volumes from the country, bankers told GlobalCapital Asia this week.
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ICTSI tests appetite for €260m syndication
Philippine company International Container Terminal Services has turned to banks for a €260m ($296m) fundraising, breaking a hiatus of more than two years from the loan market.
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Levfin perks up: IVC, Univ Europea coming
Leveraged finance markets in Europe are looking up, and bankers expect they may even see some deals priced before long.
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Prologis joins ESG loan party
The US’ Prologis has refinanced its $3.5bn-equivalent global credit facility, adding a sustainability-linked pricing feature to the multicurrency loan as green loans continue to gather pace on both sides of the Atlantic.
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Slim EM M&A pipeline threatens to dash bankers' hopes
Corporate mergers and acquisitions are the keys to loan market growth but the pipeline for the year ahead in emerging markets is far from promising, said loans bankers and analysts this week.
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Profit Reach cuts pricing on $550m refi
Profit Reach International, an investment vehicle owned by Chinese billionaire businessman Shen Guojun, has returned to the loan market for a $550m refinancing.
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Huifeng Petrochemical debuts with $200m borrowing
Shandong Huifeng Petrochemical Group is tapping the offshore loan market for the first time, seeking a $200m two year borrowing.
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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.
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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.”
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Shandong Qingyuan closes $430m loan with five
Shandong Qingyuan Group has closed a $430m one year self-arranged club loan with five participants.
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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.
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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.
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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.
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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.
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Avolon flies in for $300m borrowing
Aircraft leasing company Avolon has returned to the offshore syndications market for a $300m loan.
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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.
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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
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BNPP hires senior Schuldschein originator at BayernLB
BNP Paribas has hired a senior originator at BayernLB to cover the Schuldschein market.
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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.
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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.
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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.
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Danske hires Thirasilpa for leveraged finance
Danske Bank has hired DNB Markets’ JoJo Thirasilpa as a managing director in leveraged finance.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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AFC raises $300m facility
Africa Finance Corp has raised a $300m loan facility from a consortium of international lenders.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Bank Profiles
Latest news by market and league table performance
Global Syndicated Loan Volume
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 31,835.18 | 53 | 14.51% |
| 2 | Bank of America Merrill Lynch | 26,935.82 | 76 | 12.28% |
| 3 | Citi | 10,866.34 | 34 | 4.95% |
| 4 | Mizuho | 10,143.48 | 36 | 4.62% |
| 5 | Wells Fargo Securities | 9,286.22 | 39 | 4.23% |
Bookrunners of Middle East and Africa Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | MUFG | 766.21 | 2 | 8.47% |
| 1 | First Abu Dhabi Bank | 766.21 | 2 | 8.47% |
| 1 | BNP Paribas | 766.21 | 2 | 8.47% |
| 1 | Abu Dhabi Commercial Bank PJSC | 766.21 | 2 | 8.47% |
| 5 | Standard Chartered Bank | 409.06 | 1 | 4.52% |
Bookrunners of European Leveraged Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Credit Agricole CIB | 484.94 | 3 | 17.32% |
| 1 | BNP Paribas | 484.94 | 3 | 17.32% |
| 3 | SG Corporate & Investment Banking | 194.57 | 2 | 6.95% |
| 3 | HSBC | 194.57 | 2 | 6.95% |
| 5 | Natixis | 174.13 | 2 | 6.22% |
Bookrunners of European Marketed Syndicated Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Bank of America Merrill Lynch | 6,160.68 | 5 | 15.90% |
| 2 | Deutsche Bank | 3,400.72 | 4 | 8.77% |
| 3 | Commerzbank Group | 2,532.05 | 5 | 6.53% |
| 4 | Citi | 2,513.95 | 6 | 6.49% |
| 5 | BNP Paribas | 1,742.18 | 7 | 4.49% |
Syndicated Loan Revenue - EMEA
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 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% |
