Investment Grade - All Articles

  • Formosa to mandate six banks for $2bn loan

    Formosa Plastics Corp has shortlisted six banks to arrange a multi-tranche financing for its Vietnam business.

    • 10.00 AM
  • Lenders reckon they’ll make budget but worries remain

    Loan syndicate desk heads at major European lenders are expecting to make budget this year, but the bulk of their desks’ profits will not be coming from the usual sources of loan income nor the torrent of bridge loans that hit the market in the Spring outbreak of the coronavirus pandemic.

    • 27 Oct 2020
  • Data shows only 18 loans swapped Libor for new rates as deadline looms

    European syndicated loan bankers say they are confident that the market is headed towards a tipping point in its transition from Libor, despite new data that showed just 18 publicly announced deals in markets that use Libor have signed or been amended to reference risk-free rates.

    • 26 Oct 2020
  • Greencoat Renewables takes term loan in leverage strategy shift

    Greencoat Renewables, the Irish renewable infrastructure company, has signed a €200m term loan, as it looks to manage its longer duration leverage.

    • 23 Oct 2020
  • Upstart broker rocks up in Schuldschein to spur secondary trading

    The secondary market in Schuldscheine is rudimentary, partly as the arranging banks have never wanted to encourage it. But a little known brokerage firm is quietly acting as a go-between, helped by its contacts with non-traditional investors, writes Silas Brown.

    • 22 Oct 2020
  • A2A breaks Italian long maturity yield record

    A2A, the Italian multi-utility, pre-funded for 2021 with a €500m trade on Wednesday with what the lead claims is the lowest yield for a deal of its type, as the company prepares to unleash its new business plan that will see it printing more green and sustainability-linked debt.

    • 22 Oct 2020
  • Enel doubles down on funding linked to 60% renewable target

    Enel has signed a sustainability-linked loan (SLL) days after printing a bond using the structure. The Italian energy company has doubled down on its sustainability plans by pinning both trades to the same goal.

    • 22 Oct 2020
  • Euronav gets $713m in loans as tanker outlook turns sour

    Euronav, the Belgium based crude oil tanker company, has signed a $713m loan package, as the sector outlook turns bleak after a strong start to the year because of an overproduction of oil.

    • 22 Oct 2020
  • Dairy producers Glanbia, Müller milk private placements

    Bavarian dairy group Müller is marketing US private placements, according to market sources, alongside nutrition group Glanbia.

    • 21 Oct 2020
  • Michelin wheels in SLL as IG loan maturities diverge

    Michelin, the French tyre maker, has signed a €2.5bn sustainability-linked revolving credit facility with a three year maturity, as loans bankers say the market has become more nuanced towards maturities since the onset of Covid-19 made many of them tighten terms.

    • 21 Oct 2020
  • MMG gets $800m loan for Peru mine

    Minera Las Bambas (MLB), a subsidiary of Hong Kong-listed MMG, has raised an $800m loan from four Chinese banks.

    • 21 Oct 2020
  • PLN scraps $300m loan on government support

    Indonesian state-owned electricity company Perusahaan Listrik Negara has cancelled a $300m loan, after receiving a capital injection from the government.

    • 21 Oct 2020
  • Aero supplier Meggitt looks to sell US private placements

    Aerospace and defence supplier Meggitt has entered the US private placement market, according to sources, on the hunt for at least $200m. Like others in the sector, Meggitt has struggled through the pandemic.

    • 20 Oct 2020
  • Enel links new loan to 60% renewables target

    Enel has signed a sustainability-linked loan (SLL) days after printing a bond using the structure. The Italian energy company has doubled down on its sustainability plans by pinning both trades to the same goal.

    • 20 Oct 2020
  • Quadgas breaks utilities’ silence in private placements

    Quadgas, a gas asset and infrastructure investment consortium that sits above UK utility Cadent Gas, has launched a US private placement, in the first whiff of a deal from the sector in the UK for more than six months.

    • 19 Oct 2020
  • SEEIT spends increased equity raise on Swedish gas firm buy

    SDCL Energy Efficiency Income Trust, the acquisitive UK-listed energy efficiency investor, is buying Swedish regulated gas distribution network Värtan Gas Stockholm. SEEIT has already completed an increased £105m equity sale and small debt issue to part-finance the purchase.

