SYLVAIN DE FORGES, head of financial operations at Veolia Environnement, was speaking at the Euromoney Global Borrowers and Investors Forum in London last month. There are, he said, 31 banks in the company's loan syndicate group, and about eight in its M&A group, yet many more than eight of the 31 lenders want a piece of Veolia's advisory work. "This presents problems a few years down the road but no-one is addressing it," he said, adding, "Sometimes I'm very pleased not to be a banker."
Banks don't usually inspire pity in their clients, who are mindful of hefty fees. So when company's senior financial officials start feeling sorry for bankers, even if half in jest, you know things must be pretty tough out there.
In Europe's syndicated loan market, as in the US, borrowers are in the driving seat – and they know it. Prices on...
