Syndicated lending in EMEA fell to US$140bn in the first three months of 2014. This was the lowest first-quarter volume since 2004, as the market suffered from a fall in refinancing, the continued absence of large-scale M&A financings and increased competition from the buoyant bond and equity markets. While bankers are under pressure and already facing shortfalls on budget and income targets, borrowers have been able to take advantage of aggressive bidding by lenders for a limited number of mandates to squeeze falling loan pricing even further.
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