A Year of More Corporate Credits and Less Stuffees

By Matt McCleery

If the Year 2000 was the Year of the Tanker for shipowners, it was also the year of the tricky syndication for bankers. This trend, which began in 1999, gathered steam in 2000 and resulted from the fact that the number of participants, or “stuffees”, and arrangers are moving in opposite directions.

The lack of participants in shipping finance deals was exacerbated when a number of big deals including Bergesen ($700m), OSG ($350m), Cosco ($325m) and Odjfell ($300m) all came to market around the same time and soaked up lending capacity. Bergesen and Cosco were successfully syndicated, OSG less so and Odjfell hardly at all.

This is only an excerpt of A Year of More Corporate Credits and Less Stuffees

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