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CLOs and high yield bonds offer different avenues as securitization shows limits on tenor and size
Business has sagged in the third quarter, but the pipeline is busy, despite an intractable war
BNP Paribas and National Bank of Greece led $263m facility, Bahri's first international syndication
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This has been a week of wariness for euro investment grade corporate bonds. A German public holiday on Monday kept a lid on deals, but there were at least two go/no-go calls on Tuesday that yielded no deals, despite an improving tone in corporate spreads and stock markets.
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Attitudes towards Russian credits have miraculously softened this year and the friendly new outlook has even filtered to the loan market, as last week Norilsk Nickel signed the first sizeable unsecured dollar loan since the EU and US imposed their sanctions. But loans bankers would do well to remember what drove them away from Russian deals in the first place. -
BNP Paribas Investment Partners has launched a €500m direct lending fund which offers longer dated institutional loans alongside bank loans to small and medium sized European companies.
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New York-headquartered Multi Packaging Solutions allocated its multi-currency term loan refinancing late on Tuesday afternoon, with several more deals scheduled to have followed this week.
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Russia’s Norilsk Nickel has signed a $500m new money loan from five lenders, a deal which could set a precedent for Russian companies borrowing in the shadow of financial sanctions. However, tough operating conditions remain for the firm.
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After completing its first international bond issue earlier this year, Qatar’s Ahli Bank has also signed a $195m club loan — its second ever loan from international banks.
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