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GC Asia
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.
19 Apr 2021
Syndicated Loans
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Investment Grade
Clarion switches to Sonia for sustainability loan
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.
19 Apr 2021 -
Investment Grade
Nordic Infra gets €200m green loan
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.
16 Apr 2021 -
Investment Grade
Total Produce signs $1.44bn of debt for Dole merger
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.
15 Apr 2021 -
Leveraged Loans
Cimpress preps cleanup of costly Apollo crisis debt
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.
15 Apr 2021 -
CEE
CBRT rate hold calms markets but woes far from over
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.
15 Apr 2021 -
CEE
Ukraine central bank chief Shevchenko on independence, IMF cash and PrivatBank
Ukraine is once more at the forefront of emerging market investors' worries as military tensions with Russia escalate.
15 Apr 2021 -
Africa
African borrowers trickle into syndicated loan market
Amid a broader downturn in emerging market syndicated loans, several African issuers — including sovereigns — are seeking debt facilities from international lenders.
15 Apr 2021 -
Investment Grade
Finastra and Hubx team to bring digitalisation to loan 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.
14 Apr 2021 -
Private Debt
Belgian Reit Montea sells green US private placements
Montea, the real estate investment trust in Belgium, has sold €235m of green US private placements.
14 Apr 2021 -
Private Debt
Surrey Univ follows King’s into US PPs
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.
14 Apr 2021 -
SRI / Green Bonds
Lloyds picks resources banker to lead ESG team
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.
14 Apr 2021 -
Investment Grade
Global loan trade bodies publish Social Loan Principles as sector grows
The three global loan associations have launched the Social Loan Principles (SLP), as the ESG finance market expands beyond its environmental roots.
13 Apr 2021 -
SRI / Green Bonds
EU eyes separate gas law, leaves harmful bioenergy in Taxonomy
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.
15 Apr 2021
Other news
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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. 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.
19 Apr 2021 -
Clarion switches to Sonia for sustainability loan
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.
19 Apr 2021 -
PTPN signs loan extension
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.
19 Apr 2021 -
Nordic Infra gets €200m green loan
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.
16 Apr 2021 -
Prasac trims pricing on loan return
Cambodia’s Prasac Microfinance Institution has returned to the loan market for $200m, narrowing pricing by 35bp compared to its last transaction in 2020.
16 Apr 2021 -
Mind ID seeks $1.5bn in general syndication
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.
16 Apr 2021 -
PP heavyweight resigns at Santander
Santander’s head of private placements has resigned from the bank.
15 Apr 2021 -
PP investors weigh up governance as UK schools face crisis
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.
15 Apr 2021 -
EU eyes separate gas law, leaves harmful bioenergy in Taxonomy
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.
15 Apr 2021 -
CBRT rate hold calms markets but woes far from over
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.
15 Apr 2021 -
Cimpress preps cleanup of costly Apollo crisis debt
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.
15 Apr 2021 -
Total Produce signs $1.44bn of debt for Dole merger
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.
15 Apr 2021 -
Ukraine central bank chief Shevchenko on independence, IMF cash and PrivatBank
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.
15 Apr 2021 -
African borrowers trickle into syndicated loan market
Amid a broader downturn in emerging market syndicated loans, several African issuers — including sovereigns — are seeking debt facilities from international lenders.
15 Apr 2021 -
Wilmar launches $1bn loan
Singapore’s agribusiness company Wilmar International has returned to the loan market for a borrowing of up to $1bn.
15 Apr 2021 -
Surrey Univ follows King’s into US PPs
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.
14 Apr 2021 -
Lloyds picks resources banker to lead ESG team
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.
14 Apr 2021 -
Belgian Reit Montea sells green US private placements
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.
14 Apr 2021 -
Finastra and Hubx team to bring digitalisation to loan 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.
14 Apr 2021 -
Taiwan’s Chailease, Jih Sun make loan return
Chailease International Leasing Co, a Vietnam-based subsidiary of Taiwan’s Chailease Finance, is gearing up to launch an up to $100m loan.
14 Apr 2021 -
Freeport mines loan comeback
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.
14 Apr 2021 -
PIC appoints Macquarie to manage PP investments in US
UK specialist insurer Pension Insurance Corporation has appointed Macquarie to manage money on its behalf, focusing on private placements from US borrowers.
13 Apr 2021 -
UniCredit beats Landesbanks to top spot in Schuldschein market
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%.
13 Apr 2021 -
Global loan trade bodies publish Social Loan Principles as sector grows
The three global loan associations have launched the Social Loan Principles (SLP), as the ESG finance market expands beyond its environmental roots.
13 Apr 2021
Comment
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MetLife’s EFL result shows bilateral funding potential
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.
30 Mar 2021 -
Unhappy Valley: A night of betting on the horses
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Green SLBs: game changer
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Turkey: a masterclass in losing credibility
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No first-day IPO pop? No problem
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What the Goldman 13 show us about financial sweatshops
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Will regulators rebuff the buffer review?
Investment Grade
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European loan demand comes in well below expectations for Q1
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.
20 Apr 2021 -
JP Morgan provides €3.5bn for controversial football Super League
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Clarion switches to Sonia for sustainability loan
Leveraged/non-investment grade
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Virgin Active restructuring to set high street precedent
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.
20 Apr 2021 -
European loan demand comes in well below expectations for Q1
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ESR bags $400m loan
Emerging markets
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Metalloinvest secures credit line amid ongoing Russia volatility
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.
20 Apr 2021 -
Sovcomflot defies Russia sanction risk to come to market
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ESR bags $400m loan
Private Debt
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Opioid maker Grünenthal readies high yield debut months after freeze-out
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.
20 Apr 2021 -
Post-results Scandie credit pipeline builds
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PP heavyweight resigns at Santander
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PP investors weigh up governance as UK schools face crisis
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Surrey Univ follows King’s into US PPs
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Belgian Reit Montea sells green US private placements
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PIC appoints Macquarie to manage PP investments in US
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UniCredit beats Landesbanks to top spot in Schuldschein market
Editor's picks
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Capital markets face permanent changes to working practices
15 Jun 2020 -
Financing a crisis: Europe’s sovereigns fund pandemic response
15 Jun 2020 -
CEEMEA sovereigns lead bond market rebound
15 Jun 2020 -
CEE sovereign issuers paint encouraging picture for post-Covid recovery
15 Jun 2020 -
UK DMO keeps calm and carries on
15 Jun 2020 -
Supporting sovereigns and aiding the private sector: agencies bridge gaps
15 Jun 2020 -
After the virus: what have we learned from the Covid-19 crisis?
15 Jun 2020
People News
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Virgin Active restructuring to set high street precedent
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.
20 Apr 2021 -
EU eyes separate gas law, leaves harmful bioenergy in Taxonomy
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Lloyds picks resources banker to lead ESG team
