Latest stories on Socially Responsible Investments

  • Leak shows Regulatory Scrutiny Board weakened EU rules on green indices

    A leaked copy of draft EU legislation, seen by GlobalCapital, shows that the Regulatory Scrutiny Board, a committee that makes sure EU laws are well drafted and not too onerous, has made the Commission water down its plans to tighten regulation of green investment benchmarks. But strong rules are coming on investors’ duty to consider environmental, social and governance matters and the shape of the sustainable Taxonomy is emerging.

    • 21 May 2018
  • Heavy demand for Greencoat UK Wind share sale

    Greencoat UK Wind, a British infrastructure fund focusing on wind farm projects and assets, closed the books early on a £180m capital raise on Thursday, May 17, with books covered well in excess of the deal size.

    • 21 May 2018
  • Free sustainable investing benchmarks grow with human rights study

    The movement to create free investment benchmarks to support the Sustainable Development Goals is gathering pace, with the launch this week of a major survey of corporate human rights performance.

    • 17 May 2018
  • Human rights: a test of investors’ power

    A survey of companies’ sensitivity to human rights casts big luxury goods companies like LVMH, Hermès and Prada in a bad light. Will investor pressure make them smarten up — or does their indifference suggest investors’ power is limited?

    • 15 May 2018
  • AfDB launches sophomore social bond, Basque to follow

    The African Development Bank sold its second ever social bond on Wednesday, more than doubling the size of its debut effort and extending its maturity curve. The Basque Government will follow the supranational with its inaugural sustainable bond.

    • 17 May 2018
  • Landshyp finds tighter green covered pricing

    Landshypotek Bank was able to close the price gap to its larger Swedish peers on Wednesday when it issued its first green covered bond.

    • 17 May 2018
  • Deutsche Börse chairman plans early departure

    The chairman of Deutsche Börse, Joachim Faber, on Wednesday said he would leave his post after a transition period before serving his full three-year term.

    • 17 May 2018
  • Low doc investor loans on the rise in RMBS

    Fitch Ratings flagged a rising risk in the RMBS market in a note this week, as more investor loans are originated using little or no traditional documentation during underwriting.

    • 14 May 2018
  • Thames Tideway finishes innovative funding

    Bazalgette Tunnel, the company building the Thames Tideway ‘super-sewer’ in London, has all but completed its innovative £2.5bn financing programme, having placed two £50m green bonds last week.

    • 15 May 2018
  • Solar ABS issuer Sunnova hires head of finance

    Sunnova, one of the handful of residential solar finance companies to have issued asset-backed securitizations, has hired a new head of finance from a sustainability-focused investor.

    • 15 May 2018
  • Investors find Mylan easy pill to swallow with juice

    US pharmaceuticals company Mylan made its third visit to the euro corporate bond market in three years on Wednesday when it sold a €500m seven year deal with a €1.3bn order book.

    • 17 May 2018
  • Polyphor stays above water after Sfr165m IPO

    Swiss biopharmaceutical company Polyphor has bucked the trend of recent European IPOs by pricing its IPO at Sfr38, in the top half of the initial Sfr30 to Sfr40 range, and increasing the size of the deal.

    • 15 May 2018
  • Mr Unpredictable: Donald Trump and ZTE

    Chinese technology company ZTE Corp appears to have been saved from the brink, after US President Donald Trump’s surprising intervention on Twitter. But although that may look like good news to ZTE’s investors, it should not be applauded by anyone else. The only thing predictable about the trade war between China and the US is quite how unpredictable it will be.

    • 15 May 2018
  • Rabobank set to issue third Green Storm RMBS

    Rabobank on Monday announced a new green RMBS transaction from its Dutch mortgage lending subsidiary Obvion, with the bank acting alongside JP Morgan as joint lead manager.

    • 14 May 2018
  • Polyphor increases IPO size to meet buyer demand

    Polyphor, the Swiss pharmaceutical company, is increasing the size of its IPO by Sfr15m due to “strong demand” from institutional investors.

    • 14 May 2018
  • Hong Kong unveils bond grant scheme

    The Hong Kong Monetary Authority (HKMA) has introduced a pilot bond grant scheme, outlining a new initiative to drive debt issuance in the city.

    • 11 May 2018
  • Fosun Pharma gets approval for $564m share sale

    Shanghai Fosun Pharmaceutical Group has been given the go-ahead to raise as much as HK$4.4bn ($564m) in new equity, amid reports the company is bidding for Novartis’s assets.

