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Rlpc banks sell prisa loan exposure bankers


Several banks are selling their loan exposure to listed Spanish media giant Promotora de Informaciones (Prisa) after its recent debt restructuring as distressed investors offer attractive pricing for the paper. Banks, which were traditionally buy and hold investors, are becoming more willing to sell loans as they take a more proactive approach to managing their exposure in stressed and distressed companies. The growth of the distressed investor base means that banks can get a better price for these loans, which have previously sold at punitive discounts.

BNP Paribas is selling a 50 million euro ($69.40 million) block of loans in Prisa in Europe's secondary loan market in an auction. Bids for the tranche 2 and 3 loans are due on Friday afternoon, banking sources said. BNP is looking to sell the loans at around 80 percent of face value, a loan trader said. BNP owns around 100 million euros of Prisa's debt. HSBC is one of the largest debt holders, with a position of around 500 million euros, bankers said.

BNP's auction follows a similar sale by Spain's Novagalicia Bank of around 33 million euros of Prisa's tranche 2 and 3 loans last week for around 77.5 percent of face value, bankers said. Prisa restructured nearly 3 billion euros of debt with its creditors in December. As part of the agreement, Prisa committed to reduce its debt by a further 900 million euros by 2015 and by another 600 million euros by 2016 by various options including debt buy-backs. [ID: nRLP33630a]

"Banks are selling some of their exposure in Prisa now as they can get a good price. This also pushes up the price at which the company might conduct a debt buyback," a loan trader said. The price of Prisa's loans have risen in Europe's secondary loan market to 76.3 percent of face value on Thursday compared to 69 percent of face value at the beginning of March, according to Thomson Reuters LPC data. Prisa, BNP and Novagalicia were not immediately available to comment. ($1 = 0.7204 Euros)

Rlpc qtel comes calling for $2 bln loan bankers


Qatar Telecom has sent requests for proposals to international lenders for a $2 billion refinancing loan that will mark its return to the market after a two-year gap, bankers close to the deal said."It is one of the few corporates in Qatar that is able to access the market. It is right that Qtel gets centre stage," one European banker said. Its record as an annual borrower since 2007 -- with the exception of 2011 -- of more than $2 billion should help generate momentum for the deal.

Qtel, the Gulf's third-largest telecoms operator in terms of subscriber numbers with 83 million, declined to comment. The top-rated company wants to split financing between a $1 billion standby commercial paper facility and a $1 billion revolver. Proceeds will refinance its $3 billion, five-year loan signed in 2007 that matures this October.

Rated A by S&P, A2 by Moody's and A+ by Fitch, Qtel plans to expand through acquisitions and grow organically, chief executive Nasser Marafih told Reuters in March.

Its plans include the potential buyout of a private equity partner's stake in Iraq's No.2 telecoms operator, Asiacell, before offering shares in it to the public, other people close to the company told Reuters in January. Loan activity in the oil-rich state has been subdued since 2007 because corporates and financial institutions are flush with cash, while many international lenders are grappling with a liquidity crunch. However, volume may be boosted this year by Qatar's $5.2 billion of maturing debt, according to Thomson Reuters LPC data.