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UK capital markets going greener


Much of Notebook’s focus was on the UK this week where the government's Budget threw up the creation of a new SSA issuer (maybe, at some point) and the distinct possibility of Threadneedle Street turning green.

The UK Infrastructure Bank will be set up in Leeds later this year and could turn out to be the country’s KfW. But it won’t be the only public institution leading a green financial charge. The Bank of England is also getting to grips with its new green mandate.

Changes are expected to the Bank’s Corporate Bond Purchase Programme in the fourth quarter as it looks to become the greenest central bank of them all.

Elsewhere in the City, former EU Commissioner Jonathan Hill delivered his much anticipated review into equity listings as London looks to claw back business from hubs such as New York and Amsterdam. Its recommendations to loosen up met predicable cheers.

But GlobalCapital wondered this week what all the fuss was about in an age of mobile international capital – right down to retail level, in fact, where capital moves internationally by mobile.

With all the action in London this week, it was worth recalling that one of its biggest banks, HSBC, is focussing on Asia. We took a closer look at its strategic shift.

Also with an eye away from London is TD’s Sameer Rehman. He is leaving the firm’s London office to take up a job in Toronto dealing with the bank’s SSA clients.

In Munich, there was a promotion for UniCredit’s former FIG DCM chief, Monika Rast. She has been promoted to be deputy head of the CIB for Germany.

Finally, few borrowers have had as high a profile in the capital markets during the pandemic as Spain. Coronavirus hit the country hard and, like many other sovereigns, its borrowing requirement rocketed to deal with the consequences. But, with the EU and ECB’s wind in its sails, the borrower has managed some spectacular deals since and there is more to come.

GlobalCapital spoke to Pablo de Ramón-Laca, director general of the treasury and financial policy at Spain's Ministry of Economic Affairs and Digital Transformation, who runs its funding programme about investing your way out of a crisis.

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