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HSBC, Mizuho and Standard Chartered coordinated deal which drew 10 lenders
Deal comes 11 years after the company's previous loan and was extended by two banks
Saudi Arabia mining firm furths relationships with international banks following a $1bn sukuk in January
First Abu Dhabi joins the syndicate for the short term loan all but equalling the size of a previous revolving facility
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Bharti could get senior-level commitments to its $7.5bn acquisition loan as soon as this week, said bankers close to the borrower, as some banks near the final stages of credit approval. The tight levels at which the deal was done in March this year have meant that Asia’s loans bankers are watching its success in syndication closely. -
Bankers railed against French telecoms firm Vivendi last week, criticising the proposed 55bp margin on a new five year facility and the borrower’s aggressive attitude to its refinancing. But the tight margin could be just what’s needed to get the loan market competing again with the bond market. It might also remind participants that the loan market is as much about relationships as it is return.
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Qatari Diar lit up the Middle East last week when it raised $25bn of orders on the way to pricing a $3.5bn government-guaranteed bond. Qatar proved that investors in the Middle East need the explicit backing of a sovereign before piling into a deal. But it would be wrong to say that the days of implicit guarantees are over.
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Turkey’s Halk Bankasi, a state-owned lender, has signed a $130m and Eu349m one year term loan, its first transaction in the syndicated loan market for over a decade.
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TPSA, Poland’s biggest telecoms firm, has begun talks with banks about a refinancing deal, bringing some welcome activity to eastern Europe’s barren corporate loan market.
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Nomura signed a $70m commodity murabaha on Wednesday night, becoming the first Japanese firm to tap the Middle East’s Islamic debt market. Nomura International increased the three year facility, guaranteed by Nomura Holdings, from $50m after an oversubscription.
