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Bankers say deals are still being launched and believe international rivalry can be negotiated
Banks accept some deals will bypass them — others they can intermediate
Sectors shape up as main sources of corporate syndicated lending demand amid renewed geopolitical uncertainty
New twist in Hollywood acquisition as Netflix adds $5bn revolver and $20bn of term loans
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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. -
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.
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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.
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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.
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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.
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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.
