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Thursday, 14 December 2017

Tessa Walsh' s stories

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  • Back to the future?

    Loans | 24 November 2017

    Relaxing or repealing US Leveraged Lending Guidelines could offer banks the opportunity to take back market share lost to shadow banks and direct lenders and open the door to more multi-billion dollar buyout loans, bankers and investors said.

  • Loan banker Ellemann rejoins ABN AMRO

    People & Markets | 10 November 2017

    Peter Ellemann has joined ABN AMRO in London as a managing director in loan syndications, focusing on originating loans and private placements in Britain, Germany and France.

  • MOVES-Loan banker Ellemann rejoins ABN AMRO

    Ticker | 06 November 2017

    Peter Ellemann has joined ABN AMRO in London as a managing director in loan syndications, reporting to Jacco Keijzer, head of syndications, who is based in Amsterdam, the bank said on Monday.

  • Office Depot highlights retailers' loan woes

    Loans | 03 November 2017

    Office supply retailer Office Depot has been forced to sweeten terms on a US$750m term loan B after retailers’ secondary loan prices tumbled in the wake of department store JC Penney’s profit warning as the troubled sector continues to suffer in the US leveraged loan market.

  • Qatari loans test lenders' loyalties

    Loans | 06 October 2017

    A US$570m syndicated loan refinancing for Turkey-based QNB Finansbank is highlighting the growing difficulties facing international banks as they struggle to maintain impartiality in Qatar’s dispute with its neighbours.

  • Banks assess loan exposure as Qatar crisis deepens

    Loans | 29 September 2017

    Qatari banks and financial institutions in neighbouring countries that have severed diplomatic and transport ties are assessing their exposure to each other and seeking to sell loans in the secondary market as the crisis threatens to deepen.

  • EC gears up for market study

    Loans | 22 September 2017

    The European Commission is getting ready to kick off its review of the syndicated loan market with the appointment of a third-party surveyor to examine potential competition issues as part of a wider drive by the regulator to apply antitrust law to banking and financial services.

  • A Noble Group sign is pictured at a meet-the-investors event in Singapore.

    Banks cut exposure to Noble

    Loans | 09 June 2017

    Banks have sold about US$300m of a US$1.1bn revolving credit loan for Noble Group to funds, in a bid to limit their losses as the company appears to be gearing up for a contentious restructuring, banking sources said.

  • European Central Bank (ECB) headquarters

    ECB rules to reshape leveraged lending

    Top News | 09 June 2017

    The ECB’s final guidance on leveraged loans will reshape the European market when it comes into effect in November, but several key questions have yet to be answered as the countdown begins.

  • Lenders grapple with Brexit impact

    Loans | 19 May 2017

    The effects of Brexit are starting to be felt in the syndicated loan market as lenders seek greater flexibility on where and how they book loans to deal with the potential loss of passporting rights in a hard Brexit, a move that could cause operational problems for banks’ agency functions.

  • British Pound Sterling banknotes

    UK banks cut and run from local loans

    Top News | 10 March 2017

    UK banks are selling hundreds of millions of pounds of performing syndicated loans made to British companies to foreign banks as they try to boost profitability by reducing their exposure to - and even exiting - unprofitable relationships to meet growing pressure on balance sheets.

  • Valeant Pharmaceuticals logo

    Valeant rallies support with key refi

    Top News | 10 March 2017

    Valeant Pharmaceuticals has taken advantage of a welcoming US leveraged market to refinance, repay and extend the maturity on its creaking US$30bn debt pile with a mix of new loans and bonds as the troubled Canadian drugmaker’s equity price remains under pressure.

  • Opportunities for buyouts to remain muted in 2017

    Loans | 03 February 2017

    Lending to new European buyouts in 2017 is expected to be in line with €50bn in 2016 despite a possible rush for deals before the European Central Bank implements new leveraged lending guidelines, according to a report by Fitch Ratings.

  • British passport  pictured in front of an European Union flag

    LMA warns on Brexit’s loan impact

    Top News | 03 February 2017

    Britain’s plans to leave the EU are raising a raft of potential problems for the syndicated loan market, ranging from lower volume and liquidity to significant challenges and costs for agency and documentation, which the Loan Market Association is trying to pre-empt.

  • Strong demand supports high secondary prices

    Loans | 13 January 2017

    Loan traders expect a strong technical market and excess demand to support high secondary prices in early 2017 as fears of further rate rises funnel more cash into the asset class and traders focus on sectors that may benefit under the Trump administration.

