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Liquidity event at American manager comes at fraught time for industry
No one is sure when AI's threat will strike, or where
Major sectors in leveraged loans are trading down, making shrewd credit selection vital
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Casino operator MGM China Holdings added more liquidity to its balance sheet this week with a $750m bond outing. -
The polite world of sustainable finance has collided with the ugly reality of politics in the past week, as open strife has broken out over the European Union’s sustainable finance legislation, especially the Taxonomy. Conservative and progressive elements are battling over a host of issues, above all whether gas power should ever be classed as sustainable, and the validity and even legality of the Taxonomy is being called into question.
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Japanese regional banks are turning their attention to the CLO market, even as the country’s best-known anchor buyer, Norinchukin, remains on the sidelines. These institutions are struggling with ultralow interest rates and are seeking opportunities abroad, attracted by the asset’s strong performance during the pandemic.
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Debt-laden beauty retailer Douglas is on course to refinance its capital structure at par, an almost unthinkable outcome this time last year, when its unsecured debt was trading in the 30s. Owen Sanderson reports.
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Shipping company Hapag-Lloyd on Thursday priced the second sustainability-linked bond to hit the euro high yield market, with the new issue’s coupon tied to cuts to the carbon intensity of its fleet. Proceeds refinance an old bond, but the firm will carry on its longstanding programme of replacing older, dirtier ships over the lifetime of the new issue.
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Lufthansa is in talks with a number of banks to raise three year money in a Schuldschein deal, according to several sources familiar with the situation.
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