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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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Allied Irish Banks has bought around €4.2bn of performing corporate and commercial loans from Ulster Bank, marking a major step in the NatWest-owned Ulster Bank’s withdrawal from the Republic of Ireland. -
Altana, a German speciality chemicals company, has moved its main bank line to a sustainability-linked structure, with the borrower negotiating a margin in line with its pre-coronavirus pandemic levels.
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Indian Oil Corp is planning a return to the syndicated loan market after almost three years, sending out a request for proposals for a new borrowing.
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While the Schuldschein market has embraced ESG-linked financing, participants fear a lack of transparency around key performance indicators is an opportunity for greenwashing. The launch of a sustainability-linked deal Zeppelin, which traces its roots to the fabled aviation name, has heightened fears around market practices.
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Ferrovie dello Stato Italiane, the Italian state-owned railway company, has refinanced its main bank line, bumping up the size to €2.5bn as the company earmarks some of the money for capital expenditure.
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The UK’s Financial Conduct Authority on Thursday proposed creating a synthetic Libor for three sterling and yen settings to be used after the benchmark falls out of use at the end of this year. Market participants called the move “incredibly significant”.
