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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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Turkey’s banks, renowned for their resilience as borrowers to market shocks, risk paying wider margins when they refinance debt later this year, according to some bankers. The dismal outlook follows Moody’s recent downgrade of Turkey’s sovereign debt and 18 of its banks. -
India’s IndusInd Bank is paying up for its latest loan, after an aggressive price cut for its previous fundraising in 2018.
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Four major announcements have been made today by the European Commission and its Technical Expert Group, which is drafting the substance of several parts of its multi-faceted Sustainable Finance Action Plan. There were new texts on the Taxonomy, Green Bond Standard and Low Carbon Benchmarks regulations as well as guidelines for companies on how to report climate change-related information. Many market participants welcomed them.
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ICBC has mandated banks to arrange an up to $400m-equivalent green loan for its London branch, in what the borrower has labelled the first ever deal for a Chinese bank that follows the Green Loan Principles.
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Pfizer has agreed to buy US compatriot Array Biopharma for around $11.4bn in enterprise value in a heavily debt-driven acquisition. This has led to warning shots from the rating agencies.
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Vue International’s revamped refinancing has tightened doc terms and pricing at the same time, ahead of commitments later on Tuesday, making it harder for part-owner Omers to take money out through its sub-debt —while also narrowing the OID and testing tighter pricing. The issuer may also include a sterling carve-out.
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