Loan Market Report: CESEE (Jan 2017)

Brief overview of the loan market in Central, Eastern and Southern Europe.

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Report includes a macro update as well as insights into the bank markets for each of: Burundi, Ethiopia, Kenya, Madagascar, Malawi, Mozambique, Rwanda, Tanzania, Uganda, Zambia, Zimbabwe.
Key take-aways:

  • IMF estimates €2.8 trillion in debt capital needed by Europe’s non-financial corporates between 2016 and 2020
  • Mid-market borrowers (loans up to €150m) well-below the radar of many bankers
    • commercial banks still focusing on balance sheet optimisation and fees
  • Fast-growing private debt universe
    • direct lending market is capitalising on CESEE credit demand growth and funding ‘gap’ left behind by bankers
    • still, only few of region’s SMEs accessing this alternative source of debt
  • Direct lenders very liquid and keen to grow their portfolios fast
    • offering sponsors unitranches of up to 5-6x leverage for top credits
    • smaller / venture-stage SMEs offered loans at 25% of revenues or 2-3x EBITDA
  • Liquidity plentiful for SME borrowers, if they know which lenders to contact and how best to approach new sources of liquidity.

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Sophie Papasavva

Sophie Papasavva

Sophie Papasavva is the Founding Partner of EMFC Loan Syndications (“EMFC”), a boutique firm assisting companies seeking to raise bank debt. EMFC offers Loan Execution Support, acting as an additional ‘in-house’ resource to time-constrained finance teams. Prior to establishing EMFC, Sophie was a loans banker for 12 years, first as telecoms, media & technology relationship manager and later in loan syndications and sales, where she gained experience in multiple sectors such as oil & gas, mining, infrastructure, agribusiness and others. Sophie has originated, structured, executed, sold, restructured and syndicated loan financings ranging from simple bespoke bilaterals to complex multi-billion dollar, multi-currency syndicated transactions. Her expertise lies in arranging structured, bespoke financings for corporate borrowers operating in the emerging markets. To contact Sophie, please e-mail her directly at sophie@emfc-loans.com or follow her on Twitter at @Sophie_EMFC.