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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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Porsche Holding, the car distributor headquartered in Austria, launched a triple tranche Schuldschein on Thursday, which offered tighter margins for floating rate notes — a near novelty in the Schuldschein market, but a novelty that made sense to many market participants. -
Those at Lehman Brothers on Monday, September 15, 2008 will remember the moment the lines between the London and New York offices went dead.
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German snack food company Intersnack has launched a €150m-equivalent Schuldschein with euro and sterling tranches — evidence, market players said, of the flexibility of the instrument.
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The Central Bank of Turkey delivered a larger-than-expected interest rate hike this week that was given a cautious welcome by emerging markets bond syndicate bankers hoping to see some stability in the lira. Loans bankers working on a crucial $930m loan refinancing for Akbank — seen as a litmus test of foreign lenders' appetite to roll over loans to the financial sector — were nonplussed by the move, but still expressed confidence in rolling the bulk of the funds.
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Dutch firm Datacenter Group has signed a €52m syndicated facility as part of an acquisition that will see it become the also data centre provider in the Netherlands.
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Two Chinese companies, CMBC Capital and Luye Pharma Group, are tapping the offshore loan market for the first time, seeking HK$1.4bn ($178m) and $300m respectively.
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