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Effective insolvency frameworks can address multiple issues in the banking sector. This column examines the impact of insolvency framework reforms on non-performing loans, using a new metric derived from the European Banking Authority's Transparency Exercises.
Companies have issued a record US$986 billion (RM4.29 trillion) of debt in the US leveraged loan market this year, mostly to cut interest expense on existing debt.
That figure surpassed 2017 as the busiest year for new issuance, according to Bloomberg-compiled data going back to 2013. Most of this year’s volume has come from companies refinancing current obligations or locking in lower margins through repricing.
The type of deals getting done underscores a painful market dynamic for investors: too much leveraged loan demand and not enough supply of new debt for uses like buyout financing.
Issuers are able to slash margins anywhere from a quarter to three-fourths of a percentage point as lenders are more willing to take the cut given a dearth of opportunities to fund acquisitions. Those that don’t agree to such deals risk getting rolled out as others keen to put their money to work join in.
For such investors, it can be difficult to replace a repriced loan in their portfolio with one that offers a decent yield and sufficient credit quality.
“There’s an element of frustration of like ‘didn’t this just get repriced?,’” said Grant Nachman, the founder and chief investment officer of Shorecliff Asset Management. “If issuers take it too tight, you have to work that much harder to find something to replace it with. There’s really no substitute for hard work.”
Borrowers, on the other hand, are taking advantage of healthy secondary trading levels — which have recovered to 97 cents on the dollar — to get better terms on their loans.
Software company UKG Inc on Thursday repriced a US$6.3 billion loan, the largest such transaction of the year. Market-making firm Citadel Securities just finalized a US$4 billion repricing. Fertitta Entertainment, the holding company for businesses of American billionaire Tilman Fertitta, has started syndicating a US$3.6 billion deal.
Demand has been boosted by a surge in creations of collateralized loan obligations, the biggest buyers of leveraged loans. Issuance of CLOs, which repackage loans into bonds, is up 69% on a year-over-year basis.
Despite the strong new issuance volume, the focus on refinancings and repricings has left the size of the US leveraged loan market unchanged at around US$1.4 trillion, according to the Morningstar LSTA US Leveraged Loan Index.
This year, “new money” transactions like buyout financing — which boost the size of the leveraged loan market — have only made up about 10% of total volume.
That’s changing. In September, almost 20% of issuance volume came from acquisition-related transactions. The momentum has continued this month. Currently in syndication is a US$3.3 billion leveraged loan package to help support the buyout of R1 RCM Inc, which helps hospitals with billing and payment functions.
More could be on the way in 2025 as the Federal Reserve is expected to continue lowering interest rates, potentially spurring acquisition activity.
“We don’t have a ton of conviction about a big spike in leveraged buyout supply in the rest of this year, particularly with the election coming up,” said Corry Short, a credit strategist at Barclays plc. “But could we see it pick up in 2025? Sure.”
“Small is beautiful”, proclaimed the classic 1973 book by British economist Ernst Schumacher, challenging the century’s mania for gigantic projects. He opposed nuclear power, among the largest industrial endeavours of his time, multibillion-dollar assemblages of concrete, steel, wires and uranium. But the emerging nuclear power renaissance, driven by data centres, combines the small and the large.
On last Wednesday, e-commerce and web services giant Amazon said it would be an anchor investor in a $500 million fund-raising by X-energy, a new developer of small modular nuclear reactors (SMRs). Amazon also said it would support SMR projects in its home state, Washington, as well as in the data centre hotspot of Virginia.
Amazon and X-energy intend to have more than 5 gigawatts of SMRs operational by 2039. This is approximately equal to the 5.6 gigawatts of conventional large nuclear reactors at the UAE’s Barakah plant.
Last week, tech rival Google also ordered six to seven SMRs from Kairos Power, while last month, Oracle said it would use three SMRs to power a more than 1 gigawatt centre and meet “crazy” needs for power. Microsoft had announced it would buy electricity from the infamous Three Mile Island nuclear power plant, site of a 1979 accident, if its owner restarts it.
These are welcome steps forward for nuclear power. Outside a few countries such as China and the UAE, nuclear capacity has been going backwards for years, as ageing reactors were closed down and not replaced, new plants took decades to build and run heavily over-budget, and countries such as Germany phased-out operational sites.
The improvement in renewable energy such as wind and solar, sharp falls in costs for battery storage and, in the US, a glut of cheap shale gas, made nuclear power economically uncompetitive. Environmentalists, often adhering to 1970s-era orthodoxies and fears of nuclear accidents such as Chernobyl in 1986, campaigned heavily against new nuclear investment, and overregulation and legal challenges drove up construction times and costs.
