The Sustainable Economy

  • Insurers brace for losses following European flooding

    Insurers brace for losses following European flooding

    Insurers and reinsurers are expecting to take multi-billion euro losses as a result of the recent floods in core Europe. Firms could make record payouts, which are likely to drag on otherwise strong results in the first quarter.

  • Out with the old, in with the new

    Out with the old, in with the new

    For all their espoused commitment to capitalism — a system in which outdated ideas are supposed to be allowed to perish when superseded by newer, better ways of doing things — there is a club of leaders at the top of investment banking that seems obstinately, sentimentally, and possibly even damagingly attached to the way things have always been done.

  • Green ECM momentum builds with GreenVolt IPO

    Green ECM momentum builds with GreenVolt IPO

    The renaissance of renewable energy companies in the equity capital markets grew on Monday with the IPO of GreenVolt, the Portuguese biomass energy company, which is set to wrap up its listing on the Lisbon stock exchange.

  • 'Big deal' for RMBS as Biden gets grip on FHFA

    'Big deal' for RMBS as Biden gets grip on FHFA

    The Federal Housing Finance Agency is set to take a different direction under the the presidency of Joe Biden from the one it took under Donald Trump, with a laser-like focus on affordable housing. To further the affordable housing agenda, the US's government-sponsored enterprises are expected to ramp up their volumes of RMBS issuance to boost the availability of mortgages.

  • Return to office a tough balancing act for banks

    Return to office a tough balancing act for banks

    As capital markets bankers gradually start to spend more time back in the office, a nuanced debate is playing out over how much flexibility they can expect to enjoy with regard to remote working when pandemic restrictions are finally lifted.

  • CEE at the energy crossroads — can it choose the green path?

    CEE at the energy crossroads — can it choose the green path?

    The next 10 years will be tough for central and eastern Europe, economically and politically. Willingly or not, it will have to cut carbon emissions. States in the EU have agreed deep reductions by 2030. But exactly how, when and where the changes come remains to be thrashed out. None of it will be easy — and one of the most important tasks will be to retain the confidence of financial markets. Jon Hay reports.

  • Insurers mourn missed chance of EU insurance agency

    The debate over the idea of creating a unified European development bank missed an opportunity raised by the G20 to establish an insurance guarantee agency, one industry expert tells GlobalMarkets

  • New era awaits Sudan after historic debt relief debt

    New era awaits Sudan after historic debt relief debt

    Sudan could see up to $50bn of its debt written off following agreement with bilateral lenders, multilaterals and commercial creditors, potentially turning an important corner in its return to the international fold

  • Student loan forgiveness woes to trickle down to private refi ABS

    Student loan forgiveness woes to trickle down to private refi ABS

    Federal and private student loan ABS are among the few securitization sectors trading wider, under pressure from imminent student loan forgiveness policies. While both sectors offer attractive spread pick up above other ABS asset classes, the softness points to mounting concerns that loan forgiveness will not only impact FFELP loans, but private deals too, which depend on a student’s willingness to refinance their federal loans.

  • Acciona Energia shuts books on €1.5bn IPO

    Acciona Energia shuts books on €1.5bn IPO

    Acciona Energia, the Spanish renewable energy company, is due to price its IPO at €26.73 a share, the bottom of the initial range, having closed order books on Tuesday afternoon, according to sources close to the transaction.

  • RAG Stiftung exits Stadler Rail via Sfr181m block

    RAG Stiftung exits Stadler Rail via Sfr181m block

    RAG Stiftung, the foundation set up by the German government to finance the discontinuation of coal mining in the Ruhr region, has sold its remaining shares in Stadler Rail, the Swiss maker of rolling stock, via an accelerated bookbuild on Monday evening.

  • GC Podcast: Sustainable finance — pushing the limits

    GC Podcast: Sustainable finance — pushing the limits

    The demand for sustainable finance has exploded in the last few years. It is a hotbed of innovation as debt issuers look to make the most of investors’ desire to fund a better world. This week, GlobalCapital considers one of the most recent innovations: sustainability-linked debt.

  • Greenvolt files for €150m IPO

    Greenvolt files for €150m IPO

    Greenvolt, the Portuguese biomass energy operator, is preparing to go public on the Lisbon stockmarket, having announced its intention to float this week.

