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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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Gatwick Airport is marketing a holding company bond, raising funds to be used for general corporate purposes in the operating company. Unlike Heathrow, Gatwick had yet to access subordinated funding from outside its opco, instead relying on class A secured debt from within its ring-fenced Gatwick Funding vehicle.
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The financial markets’ stance on climate change has taken a stride forward as 43 asset managers with $23tr of assets including some of the biggest such as BlackRock and Vanguard have joined the Net Zero Asset Managers’ Initiative. A critical mass of investors is now committed to reducing carbon emissions in their portfolios to zero, meaning that companies can be in no doubt which way they have to go if they want to maximise their potential investor base.
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This week 35 investors with $8.5tr of assets — many of them UK and Nordic pension funds — launched the Net Zero Investment Framework, a primer for investors wanting to decarbonise their portfolios. Faith Ward, chair of the Institutional Investors’ Group on Climate Change, answers some key questions for GlobalCapital about why the Framework is important and how it will be implemented.
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Lawyers for struggling supply chain finance firm Greensill argued in court that over 50,000 jobs could be at risk from its collapse, precipitated by the withdrawal of credit insurance. But experts in the sector with knowledge of Greensill’s exposures argue that even Sanjeev Gupta’s Liberty Alliance empire could come out ahead.
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GlobalCapital spoke to Andre Hakkak, chief executive of White Oak Global Advisors, a fund specialising in SME, asset-based and direct loan origination, about the Covid crisis in the SME world, the coming end of government support, the end of Ebitda and the challenges of fundraising in a pandemic.
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HSBC's Henry to retire — European Commission borrows IR and funding officials from EIB — Paterson joins CQS