But three factors may create a more radiant future.
First, climate. At the Cop28 talks in Dubai last year, a group of more than 20 countries, including the UAE, US and UK, affirmed a goal of tripling nuclear capacity by 2050 as a source of reliable low-carbon electricity.
Second, energy security. The Russian invasion of Ukraine and the cut-off of much of Europe’s gas made the continent, and other isolated energy markets such as Japan, South Korea and Taiwan, aware again of the value of power generation which is not affected by weather and whose fuel can be stockpiled for years. But Western countries and allies want to steer clear of Chinese or Russian reactors and fuel, so they need to rebuild decades of atrophied domestic capability.
Third, electricity demand is rising again in developed countries, after decades when it barely grew. Demand for electric heating, air-conditioning and battery cars is one component.
The explosive rise of data centres is another, driven by the artificial intelligence boom. Even if the overall electrical needs of data centres are not huge, they are very significant in specific areas, far-exceeding local capacity in areas such as Virginia. Meeting this need with renewables is difficult as the best solar and wind sites are distant and constructing new transmission cables across state borders is a regulatory thornbush.
But to answer these needs, new nuclear plants need to be much quicker and cheaper to build. The International Energy Agency estimates that nuclear electricity in China costs 6.5 US cents per kilowatt-hour, which is cheaper than gas, and reasonably competitive with large-scale solar or wind power. China builds numerous plants in sequence and has managed to standardise them and train up its workforce.
But the cost in the US is 10.5 cents, and in Europe, 14 cents. New reactors are rarely built, face endless public and legal challenges, excessive and often capricious regulation, and lack of expertise from developers whose last serious construction programmes were in the 1970s or 1980s.
SMRs promise the needed improvement. A conventional nuclear reactor may typically be about 1,000-1,400 megawatts. SMR designs, by contrast, range from a few megawatts, designed for remote communities, isolated industries or military sites, or ships, to Rolls-Royce’s 470MW unit, really a medium-sized reactor. X-energy’s system features 80-megawatt reactors which can be bundled into a “four-pack”.
SMRs cover a wide range of designs, from variants of traditional models, to radical new concepts. They are often intended to be inherently safer than conventional reactors, not requiring external cooling, the problem that hit Japan’s Fukushima plant in 2011 when its backup diesel generators were swamped by a tsunami.
Their biggest selling point is that they should be quicker and, eventually, cheaper to build than large conventional reactors. Many of their components will be fabricated in assembly-line fashion, gaining manufacturing experience and lowering costs by standardisation. On-site construction and changes of plan, the bane of many new nuclear sites, will be minimised. Financial exposure will be less, lowering the risk and cost of capital.
Unlocking the promise of SMRs needs deep-pocketed, long-term and risk-tolerant investors. After several false turns and doors barred firmly by engineering, finance or regulation, the industry may finally have found its key in cash-rich Amazon, Google and Microsoft.
Some Middle East countries are also awake to the promise of SMRs, as their net-zero carbon and data centre ambitions grow. In December, the Emirates Nuclear Energy Corporation signed co-operation agreements with X-energy and three other SMR developers. Saudi Arabia’s King Fahd University of Petroleum and Minerals is working on its own SMR design, and the kingdom is co-operating with South Korea on its Smart reactor.
SMRs are still a tough sell in the Gulf, even with its booming electricity needs, given the abundance of land for cheap solar power backed up with batteries. Yet the tech giants’ commitments demonstrate confidence as well as urgency to meet vast energy projections. Artificial intelligence may be the parent to beautiful small reactors.
The global landscape of business and investment is undergoing a transformative shift, driven by heightened awareness of climate change, social inequality and corporate governance. Over the past two decades, the ESG (environmental, social and governance) framework has not only emerged but thrived as a pivotal instrument, illuminating the remarkable capacity to assess and enhance the sustainability, ethical standards and long-term viability of companies worldwide.
However, as we face the complexities of today’s world, it is essential to not only adapt but also improve this framework to meet evolving challenges. Thus, it is time to expand the ESG framework to include resilience, ushering in the era of ESGR (environmental, social, governance and resilience).
Recent global events have highlighted the struggles of companies lacking resilience. The Covid-19 pandemic brought unprecedented challenges, from supply chain disruptions to sudden shifts in consumer behaviour. Geopolitical tensions, such as the conflict in Ukraine, have further destabilised markets, particularly impacting industries dependent on the region for raw materials. These crises underscore the need for resilience in the corporate world.
