Syndicated loans volume in CEE at lowest level since 2009

By bne IntelliNews December 16, 2015

The volume of syndicated loans issued in Central and Eastern Europe (CEE) is at its lowest in six years, with a total of $68.6bn worth of deals in the year to date, Dealogic reports. 

This year’s result is only slightly better than the previous low of $45.3bn via 109 deals struck in 2009. 

It is 10% less than the $75.6bn borrowed using syndications in 2014. Although the total volume of loans was down, the number of loans was up slightly year on year, with 166 deals signed so far in 2015 vs a total of 161 deals in 2014, Dealogic said in a press release.

The largest loan so far this year was a $5.0bn leveraged facility, signed on June 5 by Otoyol Yatirim ve isletme, a Turkish Transportation company. The proceeds will be used to refinance a $600mn facility signed in July 2014 and a $1.4bn facility in March 2013, signed to support the development of the project Gebze-Orhangazi-Ismir highway, phase I and IIA. The $5.0bn facility is also the largest CEE transportation loan on record.

Turkey has been by far the most active market for syndications, accounting for just over half (52%) of all the deals signed in CEE this year, according to Dealogic data, or $35.5bn in 65 deals. Turkey is the top syndicated borrower in the nations ranking for the second year in a row.

Poland and the Russian Federation came second and third respectively with $8.0bn (18 deals) and $5.7bn (11 deals), respectively.

From the sectors, finance makes the largest part of deals struck in CEE, accounting for just over a third (36%) of the deals, or $24.4bn via 47 deals, according to Dealogic figures. Telecom and transportation sectors were the next two most important sectors, accounting for 12% ($7.8bn via nine deals) and 11% ($7.5bn via 13 deals), respectively

The leading bookrunner in CEE was ING with a 9.8% market share, followed by UniCredit and SG CIB, with market shares of 8.2% and 7.7% respectively

 

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