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Big deal joins light supply in January
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
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A glut of syndicated loans has been signed among European high grade borrowers that are for general corporate and refinancing purposes — a sign, said loans bankers, that the market is returning to business as usual for the rest of the year, marking what will at least be a change from the frantic emergency capital raising which began in spring. -
Commerzbank expects its corporate division to remain under pressure from the coronavirus crisis in the second half of the year, after a second quarter where international firms rushed to take out debt products but the bank was stung by a large single provision, understood to relate to disgraced payments company, Wirecard.
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Companies across Europe are shifting their aspirations from surviving the coronavirus pandemic to making the most of the economic opportunities it may present. Both loan and bond bankers are seeing more requests to help clients fund M&A. In the last few weeks three companies have signed loans linked to acquisitions, and there are expected to be more after the summer.
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Hong Kong real estate company Swire Properties has raised a HK$1bn ($129m) green loan to make some of its projects more eco-friendly.
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Melrose Industries, the UK industrial conglomerate, has negotiated improved financial covenants with its lenders on around £4.1bn of debt, as loans bankers say there is still a backlog of companies looking to renegotiate covenants in the face of economic fallout from Covid-19.
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CP Pokphand Co, the Hong Kong-listed investment arm of Thailand’s Charoen Pokphand Foods, has closed a $400m loan for refinancing with 15 lenders.
