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Emerging Market Loans

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  • San Miguel Corp’s $1.3bn five year loan was launched into general syndication on Thursday, with leads offering lenders three different levels of commitments. The deal was already oversubscribed at the senior level, but the company plans to raise the size of the loan, depending on how much demand it gets in general.
  • Prince Housing & Development Corp’s NT$2bn ($67.28m) four year loan will wrap up syndication this week, after the bookrunner found just enough demand to cover the deal.
  • A consistent fall in swap rates in India is encouraging many companies to tap the offshore loan market, with bankers reporting that borrowers are shunning local currency deals in favour of cheaper dollar loans to refinance old debt.
  • San Miguel Corp’s $1.3bn five year loan was launched into general syndication on Thursday, with the leads offering lenders three different levels of commitments. The deal was already oversubscribed at the senior level, but the company plans to raise the size of the loan depending on how much demand it gets in general.
  • Russian miner Mechel hopes to issue a Eurobond later this year after the company’s rating has improved, Stanislav Ploschenko, Mechel’s CFO, has told EuroWeek.
  • Commodity trading company Gunvor Group has launched a $300m one year revolving credit facility to support its Middle East operations. It expects to close the deal in June.