Latest investment grade loans news
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Telecom Italia offers a taste of pure Italy to Schuldschein lenders
Telecom Italia has returned to the Schuldschein market, but for the first time through its Italian listed holding company. After Italy's tax changes for foreign lenders four years ago, Schuldschein arrangers have hoped many more Italian borrowers will flock to the market. But it seems that Italian companies are coming to the market for price and diversification above all else.
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Lenders back LSE bridge despite hostile HKEX bid
A legion of lenders has joined London Stock Exchange Group’s $13.5bn bridge loan for its acquisition of data company Refinitiv, as the London exchange fights off a hostile bid from Hong Kong Exchanges and Clearing that could scupper the acquisition.
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Phoenix Spree draws on new loan
Germany’s Phoenix Spree has signed a €240m dual tranche term loan, with the UK-listed Berlin real estate investor drawing down the bulk of the new deal.
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Peab bolsters revolver as YIT asset buy nears
Sweden’s Peab has almost doubled the size of its local currency credit facility, with the construction and civil engineering company releasing a chunk of the financing once an acquisition finalises.
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National Express pulls into US private placement market
UK coach operator National Express has entered the US private placement market, according to market sources, looking for £200m-equivalent, in dollars, euros and sterling.
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PP: Live Data
Please see below.
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Loans in brief: September 13, 2019
Two UK airports set to sell US private placements - Market first as Northern Irish housing association seeks US PPs - Kernel set to secure yet another facility, as EBRD continues Ukrainian push - RMB Mauritius secures loan, months after dollar debt transfer
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Nissan debuts in US private placements, as car companies take shelter in private debt
Nissan has sold upwards of $600m US private placements in the first US PP deal for any Japanese car company, according to several people familiar with the situation. Headline deals from car companies in both European and US private debt markets this year has led market players to believe private investors are taking a rather forgiving approach to the industry’s challenging moment. Silas Brown reports.
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Auto industry takes comfort and cash in Schuldschein market
The car industry has long been a staple of the Schuldschein market, but this year more than borrowers than usual have taken a spin round the market in search of debt. The product has attracted a wide range of manufacturers, from its native Germany and the rest of Europe.
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Lonza refinances its revolvers and terms
Swiss medical firm Lonza has refinanced its term debt and revolving credit facilities, in dollars, euros and Swiss francs.
Comment
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Are you Sirius? Protecting retail investors from themselves
Sirius Minerals is in big trouble, and that means big losses ahead for the mainly retail investor base, who saw their shares dive 50% on Tuesday morning. Since the crisis, regulators have strained every nerve to keep complex, risky products out of retail hands — while retail investors have merrily piled into loss-making tech stocks, cryptocurrencies, and gambled on extractive industries. How much protection do they need?
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Bank Profiles
Latest news by market and league table performance
Global Syndicated Loan Volume
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 278,288.62 | 760 | 11.18% |
| 2 | Bank of America Merrill Lynch | 259,016.14 | 790 | 10.41% |
| 3 | Citi | 161,373.76 | 477 | 6.48% |
| 4 | Wells Fargo Securities | 142,081.38 | 533 | 5.71% |
| 5 | MUFG | 125,887.52 | 715 | 5.06% |
Bookrunners of Middle East and Africa Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Sumitomo Mitsui Financial Group | 3,696.09 | 10 | 8.33% |
| 2 | First Abu Dhabi Bank | 3,439.28 | 15 | 7.75% |
| 3 | Standard Chartered Bank | 3,038.82 | 11 | 6.85% |
| 4 | BNP Paribas | 2,705.06 | 6 | 6.09% |
| 5 | Citi | 2,349.19 | 11 | 5.29% |
Bookrunners of European Leveraged Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 8,809.80 | 59 | 6.94% |
| 2 | Deutsche Bank | 8,575.51 | 45 | 6.75% |
| 3 | Credit Agricole CIB | 8,141.15 | 43 | 6.41% |
| 4 | JPMorgan | 7,542.47 | 37 | 5.94% |
| 5 | Goldman Sachs | 7,283.60 | 38 | 5.73% |
Bookrunners of European Marketed Syndicated Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 34,547.72 | 148 | 7.51% |
| 2 | Credit Agricole CIB | 33,319.19 | 143 | 7.25% |
| 3 | JPMorgan | 25,404.62 | 68 | 5.52% |
| 4 | Bank of America Merrill Lynch | 23,368.44 | 65 | 5.08% |
| 5 | SG Corporate & Investment Banking | 22,509.71 | 104 | 4.89% |
Syndicated Loan Revenue - EMEA
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | HSBC | 35.45 | 69 | 6.71% |
| 2 | BNP Paribas | 31.67 | 78 | 5.99% |
| 3 | ING | 31.21 | 74 | 5.90% |
| 4 | Citi | 22.60 | 36 | 4.27% |
| 5 | Deutsche Bank | 21.89 | 32 | 4.14% |
