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24 February 2025
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FINANCIAL PRODUCTS
The syndicated financing market reacted in the second half of 2024
The syndicated financing market reacted in the second half of 2024
The syndicated financing market reacted in the second half of 2024
The syndicated loan market, both national and international, had a somewhat timid start to the year due to the macroeconomic environment, which made the market cautious both in terms of investing and financing. However, from the second half of the year, the pace of operations increased, ending the year with a significant increase in volumes.
In the corporate segment, activity has mainly focused on refinancing existing operations, which have predominated over new operations, taking advantage of the favorable macroeconomic environment in terms of interest rates and market liquidity.
In project financing, the arrival of new technologies related to the energy transition (charging points for electric vehicles, battery manufacturing plants, energy sales stations from waste, etc.) has stood out, bringing new risks that have forced financing structures to adapt to the new reality.
CaixaBank’s CIB Structured Finance Team: Virginia Gómez, Jose Luis Mora, Pablo Pérez-Montero, Susana García, Daniel Martín Hass, Gloria Ribas, Borja Marina, Juan Carlos Calle, Marisa Cobos and Thibaud Ollivier.
From the Structured Finance team of CIB (Corporate & Investment Banking) CaixaBank, they state that “during 2024 we have witnessed an increase in the trend of entities originating to distribute”. The increase in capital consumption resulting from new regulatory requirements (Basel IV) has led a large number of entities to implement policies aimed at freeing up capital, ranging from pure disintermediation in the secondary market to more sophisticated avenues, such as synthetic securitizations, the establishment of alliances with institutional investors, or the implementation of tranches with ECA coverage.
Main operations
CaixaBank has played an active role in several significant operations during 2024 in various segments:
Corporate segment
The entity participated in the refinancing of acquisition debt of the IFM and GIP funds over Naturgy shares, with two operations of 1.760 million and 1.500 million euros respectively. Additionally, CaixaBank had a relevant role (co-insurer and bookrunner) in the merger of the telecommunications companies Masmovil and Orange, with financing of 6.000 million euros.
Commercial Real Estate segment
CaixaBank stood out with green financing of 40 million euros in favor of BaSID (Barcelona Science Innovation District) to finance the first private scientific and innovation hub in Barcelona. It also excelled in financing 40 million euros for the Lagoom Living project, aimed at building the first Spanish Smart City of protected housing in Malaga.
Energy segment
CaixaBank led the refinancing of the renewable portfolio in Spain with Project Miura, consisting of financing of 750 million euros for the photovoltaic assets portfolio of Sonnedix.
Expectations for 2025
From the Structured Finance team of CIB CaixaBank, they expect 2025 to be a year of continuity with respect to the last half of 2024, with a stable and favorable macro environment, but without losing sight of the persistent geopolitical risks, such as the upcoming elections in Germany, the political situation in France, or the influence of the new Trump administration on the European market.
The relaxation of the inflationary cycle experienced in recent years and therefore the lowering of interest rates will favor areas or segments such as M&A activity, refinancing, or asset financing in the real estate sector
Additionally, CaixaBank will continue to promote the ESG approach with an ambitious goal set in the 2025-2027 Strategic Plan, which consists of mobilizing 100.000 million euros in sustainable finance, thus increasing the target set in the previous Strategic Plan.
