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Liquidity event at American manager comes at fraught time for industry
Investment bank, like the group, wants to diversify outside France, and will lead with its strongest suit, real assets
Swiss power company issues only five and seven year floaters
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Barclays has launched an €840m loan that forms the initial buy-out debt funding the takeover of UK supermarket chain Asda by the Issa brothers and TDR Capital. The bulk of the £3.5bn debt stack will follow in bond formats, with £2.25bn of senior secured and £500m of unsecured notes on offer.
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The Italian fashion house Tod’s has signed a €500m sustainability-linked loan, as environmentally conscious financing continues to infiltrate the infamously wasteful fashion industry. -
Indonesia’s Adaro Energy has sent out a request for proposals for a $400m loan to meet its refinancing needs.
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Volumes in Asia’s loan market have slumped in recent years, with the pandemic only adding to the pressure. However, the biggest challenges for banks and borrowers are only just starting to emerge and they will test the industry's resilience.
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The extraordinary price action in GameStop, AMC Entertainment and others' shares last week is surely leading nervous CFOs all over the world to get an at-the-money rights issue signed off, in case they win the attention of Reddit's WallStreetBets crowd and can raise equity at giddy multiples. But this is like hoping for a winning lottery ticket. For firms in the most Covid-addled sectors, a private approach will be their best shot at financing a turnaround.
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KfW IPEX-Bank, a wholly-owned subsidiary of KfW, has promoted Christian Bevc to global head of syndications and treasury.
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