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Trump exit unleashes Financial Stability Board to act on climate
The G20’s Financial Stability Board is cranking up its action on climate change again now that Donald Trump is no longer US president. This will feed the hopes of some sustainable finance supporters who want the FSB to drive progress on issues including environmental accounting.
07 Apr 2021 -
SG ends ‘refocusing programme’ with sale of Lyxor to Amundi
Société Générale said on Wednesday that it was looking to sell its asset management arm Lyxor to French investor Amundi. The transaction will wrap up a three year restructuring programme, which has added up to 90bp to the bank’s capital ratios.
07 Apr 2021 -
Credit Suisse rallies despite bigger hit on Archegos
Investors were relieved when Credit Suisse finally gave details this week about the damage it has suffered from its Archegos exposures. The losses were higher than expected, but they were not large enough to burn completely through the Swiss bank’s capital cushion.
06 Apr 2021 -
Macquarie sanctioned by Apra over regulatory breaches
The Australian Prudential Regulation Authority (Apra) hit Macquarie Bank with a A$500m ($378.4m) capital charge on Thursday, having uncovered serious faults in the firm's risk management practices. The announcement came a day after the bank paused its return to the sterling bond market.
01 Apr 2021 -
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 -
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 -
Fed prepares to lift dividend, buyback restrictions
The Federal Reserve said this week that it would lift all of its remaining restrictions on shareholder distributions for banks that can pass its next round of stress tests.
26 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 -
Sweden targets 2% ‘neutral rate’ for CCyB
Swedish banks will have to maintain a countercyclical capital buffer worth 2% of their risk-weighted assets during normal times, according to new guidance from the nation’s Financial Supervisory Authority this week.
22 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
