Structured Bonds

  • Permira digs deep to recap Lowell as NPL expectations build

    Permira digs deep to recap Lowell as NPL expectations build

    Permira and partners have injected £600m of equity into their debt collector portfolio company Lowell as part of a £2.2bn recapitalisation and refinancing effort for the troubled company, which saw its bonds heavily shorted and was widely expected to restructure its liabilities this year. The contribution is the largest equity injection from a sponsor in EMEA since the coronavirus pandemic began, and reflects what Lowell's management sees as a historic opportunity to buy NPL portfolios in the months ahead.

  • Goldman preps rare royalty-backed bond for Delek

    Goldman Sachs is marketing a new high yield bond for Delek Energy, backed by the royalty payments to come from the Leviathan gas field off the coast of Israel. The financing is effectively super senior to a $2.25bn bond issued in the summer, and ekes out extra debt capacity, borrowing financial technology common in the US shale industry and applying it to a new, Israeli context.

  • Sustainability disclosures delayed as regulators admit legal clash

    Sustainability disclosures delayed as regulators admit legal clash

    The European Commission has bowed to lobbying by investors and delayed compelling them to follow the detailed requirements of the Sustainable Finance Disclosure Regulation — a complex reporting task that is ill-matched with another EU rule, the Taxonomy of Sustainable Economic Activities.

  • Meet the Platform: EU green finance watchdog

    Meet the Platform: EU green finance watchdog

    The European Union’s formation of its Platform on Sustainable Finance last week marks a new phase in responsible investing. Over the past four years or so, the most influential thinkers in the market, such as the Principles for Responsible Investing, have been quietly moving back to an older interpretation of what RI means: considering the effects of investment choices on others.

  • People news in brief

    People news in brief

    Wartchow heads to Pemberton — Barclays names permanent equities heads — Bonilla joins Kartesia

  • Center Parcs launches refi after holiday villages reopen

    Center Parcs launches refi after holiday villages reopen

    Center Parcs has launched a refinancing of its class ‘B’ debt, taking advantage of better sentiment and a resumption of holiday bookings in its UK locations to push out a 2022 maturity in its subordinated debt.

  • Big groups join in new drive to clear ESG roadblocks

    Big groups join in new drive to clear ESG roadblocks

    Two of the biggest sustainable finance organisations, the PRI representing investors and WBCSD for companies, are putting their heads together to try to solve two of the thorniest issues impeding progress in the field.

  • Bonds regain the advantage over loans in European levfin

    Bonds regain the advantage over loans in European levfin

    In the eternal contest between the high yield bond and leveraged loan markets, high yield has won the upper hand during the Covid-19 pandemic, and market participants expect that advantage to remain in the coming months.

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