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Current low interest rates and low priced debt, has again caused many of the companies to refinance their liabilities with competitive price-term margins. Agent banks have focused on non-investment grade companies, which have taken advantage of this environment of cheap financing, while investment grade, with high solvency, have preferred bonds due to current ECB monetary policies. This tendency is expected to continue during 2018 onwards and it would be a good year for M&A, Infrastructure, Project Finance and Pharmaceutical. Europe will earn stability and foreign investors will be more attracted.
On the other hand, total commission of transactions has severely decreased. The strong liquidity observed in the syndicated loan market in 2018 has been widespread. In terms of volume, book running fees from global syndicated loans totaled US$15.6 billion during full-year 2018, a decrease of 8% from the previous year. Fees from leveraged lending decreased 7% compared to 2017 and accounted for 72% of all lending fees during full-year 2018.
Additionally research shows that the biggest syndicated issuers argue the lack of transparency during the process and the length of overall stakeholders approval, which contradicts the purpose of the syndication and a high yield payment. In addition, they complain of high administrative costs and a lack of common ground electronic back up. On the other hand, banks consider being strategic to maintain and seek front-end relationships with their clients and capital providers in order to deliver one-stop shop solutions.
Due to outside VDR platform providers’ high cost and lack of functionalities, currently only 10% of the deals have been automated while the rest are being managed by fax, emails and Excel spreadsheets usually involving more than four different departments. Outsourcing law firms are invoicing hundred of thousands of Euros per deal and corresponding hours of waiver/amendment management.
Formed in 2017, Fintep builds and deploys innovative, next-generation technology software and cloud ecosystem. Our SaaS business model means that we can serve customers effectively, regardless of their size or location—from global financial institutions to community banks and credit unions.
Fintep brings deep expertise and an unrivaled range of pre-integrated solutions spanning transaction banking, lending and capital markets. With a global footprint and the broadest set of financial software solutions available on the market, Fintep manages more than 800 Billion EUR loans over 32 different jurisdictions including the top 100 banks globally.