US private-equity firm Clayton Dubilier & Rice has moved to curb the influence of credit default swap holders in the financing for its latest acquisition, following a string of controversies involving aggressive lenders agitating for company defaults.
As Telefonica faces an anxious wait to see if its debut green transaction is included in a widely followed bond index, bankers say the process has put the spotlight on key players whose decisions can make or break an issuer’s green credentials.
Ratings agencies are ramping up their efforts to fill a post-issuance black hole at the heart of the rapidly growing Green bond market, after two incidents in the past year threatened to leave environmentally conscious asset managers in breach of their own strict investment criteria.
Rallye entered a safeguard proceeding late on Thursday, confirming market speculation that it would be forced to seek a restructuring.
Mexico’s America Movil is scouting lenders to refinance at least US$2.5bn in revolving credit facilities maturing this August, preparing a comeback to the Latin American bank market where it has not issued debt since 2016.
Leveraged loan borrowers are shying away from sterling amid the Brexit-related political chaos, instead opting to raise euros or US dollars with swaps in place and hence restricting further an already illiquid market.
A Chinese menswear company has become the first issuer to price a Hong Kong IPO below its indicative price range, taking advantage of a 2018 rule change as part of the stock exchange’s reforms to stay globally competitive.
Portugal will turn to the Panda market for its next international bond offering in a move that will be closely watched as trade tensions between China and the US continue to dominate headlines.
Indonesian companies connected to the coal industry are finding it more difficult to attract lenders as prices fall and banks cut their exposure to carbon-producing industries.
US corporates are increasingly responding to bondholders’ demand that they improve environmental, social and governance standards as such issues become a bigger part of credit analysis.
Details are emerging of China’s precedent-setting agreement struck earlier this month to restructure US$2.2bn of loans from its state-owned China EximBank to the Republic of Congo.