After months of waiting as even the great whites of the SSA oceans kept clear of primary bond sales in anticipation, the EU — now a bond market megalodon by comparison — cruised into a bait ball a quarter of a trillion euros big this week to take a €17bn bite out of its enormous pandemic recovery borrowing programme. Lewis McLellan and Bill Thornhill report.
UK banks and building societies are struggling with difficult aspects of incorporating climate change into their risk management, as demanded by the regulator, a PwC survey has found. The answer to some of their problems could be a non-risk initiative: science-based targets.
One by one, banks are taking responsibility to help fight climate change, by setting targets to eliminate carbon emissions from their whole financing portfolios by 2050. This will not suffice. Banks must learn a new way of interacting with clients.
Enel, the Italian energy company, scored a number of firsts last week when it sold a sterling sustainability-linked bond. But the effect of that deal that might last the longest could be that it has brought about the end of transition bonds.
Enel has signed a sustainability-linked loan (SLL) days after printing a bond using the structure. The Italian energy company has doubled down on its sustainability plans by pinning both trades to the same goal.
The European Stability Mechanism’s Pandemic Crisis Support credit lines will eventually be drawn on by euro area member states, according to the institution’s chief financial officer, Kalin Anev Janse.
Scatec Solar, the Norwegian solar energy company, raised Nkr4.75bn ($512m) through an equity placing on Tuesday night. The sale was for 15% of the company’s share capital — 5% more than it was allowed to issue through a non-preemptive placing. It made up the balance by borrowing shares from its largest shareholder.
World Bank took size with its second ever euro 30 year benchmark on Tuesday, achieving a far more impressive outcome than its debut deal in that part of the curve last year.
Barclays was met with strong demand for its second green senior deal in the sterling market on Tuesday, allowing the bank to shave 25bp of initial guidance and price through fair value.
Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, October 26.
As Europe moves into a second wave of coronavirus cases, banks could soon return to the market with more Covid-themed bond issuance.
Italian government bonds rallied across the curve on Monday after S&P upgraded its outlook on the sovereign on Friday in response to the country’s extraordinary fiscal measures and support from the European Central Bank’s asset purchase programme and the European Union’s incoming recovery fund.
After months of waiting as even the great whites of the SSA oceans kept clear of primary bond sales in anticipation, the EU — now a bond market megalodon by comparison — cruised into a bait ball a quarter of a trillion euros big this week to take a €17bn bite out of its enormous pandemic recovery borrowing programme.
A2A, the Italian multi-utility, pre-funded for 2021 with a €500m trade on Wednesday, getting what the lead manager said was the lowest yield for a deal of its type.
The threat to biodiversity is moving up the agenda of financial markets, but banks are woefully unprepared, a new study has found — in fact, they are actively financing what scientists believe is a mass extinction of species.
Deutsche Bank has grown its environmental, social and governance (ESG) team in Asia Pacific with a new hire.
UK banks and building societies are struggling with difficult aspects of incorporating climate change into their risk management, as demanded by the regulator, a PwC survey has found.
One by one, banks are taking responsibility to help fight climate change, by setting targets to eliminate carbon emissions from their whole financing portfolios by 2050.
HSBC provided $1.8bn of financing to high carbon companies including Kepco, which is developing new coal plants, in just five deals in the past four months, as it prepared to announce its “net zero ambition” on October 9, an NGO has alleged.
Indonesia coal producer Indika Energy was back in the debt market on Thursday with a $450m bond.
While most financiers are focused on dealing with the immediate impact of the pandemic, critics of capitalism are focused on the world after Covid and are determined that wealthy tackle inequality, financial support for the poor, and Earth’s worsening climate.
Greencoat Renewables, the Irish renewable infrastructure company, has signed a €200m term loan, as it looks to manage its longer duration leverage.
Europe’s bevy of recovery lending packages is undoubtedly a welcome gesture, but it may remain just that — a gesture.
Soltec Power Holding, the Spanish maker of solar trackers for renewable energy generation, has narrowed the price range for its IPO on the Spanish Stock Exchange, after the deal was covered shortly after the launch of bookbuilding earlier this week.
Scatec Solar, the Norwegian solar energy company, raised Nkr4.75bn ($512m) through an equity placing on Tuesday night.
Investors wanting to make a social impact with their money are often caught between two pitfalls.
Intesa Sanpaolo has issued a €2bn risk transfer securitization to help fund Italian SMEs, boosted by an investment from the EIB and the EIF.
ReNew Power, an Indian solar and wind power producer, is looking to the US for a potential IPO, according to a source familiar with the matter.
An ESG think tank believes that the European Central Bank should drop Alberta’s euro bonds from its list of eligible marketable assets as a punishment for its support for polluting industries.
This week in Keeping Tabs: how the European Central Bank could decarbonise its corporate bond book, how digital banks would suffer if the Bank of England goes negative, and what UK financial services policy could look like after Brexit.
Europe’s bevy of recovery lending packages is undoubtedly a welcome gesture, but it may remain just that — a gesture.
One by one, banks are taking responsibility to help fight climate change, by setting targets to eliminate carbon emissions from their whole financing portfolios by 2050.
Enel, the Italian energy company, scored a number of firsts last week when it sold a sterling sustainability-linked bond.
China wowed investors last week with a $6bn 144A bond amid a trade war with the US, but it missed a chance to solidify its credentials in the socially responsible bond market.
An ESG think tank believes that the European Central Bank should drop Alberta’s euro bonds from its list of eligible marketable assets as a punishment for its support for polluting industries.
Deutsche Bank has grown its environmental, social and governance (ESG) team in Asia Pacific with a new hire.
This week in Keeping Tabs: how the European Central Bank could decarbonise its corporate bond book, how digital banks would suffer if the Bank of England goes negative, and what UK financial services policy could look like after Brexit.
UK banks and building societies are struggling with difficult aspects of incorporating climate change into their risk management, as demanded by the regulator, a PwC survey has found.
An ESG think tank believes that the European Central Bank should drop Alberta’s euro bonds from its list of eligible marketable assets as a punishment for its support for polluting industries.
Hong Kong’s securities watchdog has fined Goldman Sachs $350m for regulatory failures in its work on bonds issued by the scandal-hit Malaysian state investment fund 1MDB, part of a multi-billion-dollar settlement with global regulators.
A legal ruling that appears to cast doubt on the independence of Ukraine’s anti-corruption unit has delayed a loan from the IMF and comes in the wake of a row over a decision to ‘reprimand’ two independent members of the country’s central bank
China’s State Administration for Market Regulation (Samr) has imposed a Rmb2m ($298,000) fine on each of Luckin Coffee’s two main operating entities in China and three other companies, the highest possible penalty under the country’s competition law.
Aedifica, the Belgian real estate company that specialises in care homes for the elderly, has secured an 83.7% take-up for its €459m rights issue.
Gland Pharma, a subsidiary of Shanghai Fosun Pharmaceutical Group, has won approval for its IPO from India’s securities regulator, according to a source close to the deal.
Suriname’s new government said on Thursday that it would not make a coupon payment due next Monday on its $550m of 9.25% 2026s as it prepares for restructuring discussions.
Unibail-Rodamco-Westfield’s rights issue is under increased threat from a group of rebel shareholders that disagree with the company’s vision to reset its business.
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