European Leveraged Finance Association https://www.alpha-week.com/ en ELFA Publishes New ESG Deal Disclosure Questionnaires https://www.alpha-week.com/elfa-publishes-new-esg-deal-disclosure-questionnaires <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--features.html.twig x field--node--title.html.twig * field--node--features.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <span>ELFA Publishes New ESG Deal Disclosure Questionnaires</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--features.html.twig x field--node--created.html.twig * field--node--features.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <span>Mon, 11/15/2021 - 08:49</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--features.html.twig * field--node--body.html.twig * field--node--features.html.twig * field--body.html.twig * field--text-with-summary.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>The European Leveraged Finance Association (ELFA) has published new questionnaires on ESG provisions in both leveraged loans and high yield bonds in response to demand from investors for greater transparency on the key aspects of these terms. The tools form part of ELFA’s New Deal Disclosure Questionnaire Series.</p> <p>Sabrina Fox, Chief Executive Officer, European Leveraged Finance Association, commented: “The nature of a borrower’s ESG provisions has become a key aspect of credit analysis in European leveraged finance deals. Provisions are still largely bespoke, and the market lacks consensus on the format of disclosure. The ESG Provisions in High Yield Bonds Questionnaire and ESG Provisions in Leveraged Loans Questionnaire are part of our New Deal Disclosure Questionnaire Series. The questionnaires are designed to support investor diligence and engagement with borrowers, addressing the risk of greenwashing reflected in such provisions.”</p> <p>Each questionnaire outlines key topics under three main pillars – Sustainable Performance Targets (SPTs), Reporting, and the structure of ESG provisions in bonds or the structure of the ESG margin ratchet in loans.</p> <p>The New Deal Disclosure Questionnaire Series aims to help align market expectations about the topics that investors expect to cover with borrowers and their advisers during the roadshow. The questionnaires are intended to serve as a starting point for important discussions between borrowers and investors regarding provisions, but are not intended to replace either customised investor ESG due diligence or analysis of the material ESG risks that a company faces.</p> <p>A recent ELFA survey on ESG provisions in leveraged finance documents showed that 96% of respondents agreed that a standardised questionnaire would support discussions with borrowers about provisions in green, sustainability and ESG-linked products.</p></div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--features.html.twig * field--node--field-tags.html.twig * field--node--features.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/directory/european-leveraged-finance-association" hreflang="en">European Leveraged Finance Association</a></div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <drupal-render-placeholder callback="flag.link_builder:build" arguments="0=node&amp;1=8940&amp;2=bookmark" token="yQV1bdTkKn8hrPsc8niUd4A3_n6mkf7P3deZhnJLPNw"></drupal-render-placeholder> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-author--features.html.twig * field--node--field-author.html.twig * field--node--features.html.twig x field--field-author.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <a href="/author/greg-winterton" hreflang="en">Greg Winterton</a> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-content-role--features.html.twig * field--node--field-content-role.html.twig * field--node--features.html.twig * field--field-content-role.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-content-role field--type-list-string field--label-above"> <div class="field__label">Content role</div> <div class="field__item">AlphaWeek Basic</div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> Mon, 15 Nov 2021 08:49:44 +0000 AlphaWeek Staff 8940 at https://www.alpha-week.com European Leveraged Finance Association And Principles For Responsible Investment Launch ESG Disclosure Guidance https://www.alpha-week.com/european-leveraged-finance-association-and-principles-responsible-investment-launch-esg-disclosure <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--features.html.twig x field--node--title.html.twig * field--node--features.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <span>European Leveraged Finance Association And Principles For Responsible Investment Launch ESG Disclosure Guidance</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--features.html.twig x field--node--created.html.twig * field--node--features.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <span>Tue, 01/19/2021 - 14:15</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--features.html.twig * field--node--body.html.twig * field--node--features.html.twig * field--body.html.twig * field--text-with-summary.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><span><span>The European Leveraged Finance Association and the Principles for Responsible Investment have launched sector-specific guidance on environmental, social and governance disclosures for sub-investment grade corporate borrowers. The ESG Fact Sheets are designed to support borrowers in preparing ESG disclosure, and to facilitate engagement between investors and the companies to which they lend on important ESG topics.