• Euro investors drive Skin Health buyout loan tighter

    Euro investors gave the buyout debt for EQT and Abu Dhabi Investment Authority’s purchase of Nestlé Skin Health a particularly strong reception. Driving pricing through 400bp despite the high leverage on the deal.

    • 18 Jul 2019
  • Pension big beasts stomp into PE territory

    Pension funds, especially Canadian ones, are increasingly direct participants in the largest leveraged buy-outs. They're appearing not just as members of consortia, but also sometimes alone, as in Ontario Teachers' purchase of Trivium, a spin-out from packaging firm Ardagh.

    • 18 Jul 2019
  • US bank chiefs upbeat on deal flow after poor Q2

    Leaders of the big US investment banks were cautiously optimistic about upcoming investment banking activity, despite a poor second quarter across their capital markets divisions.

    • 18 Jul 2019
  • Créd Ag sticks to its strength and shuns grand pretensions

    Crédit Agricole’s corporate and investment bank (CA–CIB) aims to be realistic in how offers value to clients and its parent company. It’s looking to achieve growth without overreaching in unprofitable or less strategic areas, writes David Rothnie.

    • 18 Jul 2019
  • Private equity for the people

    The biggest pot of money most people will ever have is their pension, so it’s vital that this cash is worked as hard as it can be.

    • 18 Jul 2019
  • TDR's Ei Group bid could leave legacy securitization in place

    TDR Group’s bid for UK pub chain Ei Group is targeting a company that is already highly levered, thanks in part to the company's legacy securitized debt – first structured in the 1990s as part of a wave of pubco whole business buyouts.

    • 18 Jul 2019
  • Duniatex unit’s dollar default hurts lenders, crashes bonds

    A subsidiary of Indonesian textile company Duniatex missed an interest payment on a $260m syndicated loan last week, causing the bond price of its sister company to collapse and bankers to wonder about the wider health of the sector. Pan Yue reports.

    • 18 Jul 2019
  • GEMS to raise $1.85bn package, preps for CVC acquisition

    Dubai-headquartered international education provider GEMS Education is seeking a $1.85bn debt package to support CVC Capital Partners taking a minority stake in the company.

    • 18 Jul 2019
  • Salini plans capital raise and bank lines for Astaldi buy

    Italy’s Salini Impregilo is pushing ahead with plans to buy compatriot troubled construction rival Astaldi after getting the preliminary nod from financiers, with the acquiring company set to raise €600m among a raft of funding agreements.

    • 17 Jul 2019
  • Citychamp closes $150m deal with five

    Hong Kong’s Citychamp Watch & Jewellery Group has closed a $150m term loan with five lenders.

    • 17 Jul 2019
  • Take-private turbulence holds levfin in the balance

    The leveraged loan market in Europe is relying on several high profile take-private trades to rescue volumes and fees for 2019, and give the squeezed CLO market much needed supply. But these deals are vulnerable, and can easily fall apart, as sponsors must navigate an obstacle course of trade buyers, competition authorities, and recalcitrant shareholders.

    • 16 Jul 2019
  • Qingyuan makes rapid loan comeback

    Shandong Qingyuan Group Co, a Chinese petrochemical company, has made a quick return to the loan market with a $750m syndicated facility, six months after closing a club deal.

    • 16 Jul 2019
  • FCA’s Bailey urges loan market to switch to Sonia

    Andrew Bailey, CEO of the UK’s Financial Conduct Authority, said on Monday that progress was needed in the next “year or so” in moving the loan market away from Libor. He added that the consent solicitation undertaken by Associated British Ports to switch an FRN to Sonia was a model for other borrowers.

    • 15 Jul 2019
  • Carlyle garners $3.1bn for new private debt fund

    The Carlyle Group has raised $3.1bn of investable capital and $2.4bn of equity commitments for its new credit opportunities fund, tapping investors’ interest in private debt to surpass the firm’s target goal.

    • 15 Jul 2019
  • Esma cancels ‘shadow ratings’ fine for Nordic banks

    The European Securities and Markets Authority (Esma) has had to row back on fines for four Nordic banks for issuing credit ratings, after an appeal board found that the banks had not broken the rules negligently.

