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Leveraged loans in stressed sectors like software carry refinancing risk
Ferrero International markets €300m deal
Six tranche loan attracts record demand
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The gap between default rates for OECD and emerging market project finance bank loans has narrowed to almost nothing. However, on average, banks can expect to wait longer after a default to recover money owed outside the world’s most developed economies, according to S&P Global. -
VakıfBank will close its loan refinancing in the coming days and is set to be followed closely by Garanti Bank, as Turkish financial institutions defy the crisis of confidence in the country's economy triggered when the lira crashed in August.
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Bankers insist that the market, though deserted, is still open for at least a couple more weeks, but with the new issue premiums investors are demanding, it is difficult to persuade issuers to print.
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Sands China has closed a $2bn five year borrowing with participation from around 10 banks.
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Boston Scientific, the US medical devices manufacturer, has agreed to buy the UK’s BTG for £3.3bn, with Barclays providing a bridge loan to finance the medical industry transaction and continue the trend of borrowers turning to small banking groups to fund purchases.
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Shanghai Industrial Holdings is talking to relationship lenders for a refinancing of HK$2bn-HK$3bn ($255.4m-$383mm).
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