Latest investment grade loans news
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Green Loan Principles revision adds US trade body and revolvers
The Green Loan Principles have been updated to include input from US industry body the Loan Syndications and Trading Association (LSTA), with the green lending framework now including language about revolving credit facilities.
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Freenet widens pricing after strong SSD run
European borrowers that flit between public and private debt have been choosing the Schuldschein market because of its comparatively tight pricing in the last few months but this week Freenet, the German telcoms firm, sweetened the terms it was offering investors.
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Tritax Big Box signs debut US PP
Tritax Big Box, the London listed industrial real estate investment trust, has sold £400m worth of 10 and 12 year US private placement notes, during the Brexit whirlwind that caused sterling bond markets to falter.
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UK PP investors fear losing ground as Brexit uncertainty looms
UK investors that buy US private placements often struggle to compete with North American investors on price, but their disadvantage could be made worse by Brexit, if, as expected, sterling bond spreads widen.
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Rheinmetall targets KNDS as defence sector under fire
Germany’s Rheinmetall is in talks to buy a stake in Dutch defence company KNDS, as the European defence sector tries to shelter from the fallout of Brexit.
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‘Expect size’ with Faurecia Schuldschein
French car parts supplier Faurecia has launched a Schuldschein expected to reach a size around €400m to €500m, as attractive euro and dollar spread ranges are planted to attract a wide group of lenders.
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EDF goes green with amend and extend revolver
France’s EDF has extended and amended its €4bn revolving credit facility to link it to environmental, social and governance (ESG) standards, as green-centric loans continue to gain traction among borrowers.
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PP specialist leaves BNP Paribas
The head of BNP Paribas’ EMEA unrated debt capital markets team has left the bank.
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US PP market rolls on through Brexit corporate chaos
The US private placement market (US PP) processed two sterling transactions last week, when TSB was forced to pull its prospective covered bond and VW had to pay elevated new issue concessions to access the sterling bond market. US PP agents believe this once again demonstrates the US PP market’s comparative stability against public markets.
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Commercial banks tighten grip on SSD as market internationalises
UniCredit will likely become the first commercial bank to finish a year in the top two arrangers in the Schuldschein market. As the market internationalises, many believe commercial banks are well placed to challenge the Landesbanks’ grip on deal flow.
Comment
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The alarm bells are going off across the City
Between sleeping and waking, there is a middle phase: you realise it’s time to get up, but can’t quite bear to admit you need to get out of bed. London’s debt capital markets teams are in that zone. Brexit’s alarm has sounded, but few are eager to haul themselves into the cold air of Frankfurt or Paris.
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Most Viewed: Syndicated Loans
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 | 437,447.77 | 1266 | 10.86% |
| 2 | Bank of America Merrill Lynch | 391,915.03 | 1262 | 9.73% |
| 3 | Citi | 248,091.66 | 723 | 6.16% |
| 4 | Wells Fargo Securities | 224,698.02 | 835 | 5.58% |
| 5 | MUFG | 178,471.81 | 1027 | 4.43% |
Bookrunners of Middle East and Africa Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 6,612.85 | 15 | 7.24% |
| 2 | HSBC | 6,299.76 | 16 | 6.90% |
| 3 | Sumitomo Mitsui Financial Group | 6,070.55 | 12 | 6.65% |
| 4 | Citi | 6,061.47 | 20 | 6.64% |
| 5 | Standard Chartered Bank | 5,727.55 | 25 | 6.27% |
Bookrunners of European Leveraged Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 19,012.51 | 88 | 7.60% |
| 2 | JPMorgan | 16,881.55 | 58 | 6.75% |
| 3 | Deutsche Bank | 15,679.29 | 58 | 6.27% |
| 4 | Credit Agricole CIB | 14,083.69 | 66 | 5.63% |
| 5 | Goldman Sachs | 13,902.00 | 61 | 5.56% |
Bookrunners of European Marketed Syndicated Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 46,952.57 | 194 | 6.54% |
| 2 | JPMorgan | 46,108.71 | 102 | 6.43% |
| 3 | UniCredit | 39,106.98 | 168 | 5.45% |
| 4 | Credit Agricole CIB | 36,670.04 | 182 | 5.11% |
| 5 | SG Corporate & Investment Banking | 35,773.91 | 138 | 4.99% |
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% |
