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Submarine mast maker's IPO raised €132.8m
CLO bond spreads widen and investors demand less software exposure
Software rout compounds worries about low issuance volumes
Vincorion is expected to continue defence IPOs later this week
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Aston Martin, the troubled UK car maker, was set to launch a rights issue process next week, but severe equity market volatility means that the company’s shares are now trading below the subscription price in the capital raise. Sources are now questioning whether a deal is viable. -
The European Union’s Taxonomy of Sustainable Economic Activities, the latest draft of which was released on Monday, has been hailed by promoters as the opening of a new chapter in responsible investing. But the document is complex and much will depend on how market participants use it.
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Siemens Gamesa, the wind power provider, has tapped into the nascent market for ESG derivatives with a three year interest rate swap executed by HSBC.
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The European Commission's Technical Expert Group will be publishing its much-awaited Taxonomy and Green Bond Standard on Monday. GlobalCapital has received leaked copies from a source in Brussels. The GBS endorses a use of proceeds approach and limits the inclusion of operating expenditure. The Taxonomy contains reassurance for companies whose activities are not yet covered by it and sets out human rights standards.
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Sustainable finance specialists are waiting eagerly to see the precise details of the European Union's Taxonomy of Sustainable Economic Activities, the next draft of which will be revealed on Monday.
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The World Bank and Assicurazioni Generali are each giving the insurance-linked securities (ILS) they issue a sustainability label, as the market attempts to burnish its credentials for investors concerned with environmental, social and governance (ESG) criteria. Both issuers are imitating conventional green bond programmes by focusing on direct use of proceeds, but there are also debates around issues such as freed-up insurance capital and what governments do with funds released from catastrophe bonds.
