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Demand to invest in the low carbon transition is growing fast, but strategies are very diverse
Major sectors in leveraged loans are trading down, making shrewd credit selection vital
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Investment firm China Renaissance Holdings has closed its debut offshore borrowing of $300m. -
The Asia Pacific Loan Market Association, a trade body, has appointed Pedro Cheung as its new chairman.
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Three unprecedented events this week — a landmark court ruling against Shell and shareholder revolts at Chevron and ExxonMobil — signalled that investors and society at large have rejected the oil industry’s early attempts at joining the low carbon transition and are looking for much more radical action. Oil majors retain good access to capital markets, but the clock is ticking. Jon Hay reports.
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HICL Infrastructure and JLEN Environmental Assets, two London-listed infrastructure funds, this week signed ESG-linked loans that use Sonia instead of Libor. But loans bankers are still worried about the large number of deals that have not moved away from Libor, which falls out of use on December 31.
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The life of the Libor will soon be over. But banks have still not found an effective way to communicate the urgency with which their European corporate clients must adapt or suffer the consequences.
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Direct lenders are brandishing low levels of default rates through the coronavirus pandemic as proof of the resilience of the asset class, and are using this track record to attract more investors. But not all funds are equal, and now potential LPs can scrutinise the performance of funds through a full credit cycle and allocate accordingly.
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