If UK pension savers knew how their money was invested, funds would be more inclined to invest exclusively in environmental, social and governance (ESG) assets.
The huge demand seen for ThyssenKrupp Elevator’s buyout financing, the largest bridge loan left on banks’ books through the Covid-19 crisis, should reassure credit committees and capital markets operators that the LBO market is wide open again, for the right business.
The biggest reform of UK insolvency law for more than a decade was rushed through Parliament and enacted on June 26, as the coronavirus lockdown is expected to cause a wave of defaults across the economy, reports Jon Hay.
After discussions with US private placement holders, French food services company Sodexo has said it will repay roughly $1.6bn of debt early, in the largest ever early repayment of US PPs.
Pressure is mounting on private sector investors to join official institutions in granting debt relief to emerging market borrowers. An important point will be whether private investors agree to waive cross-default clauses for sovereign borrowers.
Banks have launched the buyout funding for Lone Star’s purchase of BASF Construction Chemicals into market, as the storming execution of ThyssenKrupp Elevator shows the discount banks must take to exit pre-Covid positions is rapidly shrinking. But underwriters had already taken risk off the table by pre-placing the larger dollar loan, with GSO likely taking a piece.
Banks backing Cinven, KKR and Providence’s take-private of MasMovil have boosted the size of the euro loan tranche in the market this week by €500m, cutting down the planned bond that will fund the remainder of the deal, the first major LBO announced in Europe since the coronavirus crisis.
Barclays has appointed two new chairs of its leveraged finance and sponsors business, with Chris Turner relocating to New York to become chairman of global leveraged finance.
Royal Vopak, the Dutch oil and gas storage company, is marketing senior and subordinated private placements, according to market sources.
Weir Group, the UK engineering company, has signed bank lines totalling $1.19bn, but amid coronavirus-related market volatility, banks required a higher margin than on the deal being refinanced.
After discussions with US private placement holders, French food services company Sodexo has said it will repay roughly $1.6bn of debt early. Four market sources said this was the largest corporate early repayment of US PPs of all time. Some fear a growing disconnect between institutional investors and companies over financial covenants, and attempts to amend them.
Agile Group Holdings, a Chinese property company, is planning to launch a HK$3.242bn ($418m) refinancing loan into general syndication in early July.
DFS Deutsche Flugsicherung, the German air traffic controller, launched a Schuldschein deal on Monday, on the hunt for at least €250m.
Morgan Stanley has hired Alessandro Mazza as a managing director in its leveraged finance business in Europe.
Oil major BP printed its debut hybrids this week, defending its balance sheet from the huge slump in oil prices and the ravages of global lockdown. The company lured €20bn of orders a day after writing off up to $17.5bn of assets, proving that if you’re a company with something unusual to bring to capital markets, now is the time to do it.
Oatly, the Swedish company that makes oat milk, has signed a Skr1.925bn (€184m) club loan, on which the pricing can be adjusted if it hits sustainability targets.
If UK pension savers knew how their money was invested, funds would be more inclined to invest exclusively in environmental, social and governance (ESG) assets. So argues Richard Curtis, the screenwriter, director and co-founder of Comic Relief. He has launched a public campaign, Make My Money Matter, to pressure UK pension funds to invest more sustainably.
Country Garden has launched a $1.5bn-equivalent loan into general syndication after mandating a group of nine banks.
Deutsche Bahn tapped the Kangaroo and Swedish kronor markets on Wednesday after having spent the first half of 2020 focused on the euro market.
If UK pension savers knew how their money was invested, funds would be more inclined to invest exclusively in environmental, social and governance (ESG) assets. So argues Richard Curtis, the screenwriter, director and co-founder of Comic Relief. He has launched a public campaign, Make My Money Matter, to pressure UK pension funds to invest more sustainably.
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