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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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Investment firms BlackRock and KKR have signed a $3.275bn loan to support a pipeline partnership with the United Arab Emirate’s state-owned oil company, Abu Dhabi National Oil Company (Adnoc), according to bankers. The agreement sparked interest among market participants, who expect an increase in public-private partnerships in the Middle East energy industry, some of which are likely to be financed through traditional capital markets. Mariam Meskin reports. -
United Asia Finance, a personal loan provider in Hong Kong, is seeking a HK$1.6bn ($205m) borrowing in syndication.
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Shanghai Shangshi (Group), part of Chinese state-owned Shanghai Industrial Investment Holdings, is tapping the offshore loan market for $190m.
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The US Commodity Futures Trading Commission and the UK’s Financial Conduct Authority have added regulatory pressure to the credit default swap market, pledging to clamp down on manufactured credit events.
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Porsche AG, maker of Porsche sports cars, has returned to the Schuldschein market, on the hunt for funds for research and development into electric cars, among other green projects.
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While the cult of the environmental, social and governance-linked (ESG) bond has gone from strength to strength in investment grade markets, with dedicated bond funds, attempts to build risk-free green curves and more than $100bn of issuance per year, the leveraged finance market — in loan and bond form alike — has been a laggard. But it’s where the rubber (from sustainable sources) really needs to meet the road.
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