(Bloomberg) -- Corporations are borrowing for environmentally-friendly projects at a record pace and buyers can’t get enough of the debt.That’s why sales of “green” bonds are also hitting record levels near $140 billion. As companies across the globe raise funds to pay for climate change ventures, institutional investors are increasingly conscious of how their money is being used. The only real impediment to growth is a lack of sustainable projects needing cash.“This is not waiting for anyone,” said Christopher Flensborg, head of climate and sustainable finance at Sweden’s Skandinaviska ...
(Bloomberg) -- Companies in Europe are about to take a leaf out of the U.S. playbook on credit default swaps by making it harder for hedge funds to profit from a company’s collapse.Junk bonds financing the buyout of Merlin Entertainments Plc include terms in their documentation that prevent investors holding ‘net short positions’ with CDS contracts from voting on amendments, waivers or default notices. The provision follows similar efforts by high-yield borrowers in the U.S. sidelining speculators with an interest in seeing a company going bust.“This is the first time the provisions have been ...
Britain's Thomas Cook urgently needs 200 million pounds ($251 million) to satisfy its lenders or one of the world's oldest holiday companies could collapse in the next few days, potentially leaving hundreds of thousands of holidaymakers stranded. The pioneer of the package holiday agreed key terms of a 900 million pound recapitalisation plan last month with Chinese shareholder Fosun and the travel firm's banks, significantly diluting existing shareholders. Thomas Cook employs 21,000 staff and has 600,000 customers currently on holiday, mostly from Germany, Britain and Scandinavia.
The high season for holidays is drawing to a close in Europe. And that spells trouble for ailing travel firm Thomas Cook. The historic company - a pioneer of the package tour - had thought a rescue deal was all sorted. Last month it agreed a 1.1 billion dollar recapitalisation plan with banks, bondholders and China's Fosun Tourism. But now that may not be enough. Thomas Cook's lenders want to see another 250 million dollars. That's to tide it through the winter months, when cash flow ...
(Bloomberg) -- The dollar-funding squeeze, which rocked short-term interest rate markets this week, may deepen further with the end of the quarter approaching.Banks are just about to start their usual pattern of cutting back on providing liquidity to close books and meet regulatory requirements. And next week, there’s another round of Treasury auctions that could leave markets net short of another $45 billion in cash.That may explain why stress is showing up in bill sales and currency markets even after the Federal Reserve conducted three overnight repurchase operations, with a fourth to come ...
One of the UK’s top banks in November, after being confirmed as the successor to the Royal Bank of Scotland chief executive Ross McEwan. The state-owned lender will also become the only company in the FTSE 100 index with women in both its top two executive positions, following Katie Murray’s appointment as chief financial officer last year. Ms Rose, who currently leads RBS’ commercial and private banking business, had long been seen as the favourite to succeed Mr McEwan.
British travel firm Thomas Cook on Friday said an extra 200 million pounds ($251.48 million) had been requested by stakeholders in talks to finalise the restructuring plan to save the company. The world's oldest holiday company, agreed the key terms of a 900 million pound ($1.1 billion) recapitalisation plan in a deal with Chinese shareholder Fosun last month, but on Thursday a source said that lenders were demanding another 200 million pounds in underwritten funds. "Discussions to agree final terms on the recapitalisation and reorganisation of the Company are continuing between the company ...
Barclays and leading global FinTech investor, Anthemis have today announced a partnership to co-launch a New York City-based studio targeting female entrepreneurs to establish sustainable, valuable FinTech businesses. Despite female-founded startups outperforming their male counterparts in terms of revenue1 according to research by Pitchbook2, in 2017, just over 2% of venture capital funding went to all-female startup teams. As two leaders in the FinTech community, Barclays and Anthemis have joined forces to launch the Female Innovators Lab, which is aimed at bridging this gap.
(Bloomberg) -- Boris Johnson promised to bring fiber broadband to every U.K. home by 2025 in his bid for the most important job in the land. Now comes the difficult part.To have any chance of success, the Prime Minister must first convince telecommunications executives there is a profit opportunity.“The productivity of the nation isn’t in my business case,” Philip Jansen, chief executive of former state monopoly BT Group Plc, said last month.The government will step up the pressure later on Thursday when the Digital Secretary Nicky Morgan gathers the heads of Britain’s broadband building ...
Barclays announces the appointment of Adrienne Yih as a Managing Director and Senior eCommerce and Brand Retailing analyst, based in New York. “Adrienne has a strong reputation with both institutional and corporate clients for thought-leading research and deep sector knowledge, and her expertise will complement our existing retail research team,” said Rob Rouse, Americas Head of Equity Research. Prior to joining Barclays, Adrienne worked for Wolfe Research where she was known for developing robust quantitative models used to inform her fundamental industry view and stock picks.
