Table of Contents

 

 

Introduction

Chapter 01

WESTERN EUROPE

  • From boom to bust
    • The case of Enel
  • Enel deal summary
    • The case of Porsche and the height of the credit boom
    • Porsche deal summary
  • Other debt-funded acquisitions
  • Strategy and timing
  • The market teeters
  • The case of Rio Tinto
    • Rio Tinto deal summary
  • The case of Lafarge – the market reprices
    • Lafarge deal summary
  • Pernod Ricard forced to flex upwards
    • Inbev rewrites the rules
  • EDF gambles and loses
  • A new world

New money lending: the role of the bond market

  • Goodbye to underwriting?
  • Why bother with the bank market?
    • Roche and Genentech
    • Pfizer and Merck
  • Hopeful signs in the mid-market
    • acquisition sector
    • Premier Oil
    • K+S
  • Less hope in the leveraged markets

Refinancing

  • Forward starts
    • Issues and drawbacks
  • Refinancings show improved market tone
  • How not to refinance: the case of Porsche

 

Chapter 02

LENDERS AND LEAGUE TABLE SHIFTS

  • Winners and losers
  • Pan-European vs. domestic models
    • Ancillary business and the capital market

 

Chapter 03

EMEA REGIONAL MARKETS

  • The Middle East: a market reopens
    • Dubai’s debt pile
    • The DEWA deal
    • Future pricing
    • Transparency issues
    • Looking for recovery
  • Russia: back to the future
    • RUSAL hits difficulties
    • MTS Mobile TeleSystems: pricing is key
    • No major recovery in the near term

 

Chapter 04

CONCLUSION

  • Lender caution
  • Market outlook
    • Russia
    • The Middle East
    • Europe

 

List of tables and figures

T1.1: Largest global syndicated loans

T1.2: EMEA acquisition-related loans bookrunners, 2007

T1.3: EMEA acquisition-related loans bookrunners, 2008

T1.4: EMEA acquisition-related loans bookrunners, 2009 (to 24 July)

T1.5: EMEA refinancing-related loans bookrunners, 2007

T1.6: EMEA refinancing-related loans bookrunners, 2008

T1.7: EMEA refinancing-related loans bookrunners, 2009 (to 24 July)

T2.1: EMEA loans, 2007

T2.2: EMEA loans, 2008

T2.3: EMEA loans, 2009 (to 3 Jun)

T2.4: Euromarket bond volumes (EMEA issuers), 2007

T2.5: Euromarket bond volumes (EMEA issuers), 2008

T2.6: Euromarket bond volumes (EMEA issuers), 2009 (to 3 Jun)

T3.1: Middle East loans bookrunners, 2007

T3.2: Middle East loans bookrunners, 2008

T3.3: Russian loans bookrunners, 2007

T3.4: Russian loans bookrunners, 2008

F1.1: EMEA borrowers in the international bond and syndicated loan markets,

H1 2004–H1 2009 (US$m)

F1.2: EMEA acquisition-related lending, 2000–Jun 2009 (US$m)

F1.3: RWE CDS history, Jun 2008–Jun 2009

F1.4: US vs. European institutional refinancing schedule, 2009–17 (%)

F1.5: EMEA refinancing loans, 2000–Jun 2009 (US$m)

F1.6: EMEA refinancing requirement, 2009–14 (US$m)

F1.7: EMEA refinancing requirement 2009–12, by country (US$bn)

F2.1: European syndicated loan league table performance, 2003–H1 2009

F3.1: Middle East loan market, 2000–H1 2009 (US$m)

F3.2: Russian loan market, 2000–H1 2009