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Facility refinances loans signed in 2022 and 2023 with multiple institutions providing the financing
More robust growth expected in 2026
German promissory notes come into their own in times of stress
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Volkswagen’s real estate arm has been forced to change the terms of its Schuldschein, after investors failed to flock to the deal. A borrower issuing a second round of terms or price guidance is rare in the Schuldschein market, but this happened to Telefonica Deutschland in January. -
UK ticket printing company Paragon Group returned to the euro private placement (PP) market on Monday, becoming the first non-French issuer to raise Euro PP notes this year.
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The Commercial Bank of Qatar has signed a $250m borrowing with seven banks, in a deal syndicated in the Asian loan market.
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Indian power financier National Thermal Power Corp (NTPC) has closed its $350m-equivalent yen-denominated borrowing, attracting eight Japanese participants.
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North American private placement (PP) lenders are being routinely chosen over UK investors by borrowers in sterling, as a consequence of increasing advantages won through cross currency swaps, US PP participants have said.
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Commodity trader Glencore received a glorious response from the loan market to its latest refinancing, with the size of its annual revolver leaping by almost $4bn during syndication to close at $9.7bn. But senior bankers warned that this is a sign of lender desperation, not borrower strength, writes Michael Turner.
