People & Markets - All Articles

  • ESG: the filter that lets everything through

    Deliveroo and its shareholders raised £1.5bn this week. The IPO was a dog, priced at the bottom of its range and falling 20% on its debut. But it’s hard to feel sympathy for the investors.

    • 31 Mar 2021
  • VP heads back to KKR’s credit biz

    Vaibhav Piplapure, widely known as VP, has signed on for a second stint in KKR’s credit business, returning to the firm as a London-based managing director sourcing asset-based finance and speciality lending opportunities.

    • 31 Mar 2021
  • China moves to reform onshore ratings industry

    Five Chinese regulators have drafted new guidelines for domestic credit rating agencies, attempting to reform an industry that has faced renewed criticism in recent months. Addison Gong reports.

    • 31 Mar 2021
  • KNOC bond clashed with banks’ own climate policies, NGO charges

    An environmental activist institute has argued that the bookrunners of a Korea National Oil Corp $700m bond priced on Tuesday are being inconsistent with their own climate policies, and might even be taking legal risks, because of the issuer's exposure to tar sands oil production in Canada.

    • 30 Mar 2021
  • Political deals tarnish Taxonomy’s claim to science-based objectivity

    The polite world of sustainable finance has collided with the ugly reality of politics in the past week, as open strife has broken out over the European Union’s sustainable finance legislation, especially the Taxonomy. Conservative and progressive elements are battling over a host of issues, above all whether gas power should ever be classed as sustainable, and the validity and even legality of the Taxonomy is being called into question.

    • 25 Mar 2021
  • EU Parliament tries to fight dilution of SFDR

    A leaked letter from the European Parliament, seen by GlobalCapital, shows the Parliament has joined in the debate about the Sustainable Finance Disclosure Regulation, which has been watered down to make life easier for institutional investors. The Parliament is calling for the rules to be strengthened, to help savers know which investments are green and ensure compliance does not become just a “tick box exercise”.

    • 19 Mar 2021
  • Investors open to SLB coupon step-downs

    Sustainability-linked bonds with variable coupons are winning wide acceptance among investors, according to a survey by Natixis of 40 investment managers with $20tr of assets between them. Investors think they could be used by issuers of all kinds, want to see robust standards, and are open to structural innovations.

    • 18 Mar 2021
  • Science-Based Targets questioned as Axa excludes RWE

    The reliability of Science-Based Targets — one of the most promising systems for helping companies decarbonise — has been questioned after RWE, the German power company, was excluded by Axa, the French insurance group, for being too wedded to coal, despite having an approved SBT.

    • 17 Mar 2021
  • Haller heads up Germany/Austria DCM at Crédit Agricole

    Crédit Agricole has appointed Christian Haller to head up its debt capital markets operation in Germany and Austria.

    • 16 Mar 2021
  • Winter takes sole leadership of MUFG in EMEA

    MUFG has for the first time chosen a single leader for its banking and securities divisions in EMEA. John Winter will take the post from April 1, meaning that the most senior executive in EMEA will be non-Japanese for the first time.

    • 15 Mar 2021
  • NZIF ‘a game changer’ says UK pension leader

    This week 35 investors with $8.5tr of assets — many of them UK and Nordic pension funds — launched the Net Zero Investment Framework, a primer for investors wanting to decarbonise their portfolios. Faith Ward, chair of the Institutional Investors’ Group on Climate Change, answers some key questions for GlobalCapital about why the Framework is important and how it will be implemented.

    • 11 Mar 2021
  • HSBC sharpens Net Zero policy after shareholder resolution

    HSBC has agreed to tighten its policies on climate transition and coal funding, in response to a shareholder motion calling on it to phase out fossil fuel financing. The move underlines the power investors have to accelerate change on environmental and social issues using shareholder votes, and could raise the bar for other banks.

    • 11 Mar 2021
  • Investors launch Net Zero framework with threat of divestment

    The prospect of investors exerting real pressure on companies to reduce greenhouse gas emissions, including divesting from big polluters, came a step closer on Wednesday with the release of the Net Zero Investment Framework, a map to guide investors on the journey to carbon neutrality.

    • 10 Mar 2021
  • Tesco shows investor power by moving fast on healthy food

    Tesco, the UK supermarket chain, has reacted quickly by setting new targets to sell healthier food, less than a month after a group of shareholders filed a resolution calling for this — a sign of how sensitive companies are to having environmental, social and governance motions voted on at their annual general meetings.

    • 08 Mar 2021
  • UK edges ahead in race to claim world’s greenest central bank

    The UK’s monetary policy will officially be designed to fight climate change from now on, after chancellor of the exchequer Rishi Sunak changed the Bank of England’s mandate this week, delighting sustainable finance campaigners.

    • 04 Mar 2021
  • Tottering Greensill puts fate of SCF clients in question

    Lawyers for struggling supply chain finance firm Greensill argued in court that over 50,000 jobs could be at risk from its collapse, precipitated by the withdrawal of credit insurance. But experts in the sector with knowledge of Greensill’s exposures argue that even Sanjeev Gupta’s Liberty Alliance empire could come out ahead.

    • 04 Mar 2021
  • CSRC boosts attraction of exchange bonds with new rules

    The China Securities Regulatory Commission (CSRC) has firmed up new rules for so-called ‘company bonds’, a move that is set to provide greater flexibility to corporate issuers tapping the exchange bond market.

    • 02 Mar 2021
  • Citi’s Fraser makes net zero pledge on first day

    Jane Fraser, CEO of Citigroup, said on Monday — her first day in the post — that the bank was committing itself to net zero financed greenhouse gas emissions by 2050. It joins major banks such as Barclays, HSBC and Morgan Stanley in having made such a promise.

    • 01 Mar 2021