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Thursday, 19 October 2017

Tessa Walsh' s stories

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  • Obituary: John Reffell

    People & Markets | 18 September 2015

    John Reffell, the charismatic former head of loan syndication at Chase Manhattan and Bank of Tokyo-Mitsubishi UFJ, has died after losing his fight against motor neurone disease. Reffell was one of the leading lights of the early syndicated loans market and a founder of the secondary loans market.

  • ​Park Square raises US$2.4bn fund

    Loans | 26 June 2015

    Park Square Capital, one Europe’s largest alternative capital providers, has raised US$2.4bn of committed capital for its Credit Opportunities II senior debt programme to invest in senior debt including leveraged loans as regulation continues to transform the market.

  • Italy's largest bank UniCredit is pictured in downtown Milan

    Better together

    Loans | 15 May 2015

    The upheaval in Europe’s banking sector and capital markets is being reflected in the changing structure of EMEA loan teams. UniCredit is the latest European bank to move to a combined global loan and bond syndicate team, following BNP Paribas’ recent move, setting the scene for further efficiencies.

  • A picture illustration of various currency notes

    Money for nothing?

    Loans | 08 May 2015

    Negative Libor rates could make investment-grade lending even less profitable, or even free, as banks try to resist borrowers’ requests to strip out zero Libor floors from loan documents, which raises the bizarre theoretical possibility that banks could have to pay borrowers to lend.

  • Secondary BWIC sales multiplying

    Loans | 02 April 2015

    Multiplying BWICs brings the total volume of secondary market selling orders so far this year to €1.535bn equivalent as sellers target high secondary prices after a strong first-quarter rally.

  • Fortescue

    Time still on Fortescue’s side

    Top News | 20 March 2015

    Fortescue’s unwillingness to pay up to access the US leveraged loan and high-yield bond market has put its opportunistic attempt to refinance its loans and bonds on hold for now, but the company is expected to wait for more favourable terms to tap the US market again, bankers said.

  • ProServ points to further discounts on energy loans

    Loans | 06 March 2015

    Arranging banks are facing further losses as they try to sell leveraged loans for US energy companies, including Express Energy Services and Vine Oil & Gas, that were funded before oil prices crashed in 2014, after UK-based undersea energy services company ProServ established a painful pricing benchmark last month.

  • Refi reduction

    Loans | 06 March 2015

    Refinancing rates in the US leveraged loan market are at their lowest point in six years as higher spreads and yields are deterring opportunistic borrowers from trying to cut borrowing costs. At US$20bn in the year to date, refinancing volume is a whopping 90% lower than in the first quarter of 2014.

  • European deals syndicated in the US

    Going global

    Loans | 20 February 2015

    The leveraged loan market is poised for further globalisation and internationalisation in 2015 after a pivotal developmental year for the European leveraged loan market in 2014, as markets, investors and products continue to converge.

  • Li Ka-shing

    CK Property gets ultra-low pricing

    Top News | 06 February 2015

    A HK$55bn (US$7.1bn) loan for billionaire Li Ka-shing’s Cheung Kong Property Holdings has attracted large low-ball bids that could set a new pricing benchmark for Asian and global investment-grade loans.