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Company last issued Schuldscheine in 2019
Platform to have two strategies — high yield and investment grade
Tranches in dollars and yen attract 12 banks
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Malaysian telecommunications company Axiata has raised $800m from an Islamic sustainability-linked loan. -
Chinese oil and gas company MIE Holdings Corp has missed interest payment on a dollar bond during the grace period, triggering cross-defaults on its loan facilities. The firm has been hit hard by tumbling oil prices this year, putting pressure on its liquidity.
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Santander has surged to the front rank of the EMEA syndicated loan market since the coronavirus crisis began — the bank made a deliberate strategic push.
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Emerging market loan volumes have declined further amid the panic and uncertainty that Covid-19 has plunged the market into. Loan bankers show little optimism and say that the second quarter will likely resemble the first.
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Activity in the high grade European loan market is tailing off, as the initial rush of borrowers securing crisis funding has begun to die down, according to lenders.
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With leveraged companies largely shut out of central bank bond buying and price support schemes, sponsors are mulling government-backed lending schemes in several European countries, as they seek to show other creditors that they have abundant access to liquidity. But the schemes often come with strings attached, which could do nearly as much damage to a sponsor's investment thesis as a restructuring.
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