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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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German telecoms company United Internet began bookbuilding a Schuldschein on Wednesday afternoon, according to market sources. It has the tightest pricing on a new deal since the pandemic began. -
A Dutch court has ruled that Royal Dutch Shell is partly responsible for climate change and must reduce its global carbon emissions — including those caused when customers burn its products — by 45% from 2019 levels by 2030. If the ruling is sustained on appeal it would cause a seismic shift in the balance of power on climate change, with huge implications for financial markets.
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Polymetal, one of Russia’s largest gold producers, has added to its green debt by raising $400m from international lenders
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The UK financial regulator succeeded in persuading a court to throw out Amigo Loans’ scheme of arrangement, a move which may force the troubled high-cost lender to come back with a further proposal to manage its debt — perhaps hitting shareholders and wholesale creditors harder this time, or even handing part of the company to its customers.
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JLEN Environmental Assets, an infrastructure fund, has signed a £170m-equivalent multicurrency sustainability-linked revolver, becoming the latest UK infrastructure company to switch to Sonia as its interest benchmark for sterling drawdowns.
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International loans from Chinese borrowers have gained pace, with a number of deals being launched into syndication recently. Liquidity is ample and bankers are confident of deal success — but some caution is essential.
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