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Specialist moves after 18 years in the market
Volume dips only slightly despite there being a third fewer transactions
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The UK’s Financial Conduct Authority on Thursday proposed creating a synthetic Libor for three sterling and yen settings to be used after the benchmark falls out of use at the end of this year. Market participants called the move “incredibly significant”.
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The ESG loan market has had a busy week, with Swedish ingredients company AAK and German container shipping firm Hapag-Lloyd agreeing sustainability-linked and green debt.
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ING Turkey, a subsidiary of the Dutch banking group, has signed an ESG-linked syndicated loan, making it the latest Turkish lender to embrace labelled debt, a trend that bankers insist is motivated by a commitment to sustainability and not simply an attempt to lower pricing.
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Ferrovie dello Stato Italiane, the Italian state-owned railway company, has refinanced its main bank line, bumping up the size to €2.5bn as the company earmarks some of the money for capital expenditure.
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Thailand’s Gulf Energy Development Public Co is seeking a multi-billion loan in dollars and baht to fund the acquisition of telecommunications firm Intouch Holdings, giving banks yet another opportunity to finance a jumbo deal from the southeast Asian country. But there are challenges ahead, writes Pan Yue.
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Hapag-Lloyd, the German container shipping firm, has signed an $852m syndicated green loan to buy vessels, further solidifying ESG into its capital structure after debuting in green debt this year.
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