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Transition finance in transition — companies face investors in flux

Demand to invest in the low carbon transition is growing fast, but strategies are very diverse
Issuance net of buy-backs is not that high, and there is no sign of any indigestion

Caffil lands social covered bond as market ‘comes off the boil’

◆ Order book smaller than issuer’s last covered in January ◆ Banker said covered bond market has reached plateau ◆

AI impact fear rocks IPO hopefuls

Questions hang over the future of software as a service firms
Issuance net of buy-backs is not that high, and there is no sign of any indigestion
Sub-sections
  • September began with a bang for equity issuance, capped off on Wednesday by a mammoth €2.7bn share sale from Siemens Healthineers. However, the rush of deals is not just being driven by optimism. Bankers fear darker days returning.
  • Siemens Healthineers, the German healthcare tech company, has sold €2.73bn of new stock in the largest block trade 2020 has seen so far to partly finance its $16.4bn acquisition of US cancer care solutions firm Varian. The consensus among ECM bankers is that it will be vital to execute transactions during the next few weeks, before a tempestuous US election and possible rises in Covid-19 cases spoil the party, write Sam Kerr and Aidan Gregory.
  • The top investment banks will achieve substantially higher returns on equity this year, predicts analytics firm Coalition, after revenues in fixed income, currencies and commodities (FICC) soared in the first half of the year.