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It has been a sensational couple of weeks in emerging markets, with money flooding in and asset prices climbing ever higher, but the influx of new money is driving down yields further than some investors feel is justified. -
Egyptian General Petroleum Corporation (EGPC), a frequent borrower in the loan market, launched syndication for a $400m five year term loan on Tuesday. The loan, which will have a government guarantee, is expected to attract healthy demand.
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With emerging markets loan volumes half of what they were by this time last year, syndicate staff are facing job cuts and increased pressure to find ways to compete for what scraps of business there are. The battlegrounds will be pricing and covenants.
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Indonesian power company PLN is set to launch a $1bn loan into syndication this week, after hiring a group of 10 banks to run the deal.
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ANZ has restarted its loan syndications business in Europe, hiring two senior bankers in London.
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Żabka Polska, an operator of Polish convenience stores, has launched a syndicated loan to fund a dividend recapitalisation, according to bankers. The transaction is following closely in the footsteps of fellow Polish corporate, Allegro, that closed a Z2bn (€470m) dividend recap in May.
