Varta, a German battery maker, has signed a debut €235m sustainability-linked bank loan package, making the margin dependent on an improvement of its rating with a second party opinion provider.
Frozen food supplier Nomad Foods has launched the bond leg of the financing for its acquisition of central and Eastern European peer Fortenova, having priced the loan part earlier this month.
The Omani lender Bank Dhofar has secured a loan facility from a consortium of international banks, in a deal led by two regional lenders.
The Loan Market Association has updated documentation around shifting legacy loan agreements from Libor to risk-free rates, with the trade body warning that that there is only a short timeframe left before major deadlines in the transition.
Alternative asset manager CVC Capital Partners has issued €1.25bn in US private placements, according to market sources.
Nobian, the industrial chemicals unit of Nouryon, launched the debt package for its spinout on Friday, offering up a €1.19bn ESG-linked five year term loan 'B' through Credit Suisse, HSBC and JP Morgan.
Europe’s corporates have signed a smattering of ESG-related loans, with testing and certification company Applus+ linking the margin on its bank debt to sustainability-linked metrics for the first time.
Bank of America has set up an EMEA ESG strategic council chaired and led by three senior investment bankers, to intensify its effort to reduce its carbon footprint and manage its climate risks.
Sipartech, the French fibre optic infrastructure company, has signed a €180m syndicated loan that will pave the way for the company to invest “massively” over the next three years.
Europe’s corporates have signed a smattering of ESG-related loans, with testing and certification company Applus+ linking the margin on its bank debt to sustainability-linked metrics for the first time.
Alternative asset manager CVC Capital Partners has issued €1.25bn in US private placements, according to market sources. The trade follows similar moves by Bain Capital and Dyal Capital in the past 12 months, but is the first iteration of the trend to be priced in euros.
Indian company ONGC Videsh has mandated four banks for a $500m fundraising, which is likely to syndicated next month.
Bank of America has set up an EMEA ESG strategic council chaired and led by three senior investment bankers, to intensify its effort to reduce its carbon footprint and manage its climate risks. BofA made a net zero commitment in February but has not yet set out its decarbonisation trajectory.
Does the world need another taxonomy of what is green?
The UK has begun the process of creating its own versions of the European Union’s sustainable finance regulations, by picking a Green Technical Advisory Group to help it draft a green taxonomy. It will face two conflicting priorities: to maximise harmonisation by staying close to EU rules; and to depart from them, for a variety of reasons including the possibility of improving on the EU’s approach.
Atresmedia and Sipartech came to the euro loan market this week, as lenders say there are already signs of borrowers packing up for the summer.
Two former investment managers at Aberdeen Standard have launched a firm called Bread Street Capital Partners, with the aim of creating a series of listed private markets funds to broaden access to the funds of top tier financial sponsors. The firm also aims to capture more investment from UK defined contribution pension schemes, which have historically had tiny allocations to private equity compared with some of their international peers.
Nursing home and elderly care company Colisée, which EQT Infrastructure acquired last year, was in the market on Thursday, looking to reprice the €875m acquisition facility and add-on a further €150m to pay down its revolver.
WH Group has turned to banks for about $1.25bn to fund a share buy-back, as the world’s largest pork company takes advantage of attractive market conditions to raise a new loan. Unlike its acquisition fundraising eight years ago, which received plenty of criticism and pushback from lenders, the market’s response this time around is different — despite some initial confusion, writes Pan Yue.
Two of the largest private placement investors have beaten the broader market to a deal with Biffa, the UK waste management company, after many investors expected the transaction to be widely marketed. More frequently, larger investors are going direct to borrowers with bilateral and club deals, undercutting the syndicated market.
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Bank of America has set up an EMEA ESG strategic council chaired and led by three senior investment bankers, to intensify its effort to reduce its carbon footprint and manage its climate risks.
Russian potash fertiliser producer Uralkali has entered the syndicated loan market to raise a pre-export finance facility, according to loan bankers. The facility has so far garnered a strong response from lenders, as they hunt for assets in a bare pipeline.
Moody’s has torn up one of the shibboleths of the Schuldschein market — that its borrowers are worthy of investment grade ratings. On Wednesday, the rating agency said a number of borrowers from the car parts sector were overleveraged and not profitable enough. Investors appear to share these worries, but the Schuldschein market offers them little protection and there is no reliable secondary market for them to sell into.
Sipartech, the French fibre optic infrastructure company, has signed a €180m syndicated loan that will pave the way for the company to invest “massively” over the next three years.
Chinese company Sany Heavy Industry Co has returned to the offshore loan market after a nine-year absence for $600m.
Vietnamese education company Nguyen Hoang Group is making its offshore loan debut with a $62m deal.
Lenders have shown that they are incapable of maintaining the integrity of sustainability-linked loans by signing a £1.1bn ‘sustainability-linked’ facility without having agreed key performance indicators.
Virgin Media Ireland is looking for €900m of loans, which will have margins linked to specific KPIs, following the Virgin Media/O2 merger in the UK.
JP Morgan has reorganized its leveraged finance capital markets operations in EMEA, with Todd Rothman and David De Boltz having relocated from London to New York.
Dräxlmaier, the German car parts maker, has launched a sustainability-linked Schuldschein. Deals from the car industry have been few and far between in the market of late. Investors have cooled on the sector, as there have been some high profile problems with specific credits at the same time as the industry undergoes big changes.
Survitec, the UK survival and safety company, has signed a revolving credit facility, bringing debt raised by the acquisitive company in the last few months to £297.5m.
Consumer financing firm Home Credit Vietnam has launched an up to $100m loan into syndication, breaking down commitment tickets to smaller amounts to attract a wider group of lenders.
Bloated syndicate teams running bonds in Asia are becoming the norm yet again. But banks and issuers need to show more restraint.
Varta, a German battery maker, has signed a debut €235m sustainability-linked bank loan package, making the margin dependent on an improvement of its rating with a second party opinion provider.
Frozen food supplier Nomad Foods has launched the bond leg of the financing for its acquisition of central and Eastern European peer Fortenova, having priced the loan part earlier this month.
Vietnam’s SSI Securities Corp has returned to the loan market, just six months after its last deal.
Alternative asset manager CVC Capital Partners has issued €1.25bn in US private placements, according to market sources. The trade follows similar moves by Bain Capital and Dyal Capital in the past 12 months, but is the first iteration of the trend to be priced in euros.
The Loan Market Association has updated documentation around shifting legacy loan agreements from Libor to risk-free rates, with the trade body warning that that there is only a short timeframe left before major deadlines in the transition.
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