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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
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Some European high grade borrowers are postponing their loan plans, as the Covid-19 coronavirus continues to wreak havoc on financial markets.
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British American Tobacco is considering switching its existing revolving credit facility from Libor to Sonia, following Royal Dutch Shell’s trail-blazing Sofr-linked syndicated loan last year. The move would demonstrate a more galvanised move away from Libor in the loan market.
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Finland's SRV Group has tweaked the structure of its euro revolving credit facility to include a clause linked to issuing equity, as the real estate developer pushes ahead with a corporate restructuring programme.
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German auto and industrial supplier Schaeffler has launched an inaugural Schuldschein. The funds will be used in accordance with its green finance framework.
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HSBC has made Mehmet Mazi global head of debt trading and financing, a newly created position. It comes after the departure of Elie El Hayek, a veteran of the bank who had run fixed income.
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Italy's CNH Industrial has extended its revolving credit facility by a year, with all lenders agreeing to the capital goods company exercising the first of two one year options.