    • 11 May 2018
  • Italian populist rule risk ‘underestimated’

    Investors may be underestimating the chance of a Eurosceptic, populist government taking power in Italy, one expert on the country warned this week, as the Five Star Movement and Northern League on Thursday made strong progress on forming a coalition — without any mainstream parties. When the general election in early March failed to deliver a government, such a coalition was widely deemed the worst possible outcome for the market — particularly as one of the few policies the duo share is a looser fiscal policy.

    • 10 May 2018
  • New socially aware bond index feeds funds' need to spot shabby dealing

    JP Morgan's launch of an environmentally and socially conscious version of its EMBI index is well timed, as fund managers realise that dodgy morals can lead to shabby financial statements.

    • 10 May 2018
  • Banks to get own PRI with Principles for Responsible Banking

    A new grouping is set to join the legion of initiatives promoting a more sustainable financial system: the Principles for Responsible Banking.

    • 09 May 2018
  • EBRD reaffirms possibility of African expansion at annual meeting

    The European Bank for Reconstruction and Development is in the midst of its first annual meeting in the Middle East, and its president has again floated the idea of another big expansion of the bank’s remit to include sub-Saharan Africa.

    • 09 May 2018
  • K-Water turns on tap for green bonds

    Investors poured into Korea Water Resources Corp’s $300m green bond on Tuesday, satiating their thirst after a rare offering from the state-owned issuer. The deal got a boost of liquidity after the bookrunners tapped a growing pool of green-focused investors.

    • 09 May 2018
  • ReNew powers up India flotation to raise $1.4bn

    ReNew Power, a poster boy of India’s clean energy firms, is looking to raise as much as $1.4bn through an IPO as it revives public share sales in the sector.

    • 10 May 2018
  • Springer Nature pulls IPO as equity markets get choppy

    Europe's IPO market took a blow this week when scientific publisher Springer Nature pulled its €1.2bn Frankfurt listing at the last minute, even though bookrunners had released a final covered message.

    • 09 May 2018
  • Japan looks to tap new investor base in SRI market

    Green bonds have become one of the hottest topics in finance, taking their place alongside project finance and China’s Belt and Road as the necessary buzzwords on every investor’s lips. But green financing is more than just a passing fad for Japan’s strongest issuers. In a market defined by a famously rigid investor base, they are attempting to build a market that can be sustainable in every sense of the word. GlobalCapital sat down with some of Japan’s leading issuers, analysts, bankers and policy bankers to discuss where green and social financing is heading.

    • 07 May 2018
  • New source of guidance as pace mounts on TCFD

    This week, the Task Force on Climate-Related Financial Disclosures, which is pushing companies to disclose how they are addressing climate change risk and opportunity, launched an online Knowledge Hub to help firms comply.

    • 04 May 2018
  • Takeda readies $30.85bn loans for Shire buy

    The board of Shire, the pharmaceuticals company, has given the thumbs-up to a £46bn takeover offer by Japanese rival Takeda, with $30.85bn of loans already lined up for the purchase.

    • 08 May 2018
  • Ascletis first to file biotech IPO under new HK regime

    China's Ascletis Pharma has emerged as the first biotechnology firm to test the waters of Hong Kong’s new listing regime, after filing a draft prospectus on Monday.

    • 08 May 2018
  • Advance guard of banks plans how to tally climate risks

    How risky is it to lend money to a coal-fired power plant or an oil company? OK for another five years, perhaps — but how much longer can they carry on in the face of climate change? So far, banks have largely ducked questions like these. But from next year, more and more of them will be giving some kind of answer in their annual reports.

    • 03 May 2018
  • Banks go granular to study climate credit risk

    Sixteen banks have made the most concerted effort yet at defining how to do scenario analysis on climate change — the core risk management exercise called for by the Task Force on Climate-Related Financial Disclosures.

    • 03 May 2018
  • BBVA goes tight with its first helping of greens

    BBVA said it paid no new issue concession for a €1bn green bond it issued on Thursday, the largest in the format so far from a European bank.

    • 03 May 2018
  • Tesla bonds slide after tempestuous analyst call

    The high yield bonds electric vehicle maker Tesla sold last August dropped in the secondary market on Thursday, after its first quarter earnings showed the firm spent $1.1bn of cash during the quarter and CEO Elon Musk abruptly cut off analysts who asked questions during the company’s earnings call.

