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Divisions deepen over multilateral development banks’ climate commitments
Deal rules and slow primary market make ramping up deals difficult
◆ Supranationals and agencies prepare to achieve the previously unthinkable ◆ Leveraged loans versus private credit and their effect on CLOs ◆ A new dawn for dollar covered bonds and UK equity market structure
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Cairn Capital has hired Nicolas Chalmers as its chief executive, marking the “next phase” in its development. -
Sterling has dropped to levels not seen since the 1980s, making UK assets seem cheap to international buyers. But that is unlikely to be the driver of the recent crop of UK M&A.
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Russian companies are showing more interest in euro-denominated loans, as funding in the currency becomes cheaper and as US sanctions complicate borrowers’ access to dollars. Siberian Anthracite is expected to close a loan refinancing with a new euro tranche this week, and at least two Russian borrowers are in preliminary discussions with international lenders.
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A slump in syndicated loan activity in Asia has put pressure on banks to offer juicy terms to borrowers seeking leveraged deals, including lower pricing and weaker structures. But the dearth of issuance won’t last long, leaving just a short window for borrowers to take advantage of.
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Agricultural Bank of China Singapore branch has raised a $200m green loan from seven banks, following in the footsteps of peer ICBC London, which signed a mandate letter for a green loan three months ago.
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Chinese sportswear manufacturer Xtep International Holdings has closed its refinancing loan at HK$1.8bn ($229.5m) with nine banks.
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