    • 15 Jul 2019
  • Nine Dragons launches HK$3.9bn loan into general

    Nine Dragons Paper has moved a HK$3.9bn ($498m) loan into general syndication, giving a small group of banks two weeks to make a decision on the deal.

    • 15 Jul 2019
  • Sand Grove takes BCA stake after Woodford’s exit

    Event-driven hedge fund Sand Grove Capital Management has disclosed a 5% stake in UK car dealer BCA Marketplace, the subject of a takeover offer from TDR Capital. The purchase follows big sales from some of BCA’s cornerstone shareholders who had agreed to support the bid, including embattled Woodford Investment Management, and Invesco.

    • 12 Jul 2019
  • Amundi-EIB fund to seek riskier green bonds

    Amundi and the European Investment Bank are collaborating on a new €1bn fund aimed at bringing the benefits of green bond funding to smaller issuers in the EU and those with weaker credit quality. They will originate deals through a network of banks.

    • 11 Jul 2019
  • People moves in brief

    ING’s Boekhout to head Commerz corporate biz — ICBC loan syndication head resigns — Ex-Barclays’ Wright joins S&P

    • 11 Jul 2019
  • Add-backs take leverage levels above 2007 — BoE

    The Bank of England said that the proportion of new highly leveraged loans would swell from 18% of the market to 28%, once add-backs and subsequent borrowing were included, taking overall leverage levels in the market above those prevailing in 2007.

    • 11 Jul 2019
  • Can corp fin survive the Deutsche equities rout?

    Deutsche Bank’s strategic overhaul looks set to maintain the bank’s leading position in debt capital markets and leveraged finance. But it casts doubts over Deutsche’s ability to retain a top tier corporate finance franchise and could signal the slow death of its equity capital markets franchise, writes David Rothnie.

    • 11 Jul 2019
  • UBS to make a splash in private pools

    UBS’s decision to create a global team dedicated to private capital markets is symptomatic of a shift in how companies finance themselves and time their IPOs. With vast pools of private capital available, companies are going public later in their lifecycles, leading to stretched valuations and fewer listed companies. Aidan Gregory reports.

    • 11 Jul 2019
  • UBS founds new team dedicated to private capital markets

    UBS has created a new global team focused on private capital markets, giving it more exposure to a rapidly growing area of finance, as companies go public later in their life cycles and the amount of institutional and private money dedicated to private equity has grown and become more sophisticated.

    • 10 Jul 2019
  • WHOA Neddies: Dutch create new, flexible restructuring rule

    The Netherlands is about to pass an act inspired by US bankruptcy rules or English schemes of arrangement, updating an insolvency code that has proved ineffective for dealing with companies with secured debt — and has seen companies like Nyrstar redomicile to the UK as part of their restructurings.

    • 10 Jul 2019
  • Novaland debuts with $250m borrowing

    Vietnamese property developer Novaland Investment Joint Stock Co is making its loan market debut with a $250m facility.

    • 10 Jul 2019
  • Industry ignores Paris, worsens climate change

    Seven out of eight big companies with heavy carbon emissions are still behaving in a way that will lead to disastrous climate change, according to a report on Wednesday. The finding is not surprising, but underlines the reality that the growth of responsible investing has done far too little to make the economy sustainable.

    • 10 Jul 2019
  • ‘Net short’ defence language could prove useless in bonds

    Language to prevent ‘net short’ debt activist investors manipulating distressed corporates to benefit CDS positions could prove ineffective in bond documentation, shutting down the changes almost as soon as they have been introduced in the market.

    • 09 Jul 2019
  • Powerlong receives $200m from three lenders

    Powerlong Real Estate Holdings has received a $200m term loan from three banks, making a comeback to the loan market after one year.

    • 09 Jul 2019
  • UniCredit makes host of F&A appointments

    UniCredit has hired for a range of posts in its financing and advisory team, including roles in infrastructure, high yield, debt origination and as head of the Asia Pacific region.

    • 09 Jul 2019
  • Wolong revs up €150m debut loan

    China’s Wolong Electric Group is tapping the offshore market for the first time, seeking a €150m loan through sole lead bank Standard Chartered.

    • 09 Jul 2019
  • JP Morgan promotes Woehrn to lead sponsors M&A

    Carsten Woehrn will lead JP Morgan’s financial sponsors group for M&A in Europe, the Middle East and Africa.

