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Five months in, Alessandro Melzi is getting started on the plan, but his boss is about to change
A slow destruction of misallocated investment is more likely than a sudden stop
Investors confident software fears are overblown
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Egyptian General Petroleum Corporation (EGPC), a frequent borrower in the loan market, launched syndication for a $400m five year term loan on Tuesday. The loan, which will have a government guarantee, is expected to attract healthy demand. -
The City of London Corporation, via its endowment fund The City’s Cash, has held its first roadshow for its inaugural US private placement notes. The funds will be partly used to finance the consolidation of the Billingsgate, Smithfield and Spitalfields wholesale food markets at a new site in Dagenham, Essex.
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Belgium’s Cofinimmo has amended and restated its revolving credit facility, with the real estate investment company ramping up the size of its bank line to €400m.
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US-based energy trading firm Castleton Commodities International has signed $2.775bn of loan facilities, with European banks making up a large part of the group.
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With emerging markets loan volumes half of what they were by this time last year, syndicate staff are facing job cuts and increased pressure to find ways to compete for what scraps of business there are. The battlegrounds will be pricing and covenants.
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Indonesian power company PLN is set to launch a $1bn loan into syndication this week, after hiring a group of 10 banks to run the deal.
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