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AfDB hopes to launch multi-issuer securitization this year
◆ French firm takes €700m with unrated deal ◆ Double digit concession needed ◆ Deal prices inside debut, but returns higher yield
Deal liberates capital and tempts investors to take new frontier market risk
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Sponda, the Finnish property developer, has signed €600m of unsecured five year syndicated loans to refinance maturing facilities. -
Evonik Industries, the German chemical company, has completed €1.9bn of loan facilities with banks to fund its acquisition of a division of Air Products and Chemicals.
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Akbank is returning to the loan market for the second time this year, lining up one and three year tranches in euros and dollars.
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Recent allegations against Nomura about a syndicated loan that went bad has re-opened the debate on investment banks’ practice of minimal or zero holds versus commercial banks’ take-and-hold strategy. And the legal action initiated by Taiwanese banks shows there is a need for more transparency — even in secondary sell-downs.
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Springer Nature, the German academic book publisher, plans to prepay €420m of high yield bonds, refinancing them with a new secured loan.
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Louis Dreyfus Commodities Asia is seeking a $500m revolver and is offering the same pricing as it did on its last loan. This is despite its parent's income before tax having halved in 2015, compared with the previous year.
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