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Specialist moves after 18 years in the market
New dangers are making deals harder to do, but pricing for the haves is still tight
Manager refinances 2023 deal, reset in 2024
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US alternative asset manager Ares has provided UK environmental services firm RSK with £1bn, with its margins tied to sustainable targets. While this is not the first sustainability-linked loan in private credit, it is quite considerably the largest and may operate as a bellwether for future issuance.
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RHI Magnesita, an Austrian refractory supplier, has linked interest rates on credit lines totaling €770m to a third-party ESG rating. ING acted as arranger on the deal.
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Chinese property bond issuers continue to remain under pressure amid waning investor sentiment and underperformance of deals in the secondary market. While some companies are attempting to claw their way back, the sector still faces some big challenges.
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Gemdale Corp reopened the bond market for high yield Chinese property companies on Thursday with a $480m green deal that landed at fairly 'aggressive' levels.
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A $350m sustainability-linked loan for Cal-Comp Electronics (Thailand) Public Co has been launched into syndication.
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A data driven approach is emerging in a US CLO market struggling with the opaque or patchy environmental, social, and governance disclosures made in leveraged loans and the lack of standardisation. But a handful of CLO managers are developing scoring systems to add more rigour to their capabilities in a bid to meet growing investor demand for green securitizations.
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