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New facility smaller than the original but 20% larger than the launch amount
In Europe loans are the key to opening ancillary business while in the Middle East relationships should cap premiums
Market stress so far confined to consumer credit and SMEs across region
Tighter margin loan a 'sign of things to come' for infrastructure lending
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Hong Kong-listed Samsonite International has wrapped up syndication of a $2.425bn loan for its acquisition of premium luggage maker Tumi.
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While loan volumes in Europe, Middle East and Africa have fallen to their lowest year-to-date totals since 2002, refinancing deals have dried up.
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The loan market got a bit hot under the collar about events in Turkey last week.
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German airline Lufthansa boosted its latest Schuldschein to €475m, pulling big tickets from Chinese banks, while two debut UK issuers set out to test the market.
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Chinese search engine company Baidu is tapping the Asian syndicated loan market for the first time, opening a $1bn dual-trancher to lenders. It is offering close to what peers paid on recent loans, despite its more concentrated business model, but there is speculation it could be lining up an acquisition, writes Shruti Chaturvedi.
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Malaysia's Maybank has priced its latest $400m five year bullet loan tightly at 95bp over dollar Libor, launching the deal into general syndication last week.