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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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Companies with highly structured financial arrangements involving a combination of secured bonds and loans face a particularly arduous second half of the year as they grapple with the transition away from Libor. -
Nordic Capital, the Swedish private equity firm, has signed a sustainability-linked revolving credit facility, as ESG finance continues to make inroads into private equity.
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Southway Housing, a housing association which owns and manages 6,000 properties in and around Manchester, is marketing private placements in a debut deal, according to market sources.
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Senegal and Cameroon mandated banks this week to bring them back to the debt capital markets. Despite wide uncertainty about African sovereign debt restructuring, market participants said credit conditions were conducive to issuance.
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Thailand’s Charoen Pokphand Group, which tapped the loan market for a $7.2bn bridge loan last year to acquire retail giant Tesco’s Asia business, is now seeking covenant waivers on the fundraising. The move — which bankers say is triggered in part by CP’s plan to offload some of its newly-gained stake in Tesco — has hurt lenders’ confidence in the Thai conglomerate and raised questions around its strategy. Pan Yue reports.
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A wave of mergers and acquisitions is on the way, driven by the rise in awareness of climate change, bankers believe. But there will be no easy options for companies trying to reshape their businesses for the low carbon transition, and the process will create winners and losers.
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