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Articles by Commerzbank Corporates
Market Volatility and Financial Covenants
The financial markets tumult has left many corporates facing a series of challenging decisions; arguably none more so than the nego- tiation of funding or the maintenance of existing credit lines. With recent reports highlighting the onset of tighter financial covenants, to what extent will financial covenant ratios be impacted by the increased market volatility?
Market Volatility and Financial Covenants
The financial markets tumult has left many corporates facing a series of challenging decisions; arguably none more so than the nego- tiation of funding or the maintenance of existing credit lines. With recent reports highlighting the onset of tighter financial covenants, to what extent will financial covenant ratios be impacted by the increased market volatility?
Loan Ranger: New Year hangovers
Celebrations at the end of a challenging 2015 were so raucous that many loans bankers were absent from the office in the first week of this year, nursing hangovers in chocolate box ski towns and dreamy Caribbean beaches. But some were not so lucky. ICBC’s Benny Zachariah found himself working, enjoying the delights of year-end administration and planning ICBC’s attack on the loan market in 2016. Citi’s Rizwan Sheikh also spent the end of 2015 in a grey and drizzly London.
Russian issuers should rush in
Several factors are buoying Russian bond trading and demand for new issues at the moment. After months of refusing to negotiate, Russia seems to have this week softened its stance over the $3bn Ukraine bond it holds, saying it is prepared to change the payment terms. The new proposed terms would give the Ukrainian government until 2018 to settle the debt, which still officially falls due next month.
Russian loans: back to primitive deals
This week, Polymetal closed what is expected to be one of the last Russian syndicated loans this year, a $245m pre-export finance facility with an accordion (or increase) option of another $105m. Russian Copper Co has also announced a $200m four year pre-export finance facility with European and Russian banks this week. Yes, that makes two Russian syndicated loans with international banks — but don't get your hopes up.
Loan Ranger: bring back the glory days
Where are the juicy scoops of yore? they cry. Who has embarrassed himself on the dance floor, or told scurrilous tales on her idle and greedy colleagues? Alas, the Ranger but holds a mirror to the market. Caution, not to say cowardice, now rule. Bankers who would once have blushed with pride to have the shape of their swimming pools described in print (however inaccurately), now cringe away from the Ranger's lasso. What are they afraid of?
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