Thursday, 16 August 2018

Tessa Walsh' s stories

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  • Johnson Controls sign

    US$10bn plus buyout debt for JCI

    Top News | 03 August 2018

    Banks are working on debt financing of more than US$10bn to finance the buyout of Johnson Controls International’s Power Solutions business.

  • Buyout loans slump in secondary

    Buyout loans slump in secondary

    Top News | 20 July 2018

    A group of European leveraged loans that were completed earlier this year are trading below their issue price and weighing on the market after a surge in supply in the early summer helped investors to secure higher primary loan pricing from deals with stronger documentation.

  • Investors fight back against aggressive terms

    Loans | 13 July 2018

    A surge in supply in Europe’s leveraged loan market is giving investors the ammunition they need to push back against aggressive pricing and documentation, and win concessions from private equity firms and arranging banks as pricing moves higher.

  • Secondary prices tumble

    Loans | 29 June 2018

    Rising pricing in Europe’s leveraged loan market is putting pressure on secondary loan prices and punishing aggressively priced and structured deals that were sold earlier this year, as increasingly selective investors continue to take a tougher line.

  • LMA responds to EC proposal for NPLs

    Loans | 15 June 2018

    The Loan Market Association is working to avoid unintended consequences stemming from the European Commission’s efforts to tackle non-performing loans (NPLs) that it believes could cause uncertainty and disruption to primary and secondary loan markets.

  • Blackstone Group office

    Blackstone's F&R buy likely to close in September

    Top News | 04 May 2018

    US private equity firm Blackstone Group’s US$20bn acquisition of a majority stake in Thomson Reuters’ Financial and Risk unit is expected to close in September as EU regulatory requirements make a targeted July 1 completion look increasingly unlikely.

  • NBC and Comcast logos

    Lenders feel benefit of M&A surge

    Top News | 27 April 2018

    Global M&A lending has surged to US$623bn in the year to-date with the addition of a £23bn loan package for US cable operator Comcast’s bid for Sky Plc and is rapidly closing on 2017’s full-year tally of US$884bn as more gigantic international deals line up.

  • Russia

    Panic stations for banks and investors as Russia sanctions bite

    Top News | 13 April 2018

    Banks face heavy losses from being forced by new US sanctions to dump loan and bond exposure to Russian companies and individuals amid growing political tension between the two countries and increasingly panicked conditions in the market for Russian assets.

  • Steinhoff International logo

    Steinhoff loans plunge in secondary market

    Top News | 09 March 2018

    The price of Steinhoff International’s loans is falling in the secondary market as banks continue to sell to hedge funds ahead of an anticipated waiver request on the troubled South African retailer’s €10.7bn debt.

  • Blackstone Group office

    Financing shapes up for Blackstone's TR unit buy

    Top News | 23 February 2018

    Details of the US$13.5bn loan and bond financing backing US private equity firm Blackstone Group’s acquisition of a majority stake in Thomson Reuters’ Financial and Risk unit are emerging.

  • Thomson Reuters Chief Executive Jim Smith speaks about the deal with Blackstone Group in Toronto

    Subscribe to IFR (and other TR products) to win your place on US$15bn Blackstone deal

    Top News | 16 February 2018

    More banks are poised to join the US$15bn financing backing US private equity firm Blackstone Group’s acquisition of a majority stake in Thomson Reuters’s Financial and Risk unit. The financing is made up of US$14bn of bonds and loans, and a separate US$1bn payment-in-kind note.

  • LMA addresses tardy settlement

    Loans | 02 February 2018

    The Loan Market Association is introducing the prospect of financial penalties for banks that drag their heels settling primary loans by including delayed compensation for lenders that exceed recommended timelines.

  • Logo of Spanish electric utility company Iberdrola

    Iberdrola seeks record €5.3bn Green loan

    Top News | 26 January 2018

    Spanish utility Iberdrola is in the market with a €5.3bn amendment to and extension of an existing loan, which will be the biggest Green loan to be issued by a European company to date.

  • Steinhoff calls for lender support

    Loans | 15 December 2017

    Troubled South African retailer Steinhoff is calling for the support of its lenders after rescheduling its annual lender meeting in London to Tuesday from 11 December, as it seeks to stabilise its financing and operational liquidity after admitting accounting irregularities on December 6.

  • Bank of The Year: JP Morgan

    Bank of The Year: JP Morgan

    All Special Reports | 15 December 2017

    JP Morgan bestrides the world of finance in a way unprecedented in the modern era. It does more deals, makes more money and has bigger ambitions than any other banking institution. JP Morgan is IFR’s Bank of the Year and Loan House of the Year.

  • 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.

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