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GC Asia
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Germany, Belgium join battle over Taxonomy credibility as it goes to wire
Hectic negotiations and lobbying are going on at the European Commission about the Taxonomy of Sustainable Economic Activities, in the last day before it is due to publish the detailed rules. Key countries including Germany have changed their positions, GlobalCapital can reveal, while supporters of gas and nuclear power are digging in. A decision may now be delayed until Thursday, although battlelines are now being drawn over the timing.
02.45 PM -
Virgin Active restructuring to set high street precedent
UK gym chain Virgin Active’s restructuring could set a precedent for restructurings of UK retailers. Dozens of retailers have used ‘CVA’ processes to cut their debt burdens, which typically hits their landlords hard but leaves other creditors unscathed. Virgin Active is instead using the new UK ‘super scheme’ restructuring law introduced last year to try to bind landlords and other creditors alike into accepting writedowns.
02.15 PM -
BlueBay hires CLO portfolio manager from Challenger
BlueBay Asset Management has hired a portfolio manager to its structured credit and CLO management team, bringing in Tom Mowl from his previous position as senior portfolio manager at Challenger Investment Partners.
01.00 PM -
EU eyes separate gas law, leaves harmful bioenergy in Taxonomy
The European Commission is set to put forward a new solution to the intense battle over the EU's sustainable finance Taxonomy, between green finance supporters and EU member states that want to safeguard their plans to use gas, GlobalCapital has learned. This would appear to involve leaving gas out of the sustainable category of the Taxonomy, as environmentalists have demanded, and making a "separate legislative proposal" to deal with gas and nuclear power.
15 Apr 2021 -
Finastra and Hubx team to bring digitalisation to loan market
Finastra and Hubx, two UK fintechs, have partnered to create a new syndicated loan tool that the companies claim completely digitises the bookrunning process, as the loan market makes its slow trudge away from manual processes.
14 Apr 2021 -
Global loan trade bodies publish Social Loan Principles as sector grows
The three global loan associations have launched the Social Loan Principles (SLP), as the ESG finance market expands beyond its environmental roots.
13 Apr 2021 -
Head of US CLO syndication leaves Deutsche Bank
Head of US CLO new issue syndication David Ryan has left Deutsche Bank after 17 years working at the bank.
12 Apr 2021 -
HSBC brings back Horsburgh for UK role
HSBC is relocating the regional head of its leveraged and acquisition finance (LAF) business from Hong Kong to London to help implement its UK strategy.
08 Apr 2021 -
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Trump exit unleashes Financial Stability Board to act on climate
The G20’s Financial Stability Board is cranking up its action on climate change again now that Donald Trump is no longer US president. This will feed the hopes of some sustainable finance supporters who want the FSB to drive progress on issues including environmental accounting.
07 Apr 2021 -
Credit Suisse’s heads of IB and risk fall on swords after Archegos implosion
Credit Suisse has begun an overhaul of its leadership following the collapse of Archegos Capital, as well as losses from the bank’s ties to Greensill Capital. The Swiss lender has cut dividend payments by two thirds, and slashed bonuses for senior executives.
06 Apr 2021
