Latest news with #ChristopherSheldon
Yahoo
06-05-2025
- Business
- Yahoo
World Bank's loan to support Bosnia and Herzegovina's energy transition
The World Bank has approved a substantial financial package to bolster Bosnia and Herzegovina's energy security and economic transition. On 1 May, the Board of Executive Directors sanctioned a €79.90m loan and a €2.89m grant to advance the country's National Energy and Climate Plan. This strategic move aims to enhance energy independence, foster job opportunities and strengthen local economies in regions transitioning away from coal. The Just Transition in Select Coal Regions of Bosnia and Herzegovina Project is set to repurpose post-mining lands in Banovići, Zenica and Kreka. This includes facilitating the closure of underground works in Zenica and installing renewable energy systems at Banovići and Kreka mines. Additionally, the project will offer social protection and skills development programmes for workers and communities transitioning from the coal sector. World Bank Country Manager for Bosnia and Herzegovina and Montenegro Christopher Sheldon said: 'This new project is an opportunity to boost Bosnia and Herzegovina's energy security while supporting communities, making sure no one is left behind.' Bosnia and Herzegovina is committed to reducing greenhouse gas emissions and decarbonising its power sector by 2050. The World Bank's support aims to ensure that mine closures are managed in an environmentally and socially responsible manner, while simultaneously creating new job opportunities and invigorating local economies in the former coal regions. In a related development, the World Bank and the African Development Bank unveiled terms in January this year for African countries to access $40bn in power finance through the Mission 300 programme. This initiative aims to connect half of the continent's population to the national grid and the other half through off-network solutions like solar mini-grids. The programme promises $30bn from the banks, with an additional $10bn anticipated from private institutions, marking a significant step in addressing varied electricity access across sub-Saharan Africa. "World Bank's loan to support Bosnia and Herzegovina's energy transition" was originally created and published by Power Technology, a GlobalData owned brand.
Bloomberg
24-02-2025
- Business
- Bloomberg
Bloomberg Markets 02/24/2025
Bloomberg Markets TV Shows "Bloomberg Markets" follows the market moves across every global asset class and discusses the biggest issues for Wall Street. Today's guests: KKR Co-Head of Credit and Markets Christopher Sheldon and George Washington University Associate Professor of French Studies Kathryn Kleppinger. (Source: Bloomberg)
Yahoo
06-02-2025
- Business
- Yahoo
KKR Calls Credit's ‘IPhone Moment' as Public, Private Markets Meld
(Bloomberg) -- The lines between assets classes are being blurred like never before as corporations search for new ways to raise cash. With public and private markets converging, says KKR & Co., a seismic shift is happening that will make 2025 credit's 'iPhone moment.' Citadel to Leave Namesake Chicago Tower as Employees Relocate State Farm Seeks Emergency California Rate Hike After Fires Transportation Memos Favor Places With Higher Birth and Marriage Rates San Francisco Wants Wealthy Donors to Help Fix Fentanyl Crisis NY Transit Advocate Says Billions in Tax Hikes Would Fix MTA 'The launch of the iPhone wasn't just the debut of a new product; it was the dawn of a new paradigm,' according to Christopher Sheldon, co-head of credit and markets at KKR and Tal Reback, director of credit and markets at the firm. 'The global credit markets are undergoing their own transformation.' Trading volume in the public debt market set an all-time high last year, while the proliferation of private credit is estimated by some to eventually reach $30 trillion. Asset managers, looking to capitalize on the frenzy, are creating bespoke portfolios bundling together anything from net asset value financing and collateralized loan obligations to leveraged bets and sale-leaseback deals. KKR — which oversees some $247 billion of credit assets — has multi-strategy funds that stand to benefit from the money pouring into the sector. KKR views integrating 'diverse asset classes,' as the 'cornerstone of modern portfolio strategy.' That intermingling is driving the rise of cross-asset financing strategies, not just in debt but in equity markets too. 'These solutions represent the 'iPhone moment,'' the pair wrote in a investor letter viewed by Bloomberg. 'The old paradigm of siloed, fragmented products is giving way to a new era of diversified income solutions across multi-asset credit platforms,' they said. 'These solutions represent the 'iPhone moment.'' Investors want strategies that blend public and private, instead of the more traditional method of separating asset classes into their own buckets with separate teams of portfolio managers, according to KKR. KKR is not the only firm chasing the credit boom. Apollo Global Management Inc. has its own $5 billion multi-strategy credit fund with a 30-year maturity. All the cash flowing into new debt instruments has drawn some unwanted attention too, particularly in private markets where regulators worry the opacity on valuations is a growing risk for investors. Looking to Asia With US Treasury rates approaching 5%, KKR is turning to Asia-Pacific credit, which often offers higher yields and risk-adjusted returns relative to comparable credits in developed markets, according to the firm. Asian high-yield debt returned 16.4% to investors on an annualized basis, according to the letter, while in the US, the asset class returned 8.2%. Sheldon and Reback note that default rates in APAC have been historically lower than those in other emerging markets. Regional markets like Singapore and Japan benefit from strong regulatory frameworks, enhancing transparency and investor protections, they wrote. Japan, for example, is getting a boost from insurance, among other things. KKR says the country is undergoing a transformation fueled by corporate governance reforms, demographic shifts, and accommodative monetary policy. 'We suspect that Asia-Pacific (APAC) may leapfrog ahead of the United States,' they wrote. The region is set to integrate 'diversified multi-asset solutions more quickly, capitalizing on opportunities to achieve relative value without taking on incremental risk.' (Adds data on credit assets under management in third paragraph. A prior version corrected spelling of Reback's name in second paragraph.) Orange Juice Makers Are Desperate for a Comeback Believing in Aliens Derailed This Internet Pioneer's Career. Now He's Facing Prison Inside Elon Musk's Attack on the US Government Amazon and SpaceX Want In on India's Satellite Internet Market Elon Musk Inside the Treasury Department Payment System ©2025 Bloomberg L.P. Sign in to access your portfolio
Bloomberg
06-02-2025
- Business
- Bloomberg
KKR Calls Credit's ‘IPhone Moment' as Public, Private Markets Meld
The lines between assets classes are being blurred like never before as corporations search for new ways to raise cash. With public and private markets converging, says KKR & Co., a seismic shift is happening that will make 2025 credit's 'iPhone moment.' 'The launch of the iPhone wasn't just the debut of a new product; it was the dawn of a new paradigm,' according to Christopher Sheldon, co-head of credit and markets at KKR and Tal Reback, director of credit and markets at the firm. 'The global credit markets are undergoing their own transformation.'
