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Absa, FirstRand and Standard Bank were MLAs in first deal after private equity exit
Omani oil company has pushed out maturity by a year
Renamed company's $4.2bn murabaha facility has lifted Saudi banks
Volume dips only slightly despite there being a third fewer transactions
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Deal-hungry lenders submitted commitments larger than the top $150m ticket on offer in an oversubscribed $1.2bn five year loan for Russian steel and mining company Metalloinvest led by BNP Paribas and Deutsche Bank. Generous pricing, which bankers put at 300bp, the promise of plenty of ancillary business and a dearth of large deals from Russia grabbed the attention of lenders.
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Russian borrowers are exploiting their dwindling volumes and intense competition between banks — as well as from alternative funding sources like Eurobonds — to squeeze better terms from lenders. Participants at this week’s Euromoney Syndicated Loans conference in London lamented a battle to the bottom in lending to the BRIC country.
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Kuwaiti mobile operator Zain may still sell its 25% stake in Zain Saudi to Saudi investment vehicle Kingdom Holding and Bahrain Telecommunications Co (Batelco), even though Abu Dhabi mobile operator Etisalat withdrew its $12bn offer for a 46% stake in Zain on March 19. The sale of Zain’s Saudi subsidiary was a condition of the acquisition laid down by the Saudi regulator.
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Eighteen international banks are set to join the bank group for Vnesheconombank’s $2bn three year club loan. The bank’s chairman told reporters in Belgrade on Thursday that the bank wants to sign a $2.5bn deal.