
Syndicated Loans
JP Morgan provides €3.5bn for controversial football Super League
JP Morgan has emerged as the lender to a new Super League in European football.
JP Morgan has emerged as the lender to a new Super League in European football.
Clarion Housing, the UK housing association, has signed a £100m sustainability-linked loan, with the borrower using Sonia as the pricing benchmark for the first time.
Nordic Infrastructure, a Swiss industrial holding company, has signed a €200m green loan, with the company planning on using part of the proceeds on its acquisitive portfolio company Solör Bioenergy.
Total Produce, the Irish fresh produce company, has signed $1.44bn of loans to finance its transatlantic merger with US fruit and vegetable producer Dole Food Company.
Cimpress has launched a cross-border term loan ‘B’, aiming to raise more first lien debt at tight levels to allow it to clean up its costly 12% second lien facility raised from Apollo last April.
The Central Bank of the Republic of Turkey on Thursday held its key interest rate at 19% despite fears that new governor and low interest rate champion Şahap Kavcıoğlu would cut rates.
Ukraine is once more at the forefront of emerging market investors' worries as military tensions with Russia escalate.
Amid a broader downturn in emerging market syndicated loans, several African issuers — including sovereigns — are seeking debt facilities from international lenders.
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.
Montea, the real estate investment trust in Belgium, has sold €235m of green US private placements.
The University of Surrey has issued a US private placement, according to market sources, less than a month after King’s College, London returned to the market.
Lloyds Bank has appointed a senior banker to lead a new 16 strong team structuring environmental, social and governance products and services for companies in the UK, and plans to hire further staff externally.
The three global loan associations have launched the Social Loan Principles (SLP), as the ESG finance market expands beyond its environmental roots.
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.
JP Morgan has emerged as the lender to a new Super League in European football. The US bank is committing to provide at least €3.5bn in debt for infrastructure projects, in the biggest shake-up of the world’s most popular sport in a generation. While highly controversial and not short of criticism, the new league will make its founding clubs more attractive investments.
Clarion Housing, the UK housing association, has signed a £100m sustainability-linked loan, with the borrower using Sonia as the pricing benchmark for the first time.
Indonesia palm oil company Perkebunan Nusantara III (PTPN) has signed an extension agreement for a $390.6m loan after almost a year-long discussion with banks.
Nordic Infrastructure, a Swiss industrial holding company, has signed a €200m green loan, with the company planning on using part of the proceeds on its acquisitive portfolio company Solör Bioenergy.
Cambodia’s Prasac Microfinance Institution has returned to the loan market for $200m, narrowing pricing by 35bp compared to its last transaction in 2020.
Mining Industry Indonesia (Mind ID) is testing lenders’ appetite for a $1.5bn dual-tranche loan that has been launched into syndication through a group of eight banks.
Santander’s head of private placements has resigned from the bank.
Institutional investors are weighing up governance at elite UK private schools after a series of serious sexual assault allegations emerged from the sector. As certain private schools look for new deals to add to the £500m they have already raised, investors are focusing on how schools have handled the ensuing crisis.
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.
The Central Bank of the Republic of Turkey on Thursday held its key interest rate at 19% despite fears that new governor and low interest rate champion Şahap Kavcıoğlu would cut rates. But despite the policy move, investor anxieties remain.
Cimpress has launched a cross-border term loan ‘B’, aiming to raise more first lien debt at tight levels to allow it to clean up its costly 12% second lien facility raised from Apollo last April.
Total Produce, the Irish fresh produce company, has signed $1.44bn of loans to finance its transatlantic merger with US fruit and vegetable producer Dole Food Company.
Ukraine is once more at the forefront of emerging market investors' worries as military tensions with Russia escalate. Amid the uncertainty, Ukraine is fighting another uphill battle to access IMF funding in order to recover its economy as soon as possible. The governor of the National Bank of Ukraine, Kyrylo Shevchenko, spoke to GlobalCapital about the challenges the country is facing and the importance of central bank independence.
Amid a broader downturn in emerging market syndicated loans, several African issuers — including sovereigns — are seeking debt facilities from international lenders.
Singapore’s agribusiness company Wilmar International has returned to the loan market for a borrowing of up to $1bn.
The University of Surrey has issued a US private placement, according to market sources, less than a month after King’s College, London returned to the market. Institutional investors are regaining confidence in the UK’s higher education sector, after a year in which revenues shrank and student intake became uncertain.
Lloyds Bank has appointed a senior banker to lead a new 16 strong team structuring environmental, social and governance products and services for companies in the UK, and plans to hire further staff externally.
Montea, the real estate investment trust in Belgium, has sold €235m of green US private placements. The deal is the latest in a succession green trades to hit the 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.
Chailease International Leasing Co, a Vietnam-based subsidiary of Taiwan’s Chailease Finance, is gearing up to launch an up to $100m loan.
Freeport Indonesia, a copper mining company, is in talks with banks for a new $750m loan for capital expenditure, after being forced to cancel a larger facility last year owing to the Covid-19 pandemic.
UK specialist insurer Pension Insurance Corporation has appointed Macquarie to manage money on its behalf, focusing on private placements from US borrowers.
UniCredit swept away the Landesbanks in the Schuldschein market last quarter to claim pole position so far this year, with an arranging market share of nearly 20%.
The three global loan associations have launched the Social Loan Principles (SLP), as the ESG finance market expands beyond its environmental roots.
The fact that a large US insurance company could offer the English Football League better lending terms than UK banks or other investors is revealing. UK lenders are shying away from deals, which has opened the doors to institutional investors. The speed with which a tailor-made EFL deal was done shows how quickly they can replace traditional creditors.
European loan bankers were wildly optimistic for their hopes for deal flow in the first quarter, after a new survey from the European Central Bank shows that loan demand was 40% less than expected.
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.
Russian steelmaker Metalloinvest has secured a $350m credit line from international lenders. Metalloinvest is the second Russian corporate to tap international lenders since fresh sanctions were announced against Russia by the United States.
Grünenthal, the German pharmaceutical firm which specialises in painkillers, is looking to refinance its debt with an inaugural high yield bond, just two months after buyers reportedly shunned the company over ESG concerns around opioid manufacturing.
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.