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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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Europe's loan market was true to its reputation for calmness on Monday, with commitments for loans being syndicated coming through on Monday despite carnage in many global markets. -
UK electricity distributor Electricity North West, which manages electricity networks in the north west of England, has started marketing US private placements. However sources are worried the market will not cope with pricing transactions amid wild swings in Treasury yields.
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Investment grade European companies watched their credit spreads swing out by around 30bp on Monday as global asset prices plunged. Bankers warned that borrowers rated BBB- that have not prepared their capital structures for such a rapid decline in market conditions are going to have a tough time funding themselves.
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UniCredit has appointed a new global head of debt syndicate, as the present one is leaving the bank.
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The Bank of England may soon tweak its macroprudential policies and introduce a new funding scheme for banks to mitigate the economic impact of the Covid-19 coronavirus epidemic on companies. The measures would help lenders at a time when they could face pressure from lower rates and rising impairments.
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With the Schuldschein having grown into one of Europe’s foremost private debt markets, Asian and European banks have swarmed to it on the hunt for implied investment grade companies to lend to. But at the corners of the market, new characters are edging into the picture. According to several market sources, hedge funds and US investment banks have started to work their way into a still rare element of the centuries-old German market — distressed debt. Silas Brown investigates.
