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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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Finnish stainless steel producer Outokumpu has signed a €400m sustainability-linked term loan, used mostly for refinancing its short term debt, and featuring margin cuts if the company hits targets linked to workplace accidents and carbon emissions. It's a step forward in a leveraged finance market that has so far taken only tentative steps towards sustainability.
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European leveraged finance revenue for the first half of the year is down more than 50%, according to figures from Dealogic released on Monday — and is increasingly going to a small handful of banks, in particular JP Morgan. -
HTM Sport, the Austrian subsidiary of sports and clothing brand Head, has returned to the Schuldschein market looking for debt in euros and dollars.
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The UK’s National Express has become the first company to sign a loan benchmarked against Sonia, as part of NatWest’s pilot programme to shift away from the scandal-hit Libor standard.
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Żabka Polska, an operator of Polish convenience stores, has launched a syndicated loan to fund a dividend recapitalisation, according to bankers. The transaction is following closely in the footsteps of fellow Polish corporate, Allegro, that closed a Z2bn (€470m) dividend recap in May.
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Danish investment firm Kirkbi is teaming up with Blackstone and Canadian pension fund CPPIB to acquire Merlin Entertainments at an enterprise value of £5.9bn.
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