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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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Deliveroo, the UK food delivery company, has taken heed of investor fears of IPO congestion and has revised its the price range of its listing down to the bottom end of the range. -
The financial markets’ stance on climate change has taken a stride forward as 43 asset managers with $23tr of assets including some of the biggest such as BlackRock and Vanguard have joined the Net Zero Asset Managers’ Initiative. A critical mass of investors is now committed to reducing carbon emissions in their portfolios to zero, meaning that companies can be in no doubt which way they have to go if they want to maximise their potential investor base.
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The polite world of sustainable finance has collided with the ugly reality of politics in the past week, as open strife has broken out over the European Union’s sustainable finance legislation, especially the Taxonomy. Conservative and progressive elements are battling over a host of issues, above all whether gas power should ever be classed as sustainable, and the validity and even legality of the Taxonomy is being called into question.
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A leaked letter from the European Parliament, seen by GlobalCapital, shows the Parliament has joined in the debate about the Sustainable Finance Disclosure Regulation, which has been watered down to make life easier for institutional investors. The Parliament is calling for the rules to be strengthened, to help savers know which investments are green and ensure compliance does not become just a “tick box exercise”.
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The reliability of Science-Based Targets — one of the most promising systems for helping companies decarbonise — has been questioned after RWE, the German power company, was excluded by Axa, the French insurance group, for being too wedded to coal, despite having an approved SBT.
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Investors have shunned carbon-intensive and sin sectors this month. The message is clear: if they want to raise capital, companies in dirty industries need to show they are making meaningful moves towards becoming socially and environmentally responsible.
