11 March 2010
Merck has approached a small number of core relationship banks about selling down some of its Eu4.2bn acquisition loan, but the main syndication process will be delayed until after the company issues a bond, expected early next week. read more »
David Bassett, Royal Bank of Scotland’s global head of syndicate, went on sabbatical at the beginning of the week, leading to an interim structure being established for the bank’s syndicate and frequent borrower businesses.
The Eu3.9bn Nord Stream loan, one of the highest profile project financings of the last year, is expected to be signed and go free-to-trade on Friday, bankers close to the transaction said on Thursday.
Abu Dhabi’s Mubadala, the sovereign investment fund, sent banks general term sheets for a $2.5bn three year revolver this week, according to bankers.
German car parts supplier Hella Hueck, rated Ba1/BB+, has signed a Eu300m three year revolving credit facility, replacing a forward start facility priced in 2009 that had not yet kicked in.
JD Wetherspoon has signed a £530m four year loan with a syndicate of 11 banks, increasing the size of the deal after it was heavily oversubscribed during syndication.
The Municipality of Istanbul launched a Eu151m syndicated loan early this week to back the construction of the city’s Haliç bridge.
10 March 2010
French engineering group Alstom is syndicating an Eu8bn loan to refinance a facility of the same size from July 2007, according to bankers connected to the deal.
Austrian oil company OMV has appointed seven banks to lead a Eu1.5bn refinancing before a bank meeting in Vienna at the end of the month.
Russia’s Tatneft has received a strong response from the market for its $2bn refinancing loan as a lack of supply from the country continues to entice lenders into deals.
05 March 2010
Few would argue that the syndicated loan market, hooked on fax machines and trades that can take months to complete, hasn’t long had an image problem. Some argue that it now also has structural and liquidity problems as banks hunker down for the Great Credit Contraction. Nina Flitman assesses banks’ efforts to introduce technology to solve these problems without compromising the syndicated loan market’s unique characteristics and the centrality of the relationship between borrowers and lenders.
EuroWeek, in partnership with Euromoney Seminars, interviewed some of the key participants at the recent 9th Annual Islamic Finance Summit in London. We asked leading industry figures to share their views on the latest developments in the Islamic finance world, including the creation of a new framework for derivatives and the push towards forming a true cross-border local market in the Middle East.
Video content produced by Euromoney Seminars - find out more at www.euromoneyseminars.com/eventsAbove, Mukhtar Hussain, CEO at HSBC Amanah, discusses whether or not the Islamic finance market is poised for further growth, how this can be achieved, and if Islamic products can bridge the gap left behind by conventional financing in the Middle East and Asia.
Click on the links below to hear:
Dr Hussein Hassan, head of structuring for Middle East and North Africa at Deutsche Bank, discuss the volume of Sukuk to be issued this year, where spread levels between Sukuk and conventional bonds will move, and the regulatory changes needed for Gulf markets to take off.
Dr. Mohamad Nedal Alchaar, secretary-general of AAOIFI, explain why Islamic finance needs deeper secondary markets and also says the industry should consolidate Sharia practices globally.
Robert Pickle, executive vice chairman, ISDA, explain why the Tahawwut master agreement, the first document for hedging transactions based on Sharia principles, is important for Islamic finance. He also says derivatives won’t be used for speculation, which is banned under Sharia rules.
Davide Barzilai, Partner, Norton Rose on why to attend the Islamic Finance Summit, where the Islamic financial market is at and where Norton Rose are focusing.
Merck and Pru bridges can’t span loans breach
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Bookrunners of all global syndicated loans — 2010 (March 4, 2010)
Cantor usurps leveraged finance banks with Mike Johnson hire
by Olly Copplestone
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Review of the Year 2009 & Outlook 2010
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