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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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Porsche AG, maker of Porsche sports cars, closed a green Schuldschein this week, with pricing and allocation set for Friday. The final size is rumoured to be €1bn, with an order book far exceeding that. -
Andrew Hollingworth, a portfolio manager at Holland Advisors and shareholder in Sports Direct, has urged Mike Ashley, the sports retailer’s owner, to pay more attention to corporate governance. But had Hollingworth known about the US private placement market’s experience of dealing with Ashley — in this case over debt owed by one of his other businesses, Newcastle United FC — he might have campaigned for it even more strongly.
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Pfizer has agreed to spin off its off-patent drug business Upjohn and merge it with generic drug company Mylan, in an all-share deal that will still see $12bn of debt raised.
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US company International Game Technology (IGT) has amended and extended its bank credit lines, with the gaming company stretching out the maturity but cutting the total amount available on its dollar and euro denominated debt.
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Fitch downgraded its credit outlook of deeply-troubled South Africa on Friday, but loan bankers, both in and outside the country, are confident that a lack of primary EM supply and an established banking sector will keep margins tight and lenders attracted. At least for now.
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The UK’s Future has agreed to buy US B2B publisher SmartBrief for up to $65m, with the specialist media group planning to draw down on its existing debt facilities to finance the acquisition.
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