The syndicated loan market is reawakening with the help of one of its most tried and tested structures, the pre-export facility.
New deals for Brazil-based Cosan and Fibria, both closed in November, were well received by lenders, providing a useful set of benchmarks and encouraging signs of willingness to extend credit and participate in broad syndications.
Barring a handful of forced rollovers, some restructurings and isolated instances of time-sensitive M&A financings, syndications barely stirred last year. As the market reopens, Brazil, home to some of the region’s biggest exporters and commodity producers, is providing more than half of the new supply.
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