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Partner has joined Clifford Chance from the newly merged rival magic circle law firm
MAG’s tightly priced bond adds credence to claims that Thames Water’s woes are isolated
Junior notes are on negative outlook but pub revenues are rising
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Norwegian Air Shuttle is close to receiving vital loan guarantees from Norway, as shareholders voted through a near $1bn-equivalent debt to equity swap from bondholders and aircraft lessors. -
Volkswagen is one of the world’s biggest car companies and, in many years, Europe’s biggest corporate bond issuer. But being an A3/BBB+ rated credit with a strong following in the market does not guarantee you can refinance a €200bn debt load when a pandemic shuts down nearly all the world’s developed economies.
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Spanish gaming company Codere will miss a coupon payment due on Thursday, hoping that the 30 day grace period in its bond documents will give it time to find at least €100m of emergency financing to get it through the liquidity crunch.
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Delta Air Lines has pledged landing slots at New York's JFK and LaGuardia airports and London's Heathrow to back a new $3bn bond and loan package. But the restructuring plan of Norwegian Air Shuttle shows how hard it can be for bondholders to benefit from this kind of ‘soft’ collateral.
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The Covid-19 pandemic is an ESG issue. More than ever before, a natural phenomenon is driving markets. Suddenly, social responsibility is no longer kooky but required of all. How are responsible investors reacting — and can the crisis lead to a better model of financial markets, where all stakeholders are considered?
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The UK government unveiled proposals last week meant to protect retailers from liquidation if the coronavirus lockdown results in them being unable to pay rent. Landlords already bloodied and bruised from years of tenants negotiating debt writedowns, are next in line though if rental cashflows cease.