    • 19 Oct 2020
  • GardaWorld’s G4S lenders’ £180m payday

    The banks financing GardaWorld, the Canadian security firm, for its £3bn ($3.92bn) bid for UK rival G4S are in for a £180m payday if the deal goes through, but the target company has again rejected the bid.

    • 19 Oct 2020
  • MUFG hires levfin banker to lead capital markets

    JP Morgan's Raj Kapadia has joined MUFG as international head of capital markets, as the firm increases its leveraged finance focus. It has also set up a new group to advise clients at the C-suite level on market and macroeconomic developments, led by Tom Joyce, a hire from Deutsche Bank.

    • 16 Oct 2020
  • Millicom dials in ESG facility as Lat Am turns greener

    Millicom International Cellular, the Luxembourg-headquartered telecoms company, has refinanced its main bank credit line with one linked to environmental, social and governance metrics. It claims this is one of the first such deals for Latin America through its reach into the region.

    • 16 Oct 2020
  • Crypto firm Ripple starts XRP line of credit service

    Ripple, the US cryptocurrency company, has launched a line of credit available to some of its customers, as corporate financers say that blockchain technology will likely continue to create new services associated with traditional banking.

    • 15 Oct 2020
  • Körber enters Schuldschein market for new cash

    German technology company Körber has entered the Schuldschein market, on the hunt for at least €200m. This figure could rise with additional demand.

    • 15 Oct 2020
  • Mideast borrowers boost Asian loan market

    Two Middle Eastern borrowers are tapping the Asian loan market as part of a new syndication strategy, taking advantage of the slow primary supply in Asia.

    • 15 Oct 2020
  • Triton bolsters European biz with new debt fund

    Triton has closed a €744m private debt fund, Triton Debt Opportunities II (TDO II), focused on Northern Europe’s mid-market.

    • 14 Oct 2020
  • L&G offers HA Bernicia lengthy debt

    Bernicia, a housing association in the northeast of England, has sold long-term private debt to Legal & General. Housing associations have been a bright spark in an otherwise bleak picture for private market deal flow.

    • 14 Oct 2020
  • M&A banker Le Milon jumps to Barclays

    Barclays has hired Gauthier Le Milon as head of M&A for France, Belgium and Luxembourg.

    • 14 Oct 2020
  • Putting the 'K' in capital markets

    The coronavirus crisis will continue to lead to divergence in economic fortunes, and that will play out in European capital markets as well.

    • 13 Oct 2020
  • Edeka stocks up on Schuldschein

    Germany’s largest supermarket chain, Edeka, launched a Schuldschein on Tuesday, looking for at least €200m.

    • 13 Oct 2020
  • BB Energy brings in new lenders for annual refi

    BB Energy, the UK headquartered energy trading company, has signed a $197.5m syndicated loan, with the borrower increasing the size of its lending group and committing to build on new banking relationships.

    • 13 Oct 2020
  • Aveva signs sterling, skips dollar for OSI

    Aveva, the UK software company, has completed another round of loan financing linked to its $5bn purchase of US industrial software company OSIsoft, with the acquisitive firm taking a sterling revolver but scrapping a planned $900m loan.

    • 12 Oct 2020
  • SEWA woos banks for $250m loan

    Sharjah Electricity & Water Authority (SEWA), a state-owned firm in the United Arab Emirates, is making a rare appearance in the Asian syndicated loan market with a $250m borrowing.

    • 12 Oct 2020
  • Tesco signs £2.5bn facility with risk-free rates from day one

    Tesco, the UK grocer, has refinanced its sterling facility with a £2.5bn sustainability-linked deal that uses risk-free rates as a benchmark, as companies try to get to grips with the end of Libor.

    • 09 Oct 2020
  • Munich Airport seeks cash in Schuldschein market

    Munich Airport has launched a Schuldschein with an initial target of €200m, the first airport to enter the market since a flurry of deals in March as the coronavirus pandemic hit Europe.

    • 09 Oct 2020
  • Veolia opens taps on bridge loans for Suez merger

    Veolia, the French utility, has been successful with its sweetened €3.4bn offer for a 29.9% stake in compatriot water company Suez, opening the door to a full merger as the acquisitive company uses bridge loans and potentially an equity raise as part of the transaction.

    • 09 Oct 2020
  • Euronext preps equity sale to fund Borsa Italiana deal

    Euronext is preparing for a €2.4bn equity raise after it agreed a deal with London Stock Exchange Group for the Borsa Italiana.