  • Loan House and Asia-Pacific Loan House: HSBC

    All Special Reports | 16 December 2016

    For landing starring positions on the biggest global cross-border acquisition loans of the year and playing a leading role in Asia’s booming outbound M&A as China flexed its financial firepower, HSBC is IFR’s Loan House and Asia-Pacific Loan House of the Year.

  • EMEA Loan House: BNP Paribas

    All Special Reports | 16 December 2016

    Syndicated lending tumbled in 2016 as refinancing activity slumped in a volatile year full of political surprises. For providing much-needed stability, consistency and reliability in turbulent times, BNP Paribas is IFR’s EMEA Loan House of the Year.

  • Corporate debt still dominated by loans

    Loans | 02 December 2016

    Corporate bond issuance may be on track for a record 2016, but Europe’s €11.2trn of outstanding debt is still dominated by loans, according to a report by Fitch Ratings.

  • Banks mull ECB clampdown impact

    Loans | 02 December 2016

    The European Central Bank’s looming restraints on leveraged lending are raising questions among bankers as the new guidelines could hit profitability as well as curbing systemic risk by reducing the number of high-risk loans on banks’ balance sheets.

  • Cameron tackles Brexit, Trump for Carlyle investors

    People & Markets | 18 November 2016

    Former UK prime minister David Cameron said Brexit could provide opportunities for banks in Britain and Donald Trump’s US election win might also benefit the industry, in a speech to investors last week.

  • David Cameron

    Cameron tackles Brexit and Trump at Carlyle conference

    Ticker | 16 November 2016

    Former UK prime minister David Cameron said Brexit could provide opportunities for the UK financial services sector and the US election result might also benefit the industry, in a speech at an investor conference hosted by private equity firm Carlyle Group.

  • Premier Oil logo

    Premier Oil struggles to manage banks

    Top News | 11 November 2016

    Premier Oil is trying to keep its bank syndicate in place as its lenders consider exiting the troubled independent oil company.

  • Macquarie Group logo

    Fund financing booming

    Loans | 04 November 2016

    Fund financing is increasing lending to financial institutions in Europe, the Middle East and Africa as corporate-style loans for institutional investors, including private equity funds, grow in size and scale and more banks target the sector, which offers attractive yields for relatively low risk.

  • Bayer logo

    UK syndicated lending slumps

    Loans | 28 October 2016

    Syndicated lending to British companies has more than halved in the year to date compared with the same period last year, as Brexit continues to cast a pall over what was previously Europe’s biggest loan market.

  • Fitch Ratings headquarters in New York

    European loan funds growing strongly, says Fitch

    Loans | 21 October 2016

    Europe-domiciled loan funds had €40bn of assets under management at the end of June 2016, and have grown 50%–60% in the past five years as the European investor base continues to transition from banks to funds, according to a report by Fitch Ratings.

  • Memory chips

    Analog survives choppy syndication

    Top News | 23 September 2016

    The slower than expected syndication of a US$7.5bn senior acquisition loan, which is part of a US$11.6bn financing backing Analog Devices’ US$14.8bn acquisition of chipmaker Linear Technology, shows that banks are finding it harder to make returns work on drawn acquisition term loans.

  • A poll worker places a mail-in ballot

    Issuers accelerate borrowing plans

    Loans | 23 September 2016

    The transatlantic loan markets are facing a busy few weeks as companies accelerate borrowing plans to take advantage of strong and liquid loan market conditions before running into any potential volatility around the looming US elections on November 8.

  • Syngenta logo

    ChemChina launches US$12.7bn Syngenta loan

    Loans | 01 April 2016

    China National Chemical Corp is pressing ahead with the next piece of financing backing its SFr43bn (US$43.45bn) acquisition of Swiss seeds and pesticides company

  • Syngenta logo

    Switzerland: Market backs US$20bn Syngenta loan

    Loans | 24 March 2016

    The US$20.2bn non-recourse bridge loan backing China National Chemical Corp’s SFr43bn (US$43.45bn) acquisition of Swiss seeds and pesticides company Syngenta received a strong response from the market before its deadline on March 24.

  • ​Dell banks near pro rata loan target

    Loans | 26 February 2016

    Banks are close to shedding a large portion of their US$10bn loan exposure to computer giant Dell, having lined up investors for more than US$7bn of the debt, two senior bankers said.

