Levfin gets ethical with Bayport, MasMovil

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By Owen Sanderson
28 May 2019

Sub-investment grade markets are starting to follow high grade in using ESG structures, with a high yield issue from microfinance firm Bayport and a leveraged loan from Spanish telco MasMovil set to show whether the changes will help issuers cut financing costs.

While green loans and green bonds alike have been regular features in high grade, they’ve been exceedingly rare in sub-investment grade. Supranational borrowers led the way in printing green or socially responsible bonds, and fixed income portfolio managers wanting a “green” portfolio have tended to focus on investment ...

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