    • 09 Oct 2020
  • Gold top: cream of direct lending biz covers up pain beneath

    Large deals and fundraising from a clutch of elite direct lenders, alongside high profile tie-ups with sovereign wealth funds, have prompted many to characterise direct lending as enjoying a golden age. But the success of some funds looks set to come at the expense of many others, writes Silas Brown.

    • 08 Oct 2020
  • Most companies yet to get going on switching loans from Libor

    Almost two-thirds of companies are still not prepared for the transition away from Libor, as lenders in London say they are in “intensive” discussions with clients and NatWest writes to thousands of corporate clients about the switch to risk free rates.

    • 08 Oct 2020
  • EMEA high grade debt soars 26% to $4.4tr

    Total debt among investment grade EMEA companies has rocketed by almost $1tr since last year, with more debt expected to be needed if a weak recovery leads to lower earnings and cashflow.

    • 08 Oct 2020
  • Indian loan market shows signs of revival, but faces challenges

    Indian borrowers are finally returning to the offshore loan market after months of little to no action. But even as a pipeline builds, bankers remain wary of challenges around execution. Pan Yue reports.

    • 08 Oct 2020
  • Amprion powers into Schuldschein market

    German electricity transmission firm Amprion launched Schuldschein and Namensschuldverschreibungen (NSV) notes on Wednesday, becoming the first borrower to launch a deal into the market this month. Bankers are gearing up for a busy fourth quarter.

    • 07 Oct 2020
  • NatWest writes to thousands of corporates about Libor shift

    NatWest plans to contact around 3,500 of its corporate clients from Thursday to inform them about the end of Libor as a benchmark and what their options and next steps are, as a recent survey showed that the vast majority of companies have not made any tangible efforts towards moving debt facilities to risk-free rates.

    • 07 Oct 2020
  • Fears of PP exodus as amendment round looms

    US private placement market insiders fear a round of early prepayments, as companies look to wriggle out of the straightjackets of financial covenants and issue public market bonds instead. Amendments brokered at the start of the coronavirus pandemic are up for review now, and sources think these talks will involve tough conversations between borrowers and lenders.

    • 06 Oct 2020
  • Libor transition: A dirty job but one for bankers

    Crunch time is coming for the shift away from Libor and a recent survey shows that the majority of companies have yet to do anything tangible in preparation. Quite right too. Lenders need to realise this is a bank problem, not a client issue.

    • 06 Oct 2020
  • Majority of companies haven’t started Libor transition prep

    Almost two thirds of companies are still unprepared for the transition away from Libor, as lenders in London say they are in “intensive” discussions with clients about the switch to risk free rates.

    • 06 Oct 2020
  • Reliance nets $1bn from loan market

    Indian conglomerate Reliance Industries has made a quick return to the loan market, raising a $1bn facility to refinance a bond maturing later this month.

    • 06 Oct 2020
  • VTG sells hefty Euro and US PPs

    German railway wagon lessor VTG has sold €550m of private placements to institutional investors in Europe and the US, according to market sources. More and more, US PPs are being marketed to traditional Euro PP investors.

    • 05 Oct 2020
  • Newlat confirms Hovis bid

    Newlat, the Italian food company, has made an offer for UK bread maker Hovis, as foreign companies continue their push to pick up some of the UK’s best known firms.

    • 05 Oct 2020
  • OVL mandates six for $700m loan

    ONGC Videsh (OVL), the overseas arm of India’s state-owned Oil and Natural Gas Corp, has picked six banks for a $700m borrowing.

    • 05 Oct 2020
  • Inland Homes expands loan as investment spending returns

    Inland Homes, a UK housebuilder, has triggered an accordion clause on a sterling loan to finance extra construction, as lenders say there are signs that companies are using money to invest again rather than firefight the effects of Covid-19.

    • 02 Oct 2020
  • Schuldschein bankers ready market for busy October

    Schuldschein lenders are gearing up for a wave of borrowers to tap the market this month, looking to capitalise on mounting piles of investor cash.

    • 01 Oct 2020
  • Eureden co-operative inks term and revolving sustainability loans

    Eureden, a French food co-operative, has signed about €550m of sustainability linked loans, with part of the money earmarked for acquisitions.

    • 01 Oct 2020