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GC Asia
Market News
UK to launch infra investment bank
The UK government said on Wednesday that it will form a new national infrastructure bank, in part to help the country's net zero carbon plans.
25 Nov 2020
SRI / Green Bonds
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The View
Now is not the time to rush an ESG securitization framework
An ESG framework for the European securitization market is a noble aim but the middle of this pandemic is not the time to implement it. The European Parliament needs to take its time and make sure such a regime is built to last, and not throw it in alongside emergency legislation.
24 Nov 2020 -
Supranationals & Agencies
EU completes hat-trick of SURE bonds
The European Union impressed once again as it sold the third bond under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme on Tuesday.
24 Nov 2020 -
Equity
Impact investing trust launches London IPO
Schroders, the UK asset management company, has partnered with Big Society Capital to seek to list a new fund on the London Stock Exchange to invest in assets which have a positive social impact on the UK.
23 Nov 2020 -
Corporate Bonds
Investors pounce on high grade corporate ESG debt
Investors pumped €11.65bn of orders into €1.6bn of green and sustainable corporate bonds on Wednesday, when paper company Stora Enso, utility Fluvius and real estate firm Cofinimmo all built bulging order books.
25 Nov 2020
green and social bonds and loans
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Wallonia, Cades bring what may be year's last SSA benchmarks
Two public sector borrowers hit the euro bond market on Wednesday, raising what might well be the final benchmark funding of 2020.
25 Nov 2020 -
Investors pounce on high grade corporate ESG debt
Investors pumped €11.65bn of orders into €1.6bn of green and sustainable corporate bonds on Wednesday, when paper company Stora Enso, utility Fluvius and real estate firm Cofinimmo all built bulging order books.
25 Nov 2020 -
Thailand taps onshore sustainable bond
The Kingdom of Thailand raised Bt20bn ($659.5m) from a syndicated bond on Tuesday, tapping its 15 year sustainable deal.
25 Nov 2020 -
Shui On adds $200m to green bond
Shui On Land tapped its 5.75% 2023 bond on Tuesday for an additional $200m, bringing the unrated deal to $500m.
25 Nov 2020 -
Now is not the time to rush an ESG securitization framework
An ESG framework for the European securitization market is a noble aim but the middle of this pandemic is not the time to implement it.
24 Nov 2020 -
EU completes hat-trick of SURE bonds
The European Union impressed once again as it sold the third bond under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme on Tuesday.
24 Nov 2020 -
Stora Enso and Fluvius mandate for long tenor green bonds
Stora Enso, the Finnish paper company, and Belgian utility Fluvius mandated banks to lead green bonds of 10 years or more on Monday, combining two recent themes in corporate bonds — ESG issuance and longer maturities.
23 Nov 2020
Responsible investing
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Impact investing trust launches London IPO
Schroders, the UK asset management company, has partnered with Big Society Capital to seek to list a new fund on the London Stock Exchange to invest in assets which have a positive social impact on the UK.
23 Nov 2020 -
ISS and Deutsche Börse: unlikely bedfellows?
In the US, stock exchanges have clashed with proxy advisers.
19 Nov 2020 -
Market pushes back on ‘rushed’ ESG criteria for securitization
The securitization market is pushing back against proposals in the European Parliament to tack a green framework for ABS deals onto existing discussions about NPL and synthetic securitizations that were supposed to be rapid-fire amendments to help the market fight off Covid-induced economic woes.
19 Nov 2020 -
New bid to solve bank carbon footprint enigma
An accounting standard was launched on Wednesday that could prove a major step forward in how banks and investors calculate their contributions to climate change, and their progress towards net zero emissions.
19 Nov 2020 -
Aramco impresses investors with $8bn multi-tranche bond
The world's largest oil company, Saudi Aramco, on Tuesday raised an $8bn multi-tranche bond, featuring a rare 50 year piece, in only its second entry into debt capital markets.
18 Nov 2020 -
Deutsche Börse advances in ESG with ISS buy
Deutsche Börse has beefed up its offering in sustainable finance and corporate governance services through purchasing a majority stake in ISS, the ESG data and analytics provider.
18 Nov 2020 -
Aramco 50 year among Gulf trio 'leading charge' in EM bonds
A flurry of Gulf issuers was on track on Tuesday to securing last minute bond funding, as investor appetite appeared insatiable for emerging market debt amid a rally that may well be curtailed by the impending US Thanksgiving holiday.
17 Nov 2020
The Sustainable Economy
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UK to launch infra investment bank
The UK government said on Wednesday that it will form a new national infrastructure bank, in part to help the country's net zero carbon plans.
25 Nov 2020 -
Gresham House attracts strong demand for raise
Gresham House Energy Storage Fund, the London-listed energy storage fund, attracted strong interest from investors in its 114.3m share issue as green stocks continue to prove popular with ECM investors.
