The good news is that there are now some facts to back this assumption that I have been making for the past couple of months. See this quote from ZeroHedge:
Some data points on this from Thompson Reuters Loan Pricing Report today:
- French banks have been notably absent from high-profile EMEA loans including the US$6bn loan for commodity trader Xstrata and a $4.7 billion loan for Qatar's Barzan project financing.
- In Asia, BNP Paribas pulled out of an A$2.075 billion (US$2.14bn) refinancing for Australian media company Seven West after being shortlisted as one of the leads.
- In the US, Societe Generale declined to participate in a $15 billion, 364-day bridge loan for United Technologies Corp.
- The $6 billion loan for commodities trader Xstrata had no commitments from BNP Paribas, Societe Generale, Intesa and ING. "Banks structuring deals are mindful of the reduced demand for dollars - you have to factor in a big drop in appetite from French and Germans." a senior banker said.