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MAG’s tightly priced bond adds credence to claims that Thames Water’s woes are isolated
Junior notes are on negative outlook but pub revenues are rising
Singapore-based senior banker moves to the Japanese firm from Natixis
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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. -
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.
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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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It’s amazing how quickly the conversation around Avis has changed over the last few months. In April, investors worried that Avis would follow Hertz, its car rental rival, into bankruptcy by the end of 2020. But Avis’s performance in the second quarter and its recent success in the ABS market suggest it is in a much better position than its competitors to weather the recession.
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NatWest Markets has restructured its divisions and given them new leadership. It is also moving some UK corporate-focused bankers over to the ring-fenced bank.
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Many saw the US Federal Reserve’s decision to lend hundreds of billions of dollars to certain central banks at the height of the coronavirus crisis as pivotal in preventing further calamity in global markets. Brad Setser, senior fellow for international economics at the Council of Foreign Relations, gives a great deal of credit to the Fed for its forceful intervention. But if markets begin to see the US central bank as a global lender of last resort, there may be a greater risk of imprudent behaviour and more political tumult in the US.