</span></span></p> <p><span><span>The first three sector-specific ESG Fact Sheets focus on debt collectors, paper and packaging, and telecoms companies. The </span></span><span><span>Fact Sheets outline the most important areas of ESG disclosure for each sector, including <span><span>Telecoms: privacy and data security, (online) child protection, and governmental fines or reprimands with respect to customer data; <span><span>Paper and Packaging: environmental disclosure, including with respect to forest management and energy and water consumption and waste metrics; and <span><span>Debt collectors: fair customer treatment and regulation, customer complaints and policies, adherence with regulatory requirements and controls in place for treatment of vulnerable customers.</span></span></span></span></span></span></span></span></p> <p><span><span>The groups have also published a sector-agnostic General ESG Fact Sheet which is designed to be used by companies in any sector. The ESG Fact Sheets outline key topics under each pillar along with the related policies, processes, controls and associated metrics that could be relevant to an investment decision. </span></span></p> <p><span><span>The guides have been developed following industry-wide engagement focusing on creating sector-specific ESG disclosure guidance that help companies understand what investors expect of them. Compiled with input from credit analysts, portfolio managers, ESG specialists, the ESG Fact Sheets are intended to be used as a standard set of industry disclosures to bring greater consistency to ESG metrics.</span></span></p> <ul></ul><p><span><span>A “Guide for Company Advisers to ESG Disclosure in Leveraged Finance Transactions” (the “Guide”), drafted by a working group of senior legal and banking professionals, is being published alongside the ESG Fact Sheets. The Guide outlines for company advisers, including law firms, banks, and private equity sponsors, how to best integrate ESG information into offering materials and ongoing company reporting. The key topics covered in the Guide were discussed in an ESG workshop held in November 2020, which attracted over 85 senior professionals across law firms, banks, private equity sponsors, credit rating agencies, senior fund managers and trade associations. The Loan Market Association (LMA) is jointly publishing the Guide with the ELFA. The Guide can be downloaded from the <a href="https://elfainvestors.com/publications/elfa-diligence/?pubinitiatives=esg">ELFA’s website</a>. </span></span></p> <p><span><span>The rise of investor interest in ESG and sustainable investments means that asset managers are under increased pressure to explain and demonstrate their ESG investment approach. Designed to support borrowers preparing ESG disclosures, these resources provide comprehensive guidance on conveying ESG information to asset managers, which at the same time will enable them to comply with upcoming regulatory requirements. </span></span></p> <p><span><span>Sabrina Fox, Chief Executive Officer, European Leveraged Finance Association, said “Throughout our engagement we have observed a willingness to disclose ESG information, but borrowers and their advisers requested specific guidance on where to focus their efforts. The ESG Fact Sheets contain the topics that are most important to investors, which have been discussed with companies operating in those sectors. We have also published guidance for company advisers how to deploy the ESG Fact Sheets in leveraged finance transactions, incorporating feedback received from market participants. We believe this suite of ESG disclosure resources will help move the needle on ESG disclosure, which stands to benefit all market participants.” </span></span></p> <p><span><span>Carmen Nuzzo, head of fixed income at the PRI, commented:<strong> </strong>“The ESG Fact Sheets highlight how the materiality of ESG factors varies by sector. Beyond advancing guidance on disclosure, the workshops that the PRI and ELFA have organised were instrumental to create the space for investors and borrowers to meet on common ground, along with company advisers and credit rating agencies, and thereby extending the work that the PRI is leading on with the ESG in credit risk and ratings initiative.” </span></span></p> <p><span><span>Gemma Lawrence-Pardew, Director – Legal at the LMA, added:<strong> </strong>“With the ESG landscape moving at such a rapid pace, it became clear in early conversations that there was an educational piece needed to keep advisers abreast with developments in disclosure requirements. We believe this Guide will be of great use to all of our memberships, as well as the market generally, not only in providing background as to the key pieces of legislation to be aware of, but also how these disclosure requirements should be integrated practically.” </span></span></p> <p><span><span>The ELFA and PRI are hosting their next virtual workshop on the 28th January, bringing together sub-investment grade corporate borrowers and credit analysts to discuss relevant ESG topics for the chemicals, industrials, retail, technology / software, and towers / infrastructure sectors. Information gained at the event will be used to create sector-specific ESG Fact Sheets for those sectors.</span></span></p></div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <drupal-render-placeholder callback="flag.link_builder:build" arguments="0=node&amp;1=7508&amp;2=bookmark" token="GtUbuAciOvqwNVXG9aisGWUdm0jVWU8LdBuZ-YFlu7Y"></drupal-render-placeholder> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-author--features.html.twig * field--node--field-author.html.twig * field--node--features.html.twig x field--field-author.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <a href="/author/greg-winterton" hreflang="en">Greg Winterton</a> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-content-role--features.html.twig * field--node--field-content-role.html.twig * field--node--features.html.twig * field--field-content-role.