May 1, 2001
Syndicated lending is alive, well and innovating. Lending is still below the "banner year" of 1997, but the market is holding up well despite the difficulties in Argentina. Banks and corporates have been able to raise new money as well as carrying out re-financings, while a number of imaginative deals have captured attention. In all, syndicated lending this year should reach last year's levels. The year began, says Marcos Camargo, director in the capital markets group at BankBoston in Brazil, with hopes of an outstanding performance. However, the onset of problems in Argentina and Turkey changed the mood abruptly. Yet, he insists that, "The market didn't stop at all. Banks were more cautious
Latin lending has held up well, in spite of turbulence in Argentina and uncertainty over the direction of the US economy. The market is becoming more sophisticated, creating room for innovative deals.