The syndicated loans market is making a resurgence across EMEA as banks look to maximise their capital, according to a new collection of league tables from information service provider Dealogic.
As part of an industry initiative to promote transparency across the commercial real estate lending market, the league tables cover the
syndication market on a European and UK level, ranking the most active lenders and providing a top five of the biggest syndicated deals (see tables below).
Results from an analysis of the market in 2014 show that Crédit Agricole CIB was the most active mandated lead arranger – those responsible for executing and distributing the loan of any participant in Europe.
It took a 9.4% share of the €45bn (£33bn) of deals analysed by Dealogic, lending just under €4.2bn in 33 transactions. This was €845m more than its nearest rival, HSBC.
Overall, French banks were the most active lead arrangers, taking a 26% market share and arranging €12.6bn of debt. UK banks took second place, lending more than €9bn.
HSBC was the UK’s largest arranger, generating €2.5bn of its €3.3bn European total in the country. It had a market share of 18.6% in the UK market last year, significantly ahead of its nearest rival, Barclays, with 13.5%.
Wells Fargo, the most active lender in the US, was third in the UK tables. Its €1.4bn of lending in 2014 gave it a market share of 10.3%, just pipping more traditional lenders RBS and Lloyds Banking Group.
Wells Fargo’s participation in Europe was much smaller, however, with only a 2.4% market share based on its bookrunning of £435m.
European bookrunners, which are responsible for distributing the debt among the syndicate at execution stage, were led by ING with a 14.1% market share. ING’s 14 deals amounted to more than €2.5bn, helped in part by its £365m financing of City icon The Gherkin at 30 St Mary Axe, EC3.
Crédit Agricole and Natixis were second and third-placed bookrunners, each responsible for more than €2bn of lending.
Peter Cosmetatos, chief executive of the Commercial Real Estate Finance Council, said the tables were the first step in improving transparency in real estate lending and would help borrowers to access the right lenders for them.
The data reflects 80% of the syndicated market, but is expected to grow as the league becomes more established.
Dealogic, with support from ING Structured Finance, Bloomberg and Thomas Reuters, plans to update the tables every six months.
More than 100 syndicate desks across Europe were surveyed to gather the results.
| Securities top five EMEA syndicated real estate finance loans – full year 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Credit date | Borrower | Deal value (€bn) | Deal nationality | Mandated lead arranger parent | ||||
| 20-Mar-14 | Westfield UK & Europe Finance | 1.6 | United Kingdom | BNP Paribas, Bank of America Merrill Lynch, Scotiabank, Citi, BBVA, Crédit Agricole CIB, Credit Suisse, Deutsche Bank, HSBC, JPMorgan, Morgan Stanley, RBC Capital Markets, RBS, Sumitomo Mitsui Financial Group, UBS16- | ||||
| 16-Apr-14 | Camila | 1.4 | France | BNP Paribas, Credit Agricole CIB, HSBC, ING, Natixis, RBS, SG Corporate & Investment Banking21- | ||||
| 21-May-14 | Emaar Malls Group | 1.1 | United Arab Emirates | Dubai Islamic Bank PJSC, First Gulf Bank PJSC, Mashreqbank PSC, National Bank of Abu Dhabi PJSC, Noor Bank | ||||
| 04-Apr-14 | Immobiliaria Colonial SA | 1 | Spain | Crédit Agricole CIB | ||||
| 31-Mar-14 | British Land Co | 0.95 | United Kingdown | Mitsubishi UFJ Financial Group, Lloyds Banking Group, Santander, Sumitomo Mitsui Financial Group, Bank of China, Barclays, HSBC, Helaba, JPMorgan, RBC Capital Markets, Wells Fargo SecuritiesTop | ||||
