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Poste will not borrow for the cash component
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
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Siberian Coal Energy Co (Suek) is set to finally close a loan refinancing next week after a lengthy syndication process that bankers close to the deal blame on a growing number of lenders declining to finance coal-burning activities. -
Louis Dreyfus Co, the Dutch-based agricultural commodities trader, has renewed its $750m North American bank credit line, and become the latest company to add a sustainability-linked element to its revolving credit facility.
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Isabel Martin Vazquez, a former supranational, sovereign and agency and emerging markets debt capital markets banker at Barclays, has joined Spanish advisory firm Didendum as a partner, to lead an expansion of its business from London.
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The focus of leveraged finance has shifted from outbound Chinese acquisitions to intra-Asia deals this year, according to speakers at the Asia Pacific Loan Market Association’s annual conference in Singapore this week. Although many bankers are seeing opportunities in India and Indonesia, they say that with less overall supply, companies are pushing for lower pricing and looser covenants.
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US investment research firm Morningstar has agreed to buy credit ratings agency DBRS for $669m, in a move that will expand its business in this area beyond the US. The deal will be partially backed by a new bank credit facility.
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Brussels Airport has issued a €500m US private placement in three tenors in a “blowout transaction”, according to market sources.
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