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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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Indian company ONGC Videsh has mandated four banks for a $500m fundraising, which is likely to be syndicated next month. -
Atresmedia and Sipartech came to the euro loan market this week, as lenders say there are already signs of borrowers packing up for the summer.
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WH Group has turned to banks for about $1.25bn to fund a share buy-back, as the world’s largest pork company takes advantage of attractive market conditions to raise a new loan. Unlike its acquisition fundraising eight years ago, which received plenty of criticism and pushback from lenders, the market’s response this time around is different — despite some initial confusion, writes Pan Yue.
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Two of the largest private placement investors have beaten the broader market to a deal with Biffa, the UK waste management company, after many investors expected the transaction to be widely marketed. More frequently, larger investors are going direct to borrowers with bilateral and club deals, undercutting the syndicated market.
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Moody’s has torn up one of the shibboleths of the Schuldschein market — that its borrowers are worthy of investment grade ratings. On Wednesday, the rating agency said a number of borrowers from the car parts sector were overleveraged and not profitable enough. Investors appear to share these worries, but the Schuldschein market offers them little protection and there is no reliable secondary market for them to sell into.
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Sipartech, the French fibre optic infrastructure company, has signed a €180m syndicated loan that will pave the way for the company to invest “massively” over the next three years.