While the traditional ESG framework provides a solid foundation for evaluating corporate responsibility, it falls short in addressing the rapid changes and uncertainties of our modern world.
Environmental criteria assess a company’s role as a custodian of nature; social criteria examine its relationships with stakeholders; and governance criteria scrutinise its leadership and operational transparency. However, this framework lacks a dedicated focus on resilience — a vital component for navigating the volatile, uncertain, complex and ambiguous (VUCA) world we inhabit. Resilience, defined as the capacity to adapt, recover and thrive in the face of adversity, represents the missing link in the ESG framework.
By incorporating resilience as the fourth pillar, we acknowledge the imperative of not merely withstanding shocks but also evolving and emerging stronger. This addition is particularly pertinent in an era defined by unprecedented challenges such as climate change, pandemics and technological disruptions.
Resilience in the corporate world hinges on three fundamental components, each serving as pillars upon which enduring success is built.
Compliance with legal changes: The rapid changes in legal requirements across environmental, social and governance domains necessitate that companies develop adaptive strategies to remain compliant and resilient. For instance, China’s aggressive carbon reduction policies forced unprepared factories to shut down or relocate, whereas resilient companies promptly adopted renewable energy practices and reduced carbon emissions. The EU’s GDPR in 2018 required drastic data protection overhauls. While proactive companies successfully navigated the shift, many like Meta and Amazon are facing fines.
Ensuring economic stability: Businesses must maintain strong financial health by diversifying their income streams and being prepared for economic downturns to ensure resilience. Companies unprepared for economic crises often face severe consequences, such as layoffs or closures. During the 2008 global financial crisis, Lehman Brothers collapsed due to its overreliance on high-risk investments, leading to significant job losses and market instability. Similarly, the Covid-19 pandemic forced JCPenney into bankruptcy due to declining sales and debt. In contrast, resilient companies like Amazon, which diversified its business and enhanced its digital infrastructure, thrived.
Maintaining operational continuity: Companies need to establish resilient supply chains and business operations capable of withstanding disruptions from natural disasters, geopolitical tensions or other crises. For instance, during the Covid-19 pandemic, Procter & Gamble’s proactive supply chain management and diversified manufacturing locations enabled it to maintain product availability despite global disruptions. On the other hand, Peloton encountered challenges with its supply chain, resulting in delays in product deliveries and impacting customer satisfaction.
Risk assessment, innovation and competency (RIC) form the bedrock of resilience, representing the essential elements upon which an organisation’s ability to adapt and thrive in dynamic environments rests.
A study by PwC found that organisations that embrace strategic risk management are five times more likely to deliver stakeholder confidence and two times more likely to expect faster revenue growth. This highlights the critical role of risk assessment in enhancing resilience to the modern world’s challenges. Effective risk assessment involves identifying, analysing and mitigating potential risks that could jeopardise business operations. This process includes not only ensuring daily operations comply with regulations but also anticipating and addressing potential risks that could cause business disruptions. Through comprehensive risk assessment processes, organisations can anticipate potential disruptions, minimise vulnerabilities and enhance their capacity to withstand adverse conditions.
Innovation serves as a catalyst for resilience by driving the development of new solutions and approaches to address evolving market dynamics. Fostering a culture of innovation encourages creativity, adaptability and forward-thinking, enabling companies to stay ahead of the curve and respond effectively to changing business landscapes. A McKinsey study found that companies with a high commitment to innovation are 2.4 times more likely to experience revenue growth. However, only 23% of companies prioritise innovation as one of their top two concerns. Innovation does not always mean creating new inventions. It can also involve adopting emerging technologies such as artificial intelligence, blockchain and renewable energy solutions.
Embracing a spectrum of competencies within the boardroom is imperative for guiding companies towards resilience and sustainable expansion. Yet, according to a recent study conducted by Deloitte, merely 36% of board members worldwide possess expertise in technology, underscoring a notable deficiency in diversified skill sets. This disparity underscores the importance of fostering a board environment rich in varied proficiencies. Such diversity not only fosters a holistic evaluation of opportunities and threats but also fosters well-informed strategic decision-making, ultimately fortifying the organisation’s capacity to adeptly navigate multifaceted challenges.
I urge global stakeholders to recognise the pivotal role of resilience in sustainability. By transitioning from ESG to ESGR, we can create a robust, forward-thinking standard that addresses the multifaceted challenges of our time, safeguarding businesses and investments while fostering a more sustainable and resilient global economy. Integrating resilience into the ESG framework is essential for survival and growth in an increasingly volatile world, and this evolution offers an opportunity to shape a future characterised by sustainability, resilience and prosperity.
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