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Sleeping SLLs clause enters template as compressed margins make borrowers reluctant to deal with verification costs
First Abu Dhabi joins the syndicate for the short term loan all but equalling the size of a previous revolving facility
Absa, FirstRand and Standard Bank were MLAs in first deal after private equity exit
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H&M, the Swedish fashion company, has sold a sustainability-linked security for its debut outing in the bond markets. This is an encouraging step, but the fashion industry has a lot more work to do to clean up its look. -
US private placement agents have struggled to attract their typical stable of well rated corporates to their market this year. Public bond markets have proven too cheap for PP funding to compete and the European wing of the market has suffered as a consequence. But instead of waiting for the scales to tip back, agents should find new European borrowers from the financial institutions sector.
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The global loan market trade bodies have updated the Green Loan Principles, broadening the guidelines on what counts as a green facility to account for the growing importance of social risk.
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Serco, the UK outsourcing company, has agreed to buy US defence company Whitney, Bradley & Brown for $295m, amid heightened expectations of transatlantic acquisitions this year.
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Thai Union Group, a seafood producer, has raised its first sustainability-linked loan of Bt12bn ($401m)-equivalent from the Thai and Japanese markets.
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Syndicated lending volumes, particularly across emerging markets, have tumbled since the onset of the coronavirus pandemic last year. Though some had hopes that 2021 would yield more activity for lending desks, that optimism has been postponed to next year, as lenders say they simply cannot compete with other asset classes for business.
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