Bankers Doing Bond Deals Caught Out by New Era of Issuer Clauses
Message to bond underwriters: Some big customers are sizing up your ESG credentials.
Latest Videos
The information you requested is not available at this time, please check back again soon.
Message to bond underwriters: Some big customers are sizing up your ESG credentials.
Joe Biden’s allies are racing to blunt the presidential campaign of Robert F. Kennedy Jr., casting his third-party effort as a stalking-horse bid designed to boost Donald Trump’s chances — even as his wide-ranging policy positions make him a threat to both.
Chengdu, a major city in the southwest China, removed home-buying curbs, joining dozens of peers in the country in an attempt to revive real estate demand and boost economic growth.
China Vanke Co. made a rare response to Moody’s downgrade last week, citing support from financial institutions and its biggest shareholder.
Billionaires who built their fortunes rolling out wireless networks when debt cost almost nothing are seeing their wealth crimped by higher borrowing costs and caution among money managers on the outlook for the industry.
Dec 1, 2021
Bloomberg News
,(Bloomberg) --
Adler Group SA has signed two deals with rival landlord LEG Immobilien SE that it says will slash the group’s debt pile.
LEG has agreed to pay 1.29 billion euros ($1.5 billion) for 100% ownership of 13 Adler holding companies that own 15,362 apartments and 185 commercial properties, according to a statement Wednesday. Adler announced the outline of that deal in October, saying it would sell 90% of the companies owning 15,400 apartments. At the time, Adler said the portfolio was valued at 1.49 billion euros.
In a second transaction Adler sold an initial 7% stake in subsidiary Brack Capital Properties to a subsidiary of LEG for 75 million euros, according to a separate statement. The embattled landlord will also tender its remaining shares for a price of no less than 157 euros per share.
The combined deals will raise 1.65 billion euros for Adler, helping the company slash its debt. Adler has been accused of fraud by short-seller Fraser Perring’s Viceroy Research, a charge the company denies. That’s added to a collapse in the company’s share price, which dipped to record lows on Tuesday after the company reported third-quarter earnings.
©2021 Bloomberg L.P.