  • Amec Foster Wheeler coin

    Amec pays high price to refinance bridge

    Top News | 12 February 2016

    UK engineering and construction company Amec Foster Wheeler is trying to close an expensive £1.7bn syndicated loan that refinances existing loans after proving unable to tap the bond market.

  • LeasePlan logo

    Mark-to-market rules for stuck loans add to bank woes

    Top News | 12 February 2016

    Banks are facing up to the prospect that new post-crisis rules will force them to set aside more capital to cover their growing backlog of stuck loans, even as persistently low rates squeeze net interest margins and keep earnings growth in check.

  • AB InBev logo

    AB InBev cancels US$42.5bn of loans

    Loans | 29 January 2016

    AB InBev cancelled US$42.5bn of a record US$75bn senior acquisition loan after raising a hugely successful bond which was used to repay part of the loan.

  • Veritas logo

    Veritas buyout debt still faces tough sell

    Top News | 22 January 2016

    A US$600m price cut for Symantec’s data storage unit Veritas to US$7.4bn will help banks trying to sell the buyout debt, but difficult conditions in the leveraged finance market could still make the deal an uphill struggle.

  • AB InBev logo

    ​M&A outlook undimmed by market volatility

    Loans | 18 December 2015

    Europe could be set for a bumper M&A year in 2016, with more corporate, debt-funded activity anticipated as companies seek growth and private equity firms look for exits in choppy markets and smaller bolt-on acquisitions.

  • Loan House & Americas Loan House: Citigroup cartoon

    Loan House and Americas Loan House: Citigroup

    All Special Reports | 18 December 2015

    In a volatile year that made the long-awaited return of M&A a nerve-wracking affair for underwriters, Citigroup showed its commitment to clients as it deployed capital and consistently took risk. For this reason, Citigroup is IFR’s Loan House and Americas Loan House of the Year.

  • EMEA Loan House: HSBC cartoon

    EMEA Loan House: HSBC

    All Special Reports | 18 December 2015

    In a difficult and highly competitive year characterised by patchy M&A, subdued refinancing activity and macroeconomic minefields, HSBC was one of the only banks to raise its market profile by continuing to invest in its franchise as competitors fell back. For this reason, HSBC is IFR’s EMEA Loan House of the Year.

  • The company logo of the Bank of America and Merrill Lynch

    Banks braced for losses as LBO pipeline stalls

    Top News | 20 November 2015

    Banks are set to take significant losses on a big part of a US$14bn pipeline of leveraged buyout loans for US companies after a US$5.6bn debt financing for software company Veritas was pulled and another loan for retailer

  • Logo of Teva Pharmaceutical Industries

    Cost of dollar lending rises

    Loans | 13 November 2015

    The combination of a series of jumbo multibillion dollar acquisition loans and a rising demand for dollar loans in the Middle East as oil prices stay stubbornly low is squeezing international banks’ returns as dollar funding costs continue to rise.

  • Western Digital logo

    Term loans rising in I-grade acquisition financing

    Loans | 30 October 2015

    The use of term loans to finance acquisitions by highly rated US companies is rising amid a late surge of M&A activity in the fourth quarter as companies such as drug retailer Walgreens Boots Alliance opt for more medium-term financing to give greater flexibility around when to tap volatile bond markets.

  • Anheuser-Busch InBev logo

    Belgium: AB InBev continues talks on jumbo loan

    Loans | 09 October 2015

    AB InBev is continuing talks with its relationship banks about a financing of up to US$70bn to back an improved all-cash proposed bid for SABMiller, after offering just over £68bn for its largest rival last Wednesday.

  • Glencore Xstrata CEO Ivan Glasenberg (C) leaves the first annual shareholders meeting next to a staff in the Swiss town of Zug

    Lenders remain supportive of Glencore

    Top News | 02 October 2015

    Lenders remain supportive of embattled commodities trader and mining company Glencore, which has about US$13bn of liquidity available and can finance its debt maturities for two years.

  • Gulf bank borrowing increases as oil prices stay low

    Loans | 02 October 2015

    Increased borrowing by Middle Eastern banks may continue into 2016 as financial institutions try to bolster their balance sheets while regional liquidity drops amid persistently low oil prices.

  • Cablevision’s switch to loans sets precedent

    Loans | 02 October 2015

    European telecoms giant Altice’s dramatic decision to switch US$1.5bn of high-yield bonds to leveraged loans in a US$8.6bn debt financing backing its US$17.7bn acquisition of US telecommunications operator Cablevision has set a precedent that more

  • 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.

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