25 Nov 2020 -
Renewable infra trust launches London equity raise
The Renewable Energy Infrastructure Group (Trig), a UK investment trust that invests in assets generating electricity from renewable sources, has launched a non-pre-emptive capital raising on the London Stock Exchange for acquisition funding.
23 Nov 2020 -
Greencoat agrees £500m debt-funded purchase
Greencoat UK Wind, the renewable infrastructure fund, is buying a 38% stake in an offshore wind farm for £500m using new and existing debt.
23 Nov 2020 -
Calabria pushes pedal on GSE reform before Biden takes office
The Federal Housing Finance Agency (FHFA) issued its final capital rule on Wednesday, mandating more capital for Fannie Mae and Freddie Mac to ensure they exit conservatorship on a ‘sound capital footing’.
19 Nov 2020 -
IFAD plans ‘innovative approach to funding’ after rating verdict
The International Fund for Agricultural Development received its second credit rating on Thursday, marking another step towards its debut in capital markets.
19 Nov 2020 -
UK’s green plan slammed for lack of funding
Boris Johnson, UK prime minister, announced on Tuesday night a 10 point plan for the environment, including phasing out petrol cars by 2030.
17 Nov 2020
Comment
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Now is not the time to rush an ESG securitization framework
An ESG framework for the European securitization market is a noble aim but the middle of this pandemic is not the time to implement it.
24 Nov 2020 -
Alibaba CEO learns lesson in humility
Alibaba’s chief executive Daniel Zhang has praised a regulatory crackdown on China’s technology titans.
24 Nov 2020 -
EU’s biggest funding test yet to come
By all measures, the first two transactions of the European Union’s arrival as a supersized issuer in the capital markets were tremendous successes.
19 Nov 2020 -
Rolls-Royce lands cash call after flight risk
UK aerospace company Rolls-Royce managed a smooth landing for its mid-pandemic equity raise despite turbulence within its inner circle of advisers.
19 Nov 2020 -
Sustainability-linked convertibles should be welcomed
Sustainability-linked pricing has arrived in the equity capital markets.
19 Nov 2020 -
Croydon’s insolvency could be just the beginning
Giving cheap loans with few restrictions to local authorities via the Public Works Loan Board is not a suitable replacement for central government funding.
17 Nov 2020
People & markets
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UK to launch infra investment bank
The UK government said on Wednesday that it will form a new national infrastructure bank, in part to help the country's net zero carbon plans.
25 Nov 2020 -
Now is not the time to rush an ESG securitization framework
An ESG framework for the European securitization market is a noble aim but the middle of this pandemic is not the time to implement it.
24 Nov 2020 -
The week in review: China extends $2.1bn in debt relief to developing countries, top regulators vow ‘zero tolerance’ on misconduct after defaults
In this round-up, Beijing says it has suspended $2.1bn in debt payments from two dozen nations under the G20 framework, and the top Chinese financial regulators send strong signals to the onshore market in the wake of a string of domestic bond defaults.
23 Nov 2020 -
Indian regulator plans cut to minimum float for chunky IPOs
India’s securities regulator has proposed slashing the minimum required share offering of large IPOs, helping the country’s biggest companies comply with listing rules.
23 Nov 2020
Governance
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Alibaba CEO learns lesson in humility
Alibaba’s chief executive Daniel Zhang has praised a regulatory crackdown on China’s technology titans.
24 Nov 2020 -
Indian regulator plans cut to minimum float for chunky IPOs
India’s securities regulator has proposed slashing the minimum required share offering of large IPOs, helping the country’s biggest companies comply with listing rules.
23 Nov 2020 -
China default fears rise after SOEs allowed to miss payments
China’s onshore bond market has been hit with a number of high-profile defaults from state-owned issuers, undermining primary supply and leading to a spike in secondary yields.
19 Nov 2020 -
Croydon’s insolvency could be just the beginning
Giving cheap loans with few restrictions to local authorities via the Public Works Loan Board is not a suitable replacement for central government funding.
17 Nov 2020
Health and biotech
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Covid-19: sovereign borrowing response
The Covid-19 pandemic is forcing many governments to expand their borrowing programmes.
25 Nov 2020 -
Greene King securitization faces default as bondholders face a choice
Greene King’s pub securitization Spirit Issuer is expected to default this year, after bondholders declined to waive potential covenant breaches in the same way they did for other pubcos, including the company's larger, whole business securitization.
25 Nov 2020 -
Belize default warnings return months after coupon postponement
Central American sovereign Belize could be at risk of requiring yet another rescheduling of its bond payments, said analysts, as its debt reaches unsustainable levels and with the temporary relief that creditors granted earlier in the pandemic likely to be insufficient.
25 Nov 2020 -
JD Health starts roadshow for $3.5bn IPO
JD Health International has hit the road with an up-to HK$27bn ($3.5bn) Hong Kong IPO, set to be the largest primary listing in the city this year.
25 Nov 2020
