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Transition plans and disclosure rules will be central to UK’s bid for sustainable finance leadership
Council publishes Omnibus amendments, Efrag update on ESRS review
◆ EU’s securitization plan leaked ◆ The first new EM sovereign issuer for years ◆ Who can be sued for climate change?
Case against power company dismissed but NGOs believe precedent for action has been established
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Equity investors are losing their appetite for oil and gas stocks, just at a time when three of the biggest IPOs being planned in EMEA are from that sector. The coronavirus outbreak is sapping Chinese demand, leading to a weak oil price. But some bankers believe investors are also making a more fundamental shift away from fossil fuels, which could even lead to a permanent tipping point. Sam Kerr and Jon Hay report. -
Lyxor has launched a suite of environmental, social and governance high yield exchange-traded funds, following BlackRock’s iShares into the burgeoning market for investment products screened for sustainability. The French firm switched its investment grade ETF to follow a sustainable index last year, but opted to create a new product line for high yield.
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High yield is mostly in a hiatus, with issuers waiting for full year numbers before pushing back into the market. Only UK broadband company TalkTalk is issuing this week, offering a rare slug of sterling supply to a market that has been euro-dominated for most of the year. For the corners of the loan market without such problems, though, there is still a bid, even for credits with stories.
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Sustainable finance players are enthusiastic about regulation, which they expect to bring clarity and order to the market. It may — though when the new EU rules are implemented they are likely to irk participants more than they expect. But what would be really effective are direct actions that bypass finance.
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Eurex is pushing its environmental, social and governance (ESG) derivatives offering to cover the US, as it works to build a global market in the new futures.
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The European securities regulator will start to probe sustainable finance, looking for risks including greenwashing and climate risks, and may use stress tests in some market segments. Green finance experts welcomed the new Strategy on Sustainable Finance put out by the European Securities and Markets Authority on Thursday as a step towards fully integrating environmental, social and governance issues into financial regulation.
