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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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Akbank has been defiant in the face of claims from pockets of the loan market that its latest deal will not gain enough traction to fully refinance the loan it is replacing, claiming that a 100% rollover is still a possibility. -
Investors’ eyes are on the Middle East this week as a slew of borrowers bring Sukuk trades to market, but while hopes are high for successful deals, a Turkish central bank rate decision looms large in investors’ minds.
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Kelvin Lim, a director of loan syndicate and sales of Citi, has left the bank, according to a source close to the move.
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Most rated Turkish corporates can handle their refinancing needs over the next 12-18 months, according to Moody’s. This is despite anecdotal evidence from bankers about deteriorating loan metrics in the country.
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Akbank’s revised lender-friendly terms on its syndicated loan looks like it will be enough to secure a decent deal, though some bankers considering the trade say the issue runs far deeper than risk adjusted pricing.
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Hong Kong-listed CMBC Capital, a subsidiary of China Minsheng Bank, is targeting Taiwanese bank liquidity for an up to HK$1.4bn ($178m) borrowing.
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