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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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Biodiversity — long overshadowed by climate change as the financial world has started to get to grips with environmental issues — has leapt up the agenda with the launch on Friday of the Taskforce on Nature-related Financial Disclosures.
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Sustainable securitization is moving into the mainstream, with a growing number of managers adopting ESG language in CLOs — usually through excluding specific industries from investment. What’s next in the green securitization revolution will depend on building a rigorous framework for assessing ESG factors and how to create standards. Paola Aurisicchio reports.
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Royal Dutch Shell was on the receiving end of a landmark court ruling last week that will compel the company to take profound climate change mitigation action. Not that you’d know from Shell’s bond curve. Time for fixed income investors to pull their heads out of the oil sand.
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Three unprecedented events this week — a landmark court ruling against Shell and shareholder revolts at Chevron and ExxonMobil — signalled that investors and society at large have rejected the oil industry’s early attempts at joining the low carbon transition and are looking for much more radical action. Oil majors retain good access to capital markets, but the clock is ticking. Jon Hay reports.
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Belarus this week gave investors a chance to demonstrate the ESG credentials they are often so keen to trumpet. Few took it. Although the country’s sovereign bonds sold off in the wake of the controversial arrest of a journalist on Sunday, investors gave a number of reasons why issues such as human rights violations were no deterrent to buying an issuer’s bonds. But there are signs those excuses may not hold up for ever, writes Mariam Meskin.
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Inside the office of Spondoolicks Emerging Market Bond Fund, May 24.