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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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The Euro private placement market has managed something other private debt markets, including US PP, have struggled with: to integrate sustainability into its core.
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Following last year’s redemptive refi, French supermarket group Casino is back in the market for another stab at pushing out maturities, cutting its interest burden, and nudging back towards an unsecured capital structure, with a combined bond and loan offering to pay down its 2024 loan.
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Trafigura, one of the world’s largest commodity traders, has completed its European bank facility refinancing to add sustainability-linked targets to its debt, a month after the company made its debut in the Schuldshein market.
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Taiwan’s Formosa Plastics Corp is planning a quick return to the loan market, sending out a request for proposals for two loans totalling $930m to support an iron ore mining project in Australia.
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A leaked letter from the European Parliament, seen by GlobalCapital, shows the Parliament has joined in the debate about the Sustainable Finance Disclosure Regulation, which has been watered down to make life easier for institutional investors. The Parliament is calling for the rules to be strengthened, to help savers know which investments are green and ensure compliance does not become just a “tick box exercise”.
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Milcobel, the Belgian dairy cooperative, has signed €166m in term and revolving credit facilities. The company has become the latest to refinance crisis debt taken out during the depths of the coronavirus pandemic.
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