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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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Iceland’s Landsvirkjun has signed a $150m-equivalent revolver, with the state owned energy company the latest borrower to refinance bank debt with a sustainability-linked facility. -
The European Securities and Markets Authority (Esma) has had to row back on fines for four Nordic banks for issuing credit ratings, after an appeal board found that the banks had not broken the rules negligently.
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Nine Dragons Paper has moved a HK$3.9bn ($498m) loan into general syndication, giving a small group of banks two weeks to make a decision on the deal.
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Event-driven hedge fund Sand Grove Capital Management has disclosed a 5% stake in UK car dealer BCA Marketplace, the subject of a takeover offer from TDR Capital. The purchase follows big sales from some of BCA’s cornerstone shareholders who had agreed to support the bid, including embattled Woodford Investment Management, and Invesco.
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Amundi and the European Investment Bank are collaborating on a new €1bn fund aimed at bringing the benefits of green bond funding to smaller issuers in the EU and those with weaker credit quality. They will originate deals through a network of banks.
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Germany’s Infineon Technologies and compatriot ZF Friedrichshafen have signed acquisition-related loans totalling €16.8bn, as loans bankers allow themselves a small sigh of relief after months of deal drought.
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