Crédit Agricole’s Liam O’Keeffe points out that global loan markets are back at pre-credit-crunch levels, while the proportion of loans with maturities longer than three years has risen to 70% of the total.
Margins for project-finance deals are falling gently, while the number of sub-investment-grade deals has started to rise.
By far the biggest use of loans in 2011 was to refinance existing debt, but project finance has also come back strongly, with global project-finance loans reaching $327bn in 2011.
Asia
