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Moody's uses market value CLO framework for its first Bitcoin bond rating

State of New Hampshire's innovative bond gets Ba2 rating
◆ Dutch issuer brings new euro benchmark at last, with social label ◆ Most recent euro line opened over 10 months ago ◆ Peers' bonds helpful to pricing given BNG's absence

NIB names Hellerup new treasurer

Head of funding for 16 years steps up at Nordic supra

Gulf banks face higher capital costs as war bites economies

Central banks in the region have stepped in with support and lenders are thought unlikely to let sub debt extend
◆ Dutch issuer brings new euro benchmark at last, with social label ◆ Most recent euro line opened over 10 months ago ◆ Peers' bonds helpful to pricing given BNG's absence
Sub-sections
  • The UK's Imperial Brands, formerly Imperial Tobacco, has signed a new €3.5bn three year multi-currency revolving credit facility, slightly increasing its main bank line, despite not having plans to draw down.
  • S&P Global Ratings said on Monday that it has placed 25 tranches from 15 CLOs with high exposure to energy sector obligors on ratings watch negative.
  • ABS
    Many investment banks are circulating orders for bankers not fund any committed debt transactions in the aircraft sector, including ABS deals, a decision spurred by market volatility from Covid-19. On top of restrictions on in-person meetings, macro factors such as city lockdowns and travel bans are putting a damper on the new issue pipeline.
  • Siberian Coal Energy Co (Suek) is seeking financing from lenders, according to two market sources. The borrower is braving lenders' wariness about coal companies, which last year weighed on demand for a Suek loan, and the global volatility caused by the spread of the Covid-19 virus.
  • The US CMBS market, with its heavy dependence on corporate tenants to keep the cash flows to bond holders coming, is being buffeted by the turmoil stemming from the crisis in recent weeks, with the market exposed across dozens of deals to two particularly ailing sectors — airlines and oil and gas firms.
  • Sasol, the South African chemicals company, has unveiled a $6bn package of measures designed to shore up its business, which has been damaged by the spread of the Covid-19 virus and the collapse in oil prices.