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Five months in, Alessandro Melzi is getting started on the plan, but his boss is about to change
A slow destruction of misallocated investment is more likely than a sudden stop
Investors confident software fears are overblown
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Places for People, the UK housing association and property management company, has raised €150m from a privately placed note led by Goldman Sachs. -
NatWest Markets, the investment bank owned by Royal Bank of Scotland, has launched its own environmental, social and governance deposit product, responding to a desire among companies, public bodies and investment firms to invest their cash ethically.
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Norway’s Yara has signed a $1.1bn-equivalent revolving credit facility, with the fertiliser company swapping its existing bank debt for a sustainability-linked deal.
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The leveraged loan market in Europe is relying on several high profile take-private trades to rescue volumes and fees for 2019, and give the squeezed CLO market much needed supply. But these deals are vulnerable, and can easily fall apart, as sponsors must navigate an obstacle course of trade buyers, competition authorities, and recalcitrant shareholders.
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Public Investment Fund (PIF), Saudi's sovereign wealth fund, is expected to close its second ever debt offering in September, according to bankers close to the deal. Some say the bridge loan, which is a reprieve to EM bankers that have been operating in a barren market all year, may receive tighter margins than PIF's competitively-priced debut loan in September 2018.
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German power company Badenova closed a four tranche Schuldschein transaction last week.
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