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Europe gets first large, general corporate revolving credit facility labelled green
Team led by Jenny Edwards hires more than 20 professionals for its April launch
Commerzbank arranges $1.1bn deal for supply of vital raw materials
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Turkish lender Akbank has managed to roll over a syndicated loan, which also marks its debut piece of ESG financing. However, pricing widened beyond expectations owing to heightened volatility in both domestic and international markets. -
Wendel, the French private equity firm, has amended a €750m revolving credit facility to add ESG elements, including one for higher female representation in leadership positions, as more investment houses make social equality a focus.
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Chinese delivery company SF Express Co’s loan to support its acquisition of Kerry Logistics Network has received strong support from banks in senior syndication.
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Chinese department store operator Golden Eagle Retail Group has closed a $601m-equivalent refinancing loan with 15 lenders.
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Debt markets are awaiting a wave of mergers and acquisition financings in the second quarter and later this year, as the boom in deals sparked by confidence that the economy is recovering from the coronavirus gathers steam. But the eagerness to lend will create tension between loan and bond markets, and deals are likely to get more challenging later in the year, write Mike Turner and Jon Hay.
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The announcement this week that the IMF is on its way to issuing a further $650bn of special drawing rights, providing central banks with extra foreign currency liquidity, should not be criticised for being too little, too late. It marks a much needed return to multilateralism, something that the developing world will benefit from.
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