    • 03 May 2018
  • Perils of Nordic HY laid bare as Lebara aims to redeem early rather than disclose

    Lebara, the telecommunications firm, is looking to redeem its €350m bond due 2022 early rather than list it on the Oslo exchange, after it failed to meet a deadline to produce full audited financial results. It seemed to suggest on Monday that unnamed forces were massing against it, but senior high yield bankers warned that the lightly regulated Nordic exchanges had always been likely to invite this sort of drama.

    • 03 May 2018
  • World Bank launches tech fund with Credit Suisse

    The World Bank has launched a fund intended to harness disruptive technologies to promote development in the developing world.

    • 03 May 2018
  • Nordic Capital sells out of ConvaTec in £314m block trade

    Nordic Capital has sold the last of its stake in ConvaTec, the UK medical supplies manufacturer that floated on the London Stock Exchange (LSE) in 2016, ending a decade long investment.

    • 03 May 2018
  • BBVA hits record size with green bond

    BBVA tightened in pricing by 15bp for its first offering from a bond framework aligned to the UN’s Sustainable Development Goals. It was able to take €1bn of funding for green assets, the largest such deal in the format by a European bank.

    • 03 May 2018
  • Paradigm sells USPP sterling notes

    Paradigm Housing Group, a UK housing association, has sold £100m of 30 year US private placement notes to a single investor, using a lengthy delayed draw.

    • 02 May 2018
  • HKMA’s Lee: Chinese green issuers should come offshore

    Hong Kong and other offshore financial centres can help Chinese issuers broaden their appeal among international green bond investors, according to Vincent Lee, executive director at the Hong Kong Monetary Authority.

    • 02 May 2018
  • Barclays issued a green bond but is it a green issuer?

    A 22 year old Canadian First Nations activist has flown 5,000 miles to berate Barclays for financing an oil pipeline through Alberta's tar sands. Investors in Barclays’ green bonds should be right alongside her. Those serious about climate change must look at issuers’ entire sustainability profiles, not simply green bond use of proceeds reports.

    • 01 May 2018
  • Michigan utility joins US green bond mart

    DTE Electric Co has become the newest member in the slowly growing club of investment grade US electric utility companies that have issued bonds explicitly marketed or certified as “green”.

    • 01 May 2018
  • Reit market is choppy, but don't dismiss social housing

    The launch of yet another new social housing real estate investment trust (Reit) this week will not be easy. The market has felt congested recently, and peers have ridden over a few bumps. But there ought to be a place for this asset class.

    • 01 May 2018
  • The secret to CRN's sustainable Cédulas success

    Caja Rural Navarra’s fruitful return to the covered bond market last week was underpinned by several important elements, not least its decision to update and improve its sustainability framework. In the context of the European Central Bank’s diminishing support, the bank’s efforts offer a salutary guide to other borrowers, who will soon be obliged to compete harder for investors’ attention.

    • 01 May 2018
  • Deripaska cutting stake is best for everyone

    News last Friday from the London Stock Exchange (LSE) that Oleg Deripaska is set to give up his control of Rusal by removing his majority stake in EN+ (Rusal’s parent) is the best possible outcome at this point for the US, for Russia, and for investors.

    • 01 May 2018
  • Horizon vies to enter social housing Reit game

    Despite some signs of investor fatigue in Europe's IPO market, Horizon, an alternate investment manager, plans to float a new social housing real estate investment trust (Reit) that offers a “differentiated product” from those that listed in 2016 and 2017, according to a source close to the deal.

    • 30 Apr 2018
  • Fund aims to make the market for climate insurance

    By attracting private investors to provide risk capital to microfinance firms in the developing world, Global Parametrics is hoping to bolster insurance provision against natural disasters to families and businesses in poor countries.

    • 30 Apr 2018
  • Ping An Healthcare prices $1.1bn IPO high

    Ping An Healthcare and Technology priced its HK$8.8bn ($1.1bn) IPO at the top of guidance after a flood of demand from local and international investors.

    • 30 Apr 2018

 

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  • Waking up to reality: the race to put numbers on climate risk

    Sustainability is a term used liberally and vaguely in the financial world. But it has a precise meaning: living so that we do not make it harder for future generations to live. That principle is violated by today’s economy, including its financial markets. But little by little, the heart of markets — the decisions investors make — is facing up to what it has long repressed. Jon Hay reports.

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Global Green Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 4,399.60 12 9.57%
2 BNP Paribas 2,843.87 13 6.19%
3 HSBC 2,793.25 18 6.08%
4 Credit Agricole CIB 2,519.08 16 5.48%
5 Citi 2,379.88 9 5.18%