Europe

The current global health crisis has surfaced an important discussion around the connection between sustainability and the broader issues weighing on our society. So, if we take one lesson away from these intersecting crises, it is that our physical and economic health, our sustainability and resiliency, and social justice are inextricably linked.

Caisse d’Amortissement de la Dette Sociale (Cades), the agency responsible for financing and amortising French social debt, plans to raise almost twice as much as it did this year and more than 10 times what it had initially expected to raise in 2020 before the onset of the coronavirus pandemic.

Cheesemaker Groupe Bel’s landmark US private placement under French law was funded this month. The company has sampled all the major sources of investment grade private capital in the recent past, having issued euro PPs and Schuldscheine before its new US PP.

Germany is looking to issue more syndicated deals and green bonds next year to finance an even bigger funding programme as a result of the coronavirus pandemic.

The UK government has said it is committed to turning the country into a renewable energy powerhouse in a comprehensive overhaul of its energy infrastructure in what prime minister Boris Johnson calls a “green industrial revolution”. As the government pushes for change, the capital markets are ready to fund this endeavour.

As Boris Johnson embarks on a green industrial revolution, he has happened upon one of those rare moments when government policy seems completely aligned with investor appetite. The UK must use this capital markets sweet spot to transform its energy infrastructure next year and beyond.

This year proved to be one of the most dramatic on record for corporate financiers as volumes rose from the ashes of the market sell-off. David Rothnie examines some of the themes that defined the year and looks ahead to 2021.

Credit Suisse has hired Deutsche Bank’s head of corporate broking to bolster its senior UK investment banking team.

Schroders, the UK asset management company, and Big Society Capital have completed the listing of a new fund on the London Stock Exchange to invest in assets that have a positive social impact on the UK.

KfW plans on extending its euro benchmark bond curve by adding a new 15 year line in 2021 in response to increasing demand from investors for longer tenors.

Christian Hardt has returned to NRW.Bank as a senior sustainable finance and environmental, social and governance specialist.

This week's funding scorecard looks at the progress Europe's supranationals and agencies have made in their funding programmes as we approach the end of 2020, with most issuers also setting their funding targets for 2021.