Loan market borrowers are increasingly looking to take advantage of buoyant stock markets to IPO or raise equity, helping to cut leverage levels and improve financial structures. While the trend may represent a further disintermediation away from loans, it does give banks firm access to money-spinning opportunities.
Investment-grade loan pricing remains under pressure as competition between banks to win mandates remains fierce in a highly liquid market.
Trading and commodity firms including Trafigura, Bunge and ED&F Man are continuing to take advantage of competitive loan market conditions to refinance at lower funding costs.
- IPOs help generate new loans
- Cross-border M&A offers fillip
- Barclays throws M&A curve-ball
- Corporate A&Es spread
- SES shows continued pricing descent
- AMEC prompts M&A hopes
- EMEA raises US$930bn of loans in 2013