Commodity traders trafigura and ED&F man are looking to launch their annual refinancings over the coming weeks, while embattled global diversified natural resources company glencore is also eyeing an early return to the market. Deals for commodity trading firms have become a mainstay of loan market activity, remaining attractive to banks as they offer higher yielding drawn debt than the wider corporate market as well as large amounts of ancillary business to big-ticket lenders and lots of trade finance side-business for retail lenders. The loans also tend to include a substantial portion of short-term maturities, which are more attractive to banks facing pressure on capital ratio targets under financial regulations.
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