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Former investment banker has been CFO of Verbund
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Veteran equity analyst and forensic accountant Steve Clapham believes it is stories that drive investment decisions and seldom cold analysis of financial accounts. But he believes it is hard to find a company which isn’t engaged in some level of financial wrongdoing and argues that auditors are blind to it, wilfully or otherwise. -
CPI Property, the Frankfurt listed property owner, has signed a new €700m revolving credit facility, bumping up the size of its main bank line as lenders say liquidity is still a focus for corporates.
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Bank lenders are hopeful that volumes across the typically active central and eastern Europe region will pick up, after what has been a disappointing year. This week Romanian meat processing company Carmistin Group raised a syndicated loan from a range of regional lenders, which is one of only five deals signed in the country this year.
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Taiwan’s printed circuit board manufacturer Apex International has closed a $50m loan for its Thai business.
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Indian conglomerate Reliance Industries is in talks with banks for its fourth loan this year.
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There is every reason to be sceptical of the UK’s plan for a national infrastructure bank. Infrastructure is hard to finance because governments are unreliable. Combining hard assets expected to pay back over 30 years with democratic governments that change course every few makes private investors reluctant to treat long-term infra projects as a pure matter of credit risk.
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