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Emerging Market Loans

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  • Despite a mid-deal reverse flex on the margin from 560bp to 535bp, Turkish telecoms company Ojer Telekom’s $1.35bn second lien five year loan has been twice oversubscribed.
  • Kazakh corporate credits this week sought their first international syndicated loans since 2009, as London listed mining firm Eurasian Natural Resources Corp (ENRC) and sovereign proxy Kazmunaigas hit the market. The deals will be well-received, predicted bankers.
  • US commodities trader Cargill is close to signing a $1bn one year revolving credit facility after launching the deal in early February. The loan — the borrower’s first outing in Asia and Europe — was oversubscribed and the company is now hoping to increase the deal.
  • South African bank FirstRand will close a $100m loan on Monday, after getting strong demand on its first Asian syndication. It is now considering a last-minute increase, and could push the deal to $150m.
  • Two Middle East-based borrowers are set to provide the first test of margins for the region’s borrowers since political protests spread to the Gulf Cooperation Council statse from North Africa. Loans bankers are divided on whether the wider situation will force the companies to pay more for their deals or the hunger for deals among lenders will result in cheaper credit.