    • 08 Jul 2019
  • Zhenro seals $120m debut loan

    Zhenro Properties Group has wrapped up its debut offshore borrowing at $120m-equivalent with commitments from five lenders.

    • 08 Jul 2019
  • Blackstone to model Merlin bond on notorious Refinitiv deal

    Refinitiv’s 2018 high yield bond was slammed for having the weakest ever investor protections. Now another Blackstone consortium is about to use that deal as a template in the £5.9bn public-to-private buyout of theme park giant Merlin. The financing package also features protection against short-selling debt activists — an activity associated with Blackstone unit GSO Capital. Karoliina Liimatainen reports.

    • 04 Jul 2019
  • Skin Health LBO sees second lien success

    The largest second lien tranche since the financial crisis, a Sfr1.3bn-equivalent deal, was placed to just five accounts, GlobalCapital understands, supporting EQT, Luxina and PSP’s $10bn buyout of Nestlé Skin Health. The big second lien tickets illustrate the depth of demand for the product, which has been buoyed by the cash raised for direct lending opportunities — and supports the deal through senior syndication.

    • 04 Jul 2019
  • SG targets sponsors biz in investment bank restructuring

    Société Générale’s revamp of its investment bank, first announced in April, will refocus the bank’s financing efforts around sponsor-driven business, as corporate clients are not steering enough fees towards the bank to pay for its balance sheet commitments.

    • 04 Jul 2019
  • Finnish pension behemoth explains attraction of ESG-linked loans

    Pension insurance company Ilmarinen, one of the largest investors in Finland with €47.4bn under management, is welcoming the nascent trend of sustainable loans, as it scans the market for instruments that create benefits for its whole portfolio.

    • 02 Jul 2019
  • Outokumpu breaks ground with ESG lev-loan

    Finnish stainless steel producer Outokumpu has signed a €400m sustainability-linked term loan, used mostly for refinancing its short term debt, and featuring margin cuts if the company hits targets linked to workplace accidents and carbon emissions. It's a step forward in a leveraged finance market that has so far taken only tentative steps towards sustainability.

    • 01 Jul 2019
  • Levfin revenue plunges as JPM rides high

    European leveraged finance revenue for the first half of the year is down more than 50%, according to figures from Dealogic released on Monday — and is increasingly going to a small handful of banks, in particular JP Morgan.

    • 01 Jul 2019
  • Żabka 'benchmarks off Allegro', launches loan for div recap

    Żabka Polska, an operator of Polish convenience stores, has launched a syndicated loan to fund a dividend recapitalisation, according to bankers. The transaction is following closely in the footsteps of fellow Polish corporate, Allegro, that closed a Z2bn (€470m) dividend recap in May.

    • 01 Jul 2019

Global Syndicated Loan Volume

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 213,812.03 563 11.35%
2 Bank of America Merrill Lynch 195,461.71 604 10.38%
3 Citi 116,002.39 349 6.16%
4 Wells Fargo Securities 103,434.43 382 5.49%
5 MUFG 99,604.74 569 5.29%

Bookrunners of Middle East and Africa Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Sumitomo Mitsui Financial Group 3,299.26 7 9.41%
2 Standard Chartered Bank 3,013.82 10 8.60%
3 First Abu Dhabi Bank 2,953.95 12 8.43%
4 BNP Paribas 2,737.23 6 7.81%
5 Citi 2,083.52 9 5.94%

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 5,725.19 29 6.40%
2 JPMorgan 5,589.28 27 6.25%
3 Credit Agricole CIB 5,555.86 31 6.21%
4 Deutsche Bank 5,084.59 30 5.68%
5 BNP Paribas 4,989.41 40 5.58%

Bookrunners of European Marketed Syndicated Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 27,431.07 110 7.85%
2 Credit Agricole CIB 25,823.81 106 7.39%
3 JPMorgan 21,834.93 53 6.25%
4 Bank of America Merrill Lynch 21,382.31 54 6.12%
5 SG Corporate & Investment Banking 16,786.71 79 4.80%

Syndicated Loan Revenue - EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Apr 2016
1 HSBC 35.45 69 6.71%
2 BNP Paribas 31.67 78 5.99%
3 ING 31.21 74 5.90%
4 Citi 22.60 36 4.27%
5 Deutsche Bank 21.89 32 4.14%