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Rising environmental concerns, social pressures and an accelerating switch to digital will drive mergers and acquisitions in pharma and healthcare, consumer goods and oil and gas. For retail and software companies in particular, digital transformation will be a key driver. Cheap debt, strong liquidity and private equity demand will also continue to fuel M&A, but the uneven recovery and high debt burdens will limit transactions in some sectors.
The direct spending and tax credits in the proposed $2.3 trillion American Jobs Plan would, if enacted, benefit sectors including US state and local governments, infrastructure assets, auto manufacturing and electric utilities.
Moody’s ESG Solutions Group today announced the launch of Climate Solutions, a comprehensive product suite that provides market participants with enhanced risk measurement and evaluation tools to better understand, quantify and manage climate risks and opportunities.
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Ted Hampton of the US Public Finance team discusses how the State of Illinois is weathering COVID-19’s financial difficulties while pension obligations continue to weigh on its credit quality. Plus, Earl Heffintrayer and Myra Shankin of the Project and Infrastructure Finance team weigh in on the US airport sector’s improving prospects as passenger levels pick up.
High-frequency alternative data indicate a strong rebound in global economic activity even as COVID-19 infection rates rise and restrictive measures remain in place across many countries. Vaccinations in G-20 countries are advancing and the number of fatalities from the virus has declined in recent weeks. Financial conditions remain supportive in the US and euro area but are tightening across some emerging markets.
After a merger with a publicly traded special purpose acquisition company (SPAC), corporate issuers generally emerge with stronger credit quality, at least initially, with lower debt and improved liquidity. However, the final capital structure can result in significantly higher debt or weaker liquidity if the sponsor cannot find private investors to make up for high redemption rates.
Fresh off the Asset Management team’s virtual conference, Rory Callagy highlights how asset managers are finding growth – sometimes through acquisitions – in ESG, alternative investments and software solutions. Plus Antonello Aquino of the Banking team discusses the growing environmental risks African banks confront.
Environmental considerations will drive value chain transformation, while responsible production will force brands to embrace sustainable supply chain practises and transparency. Changing consumer behaviour heightens competition but also brings growth opportunities, while rising digital adoption comes with data protection and cyber risks.
New rules for managing ESG risks are positive for Brazilian banks
SPACs boost credit quality at target companies but also carry unique set of risks
Accelerating US economic recovery underpins dollar strength
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Latest U.S. Changes Are Credit Positive
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