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Six tranche loan attracts record demand
Bonds of energy importers have sold off, but investors convinced fundamentals are still strong
New methodology follows headroom created by S&P revision last year
Banks ready to do deals but wiser to wait
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Afreximbank has mandated 14 banks to syndicate a $700m loan, a little over a week after securing a Samurai facility of around $100m. -
Invitations are out for a $500m three year borrowing for State Bank of India, which has lined up 13 lenders to lead the deal with the money funded in March.
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The senior syndication phase for a $400m loan for Malaysian lender CIMB is close to completion, with three banks joining mandated lead arranger and bookrunner Standard Chartered.
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Moody’s has cut Agrokor’s rating from Caa1 to Caa2, a mere fortnight after lowering it from B3, as the possibility of default rises.
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Asset managers are looking to buy a piece of a $405m loan that is being restructured for Royal Industries, according to bankers on the deal. The Indonesian palm oil seller proposed the restructuring after failing to pay its first and second instalments.
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The Croatian government has followed up on its new law, designed to handle Agrokor’s debt crisis, by appointing an “emergency management commissioner” and overriding plans for the restructuring drawn up by creditors.
