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First-of-its-kind opinion lays out World Bank, ADB and shareholders’ obligations under international law
Rocketing AI infrastructure spend set to drive more US tech giants to Europe for funding
Suspension of Council of Ethics lays bare difficult choices
Issuer sees use-of-proceeds label as 'perfect tool' to beef up its support to defence sector
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Several chances to demonstrate commitment to corporate sustainability have occurred in the US private placement market recently, and the market has fallen short in almost every case. Most of the PP market is as unfamiliar with using the term 'ESG' as it is to yelling 'YOLO'. -
BW Energy, the oil exploration and production company, has priced its Oslo IPO after lowering its valuation target and shrinking the deal, having encountered resistance from investors as the coronavirus outbreak in China knocked 20% off the oil price.
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Polite society does not tolerate smokers the way it used to. What was once a ubiquitous habit is now banished to outdoors in many countries. Tobacco investment is a rarer beast too these days, reflecting how deeply ethical preferences can affect capital markets. Now oil and gas securities could be about to face a similar shift.
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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.
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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.