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-content-role field--type-list-string field--label-above"> <div class="field__label">Content role</div> <div class="field__item">AlphaWeek Basic</div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> Tue, 19 Jan 2021 14:15:23 +0000 AlphaWeek Staff 7508 at https://www.alpha-week.com European Leveraged Finance Association Appoints Sabrina Fox As Chief Executive Officer https://www.alpha-week.com/european-leveraged-finance-association-appoints-sabrina-fox-chief-executive-officer <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--features.html.twig x field--node--title.html.twig * field--node--features.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <span>European Leveraged Finance Association Appoints Sabrina Fox As Chief Executive Officer</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--features.html.twig x field--node--created.html.twig * field--node--features.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <span>Mon, 01/11/2021 - 13:33</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--features.html.twig * field--node--body.html.twig * field--node--features.html.twig * field--body.html.twig * field--text-with-summary.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><span><span>The European Leveraged Finance Association (ELFA), a trade association for European leveraged finance investors, has appointed Sabrina Fox as the organisation’s first Chief Executive Officer (CEO). The appointment is effective from 1 January 2021. </span></span></p> <p><span><span>In her role as CEO, Fox will lead the development of the ELFA. Her responsibilities will include establishing and maintaining relationships with strategic partners, engaging with regulatory bodies and working with the ELFA’s members to take a leading role on industry issues and advocacy positions in the UK and EU. </span></span></p> <p><span><span>Fox was previously Executive Adviser at the ELFA, a role she held for two years. In this role, she established the ELFA as an independent trade association acting on behalf of investors in the European leveraged finance market. Under her guidance over this time, the ELFA has grown to 37 member firms representing over 500 individual members conducting work through six different committees.</span></span></p> <p><span><span>Prior to her advisory role at the ELFA, Fox was Head of European High Yield Research at Covenant Review, an investor-focused research firm specialising in bond and loan covenants. She also previously held the role of Head of High Yield at DebtXplained, where she played an integral role in building one of the first covenant analysis services in Europe. Fox is a leveraged finance lawyer by background, and began her career with roles at Skadden, Norton Rose Fulbright, Paul Weiss and DLA Piper. Her practice included working with companies on financing arrangements, including issuing high yield bonds. </span></span></p> <p><span><span>Alex Kay, Independent Chair of the Board, European Leveraged Finance Association, said:<strong> </strong>“Sabrina has been a driving force in the development of the ELFA, and there is no one better placed to take the organisation into its next phase of growth. During her time as Executive Adviser, Sabrina has shown outstanding leadership and created real momentum for the organisation which has led to a need for us to bring in a CEO for the ELFA’s continued growth. Sabrina’s in-depth knowledge derived from multiple perspectives of the leveraged finance market makes her ideally placed to represent our members’ interests in the market.” </span></span></p> <p><span><span>Mitch Reznick (Federated Hermes International), Founding Member of the Executive Committee, said:<strong> </strong>“The Board’s appointment of Sabrina as CEO of the ELFA is more than a title change; it reflects the permanence and breadth of the organisation and, consequently, our need to think strategically about how to serve investors for the long-term. Given her stewardship of this organisation from start-up to established market participant—and her indefatigable energy and passion for leveraged finance—Sabrina is the clear choice.” </span></span></p> <p><span><span>Fox added:<strong> </strong>“It’s been encouraging to see how quickly the ELFA has grown in only two years. I am excited to be taking on the role of CEO as it allows me to more fully contribute to the development of the organisation and to plan its longer-term strategic goals. We have a full agenda for 2021 and beyond – engagement with regulators, supporting the market in the continued growth of ESG investing, and helping our members navigate important market developments are key priorities. The recent creation of our private debt committee has also been an important step as this corner of the leveraged finance market continues to evolve. As CEO of the ELFA, I look forward to continuing to serve the European leveraged finance investor community and ensuring the ELFA remains agile to respond to new opportunities and issues for our members as they arise.” </span></span></p></div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <drupal-render-placeholder callback="flag.link_builder:build" arguments="0=node&amp;1=7453&amp;2=bookmark" token="6g2LvcmE3Je1-rEh-UXcYW4AtBy0ltdaCsBjjbYrfbw"></drupal-render-placeholder> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-author--features.html.twig * field--node--field-author.html.twig * field--node--features.html.twig x field--field-author.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <a href="/author/greg-winterton" hreflang="en">Greg Winterton</a> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-content-role--features.html.twig * field--node--field-content-role.html.twig * field--node--features.html.twig * field--field-content-role.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-content-role field--type-list-string field--label-above"> <div class="field__label">Content role</div> <div class="field__item">AlphaWeek Basic</div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> Mon, 11 Jan 2021 13:33:53 +0000 AlphaWeek Staff 7453 at https://www.alpha-week.com