  • Acciona Energia sets toppy price range on IPO but hopes quality shines through

    Acciona Energia sets toppy price range on IPO but hopes quality shines through

    Banks have set a price range on the listing of Acciona Energia, the Spanish renewable energy company, valuing it at between €8.8bn and €9.8bn. The banks already have some indications of interest within the valuation range and the transaction is coming at a big discount to its main listed peer, but some ECM investors say they are likely to sit the deal out because they believe it to be too expensive at a time the IPO market is challenged.

  • Meyer Burger energises expansion with bank debt

    Meyer Burger energises expansion with bank debt

    Meyer Burger, a German engineering company that makes cells for solar energy, has signed a €185m partly state guaranteed bank facility, that comes with a disbursement clause that locks the company into raising another €100m by this time next year.

  • Gangfeng Lithium mines funds from H-share placement

    Gangfeng Lithium mines funds from H-share placement

    Gangfeng Lithium Co, the world’s largest lithium metal supplier, raised HK$4.869bn ($628m) from a placement over just two hours of bookbuilding as investors flocked to the Chinese company’s deal.

  • MetLife, Pricoa pip PP market to Biffa trade

    MetLife, Pricoa pip PP market to Biffa trade

    Two of the largest private placement investors have beaten the broader market to a deal with Biffa, the UK waste management company, after many investors expected the transaction to be widely marketed. More frequently, larger investors are going direct to borrowers with bilateral and club deals, undercutting the syndicated market.

  • Energizer launches euro refi

    US-based battery maker Energizer launched a €650m eight year unsecured bond on Wednesday, intending to refinance its 2026 notes, cut interest costs and push out its maturities.

  • Goodleap preps first green home improvement ABS deal

    Goodleap preps first green home improvement ABS deal

    GoodLeap last week, formerly called Loanpal until last week, is issuing the first ever ABS deal backed by a portfolio which includes home efficiency loans, according to a pre-sale report issued on Friday.

  • Investors dash for last train to Alstom in Bouygues block

    Investors dash for last train to Alstom in Bouygues block

    Bouygues, the French industrial group, sold its final large block trade in Alstom on Tuesday night in an effective clean-up. Investors jumped at the last chance they had to buy shares in the French rail company from Bouygues.

  • Southway latest HA to launch USPPs

    Southway latest HA to launch USPPs

    Southway Housing, a housing association which owns and manages 6,000 properties in and around Manchester, is marketing private placements in a debut deal, according to market sources.

  • Green M&A to divide industrial sheep from goats

    Green M&A to divide industrial sheep from goats

    A wave of mergers and acquisitions is on the way, driven by the rise in awareness of climate change, bankers believe. But there will be no easy options for companies trying to reshape their businesses for the low carbon transition, and the process will create winners and losers.

  • Refi boom lifts C-PACE volume

    Refi boom lifts C-PACE volume

    Retroactive commercial property owned clean energy (C-PACE) transactions gained traction through the pandemic, with building owners tapping C-PACE to get cash out of their properties and opportunistic investors taking money out of existing deals to redeploy capital at higher returns. This dynamic is expected to continue throughout the year, said panelists at IMN’s Solar & PACE Investing conference.

  • Sustainable home improvement the next frontier for solar energy ABS firms

    Sustainable home improvement the next frontier for solar energy ABS firms

    Solar energy providers have quickly upgraded their offerings from solar panels to batteries, bringing down the costs of both products for consumers. Solar providers say the next growth area is sustainable home improvements, ranging from resilient roofing to efficient heating ventilation and air conditioning (HVAC) systems, meaning more loans available to fund through solar ABS, panelists said at IMN’s Solar and PACE Investing conference.

  • hGears stays above its IPO offer price

    hGears stays above its IPO offer price

    hGears, the German maker of precision gears for e-mobility, kept its head above water in trading on Friday after the company’s €173m IPO on the Frankfurt Stock Exchange, against extremely difficult market conditions.

  • Outlook darkens for gas in new IEA scenario

    Outlook darkens for gas in new IEA scenario

    A landmark in global energy policy was reached on Tuesday when the International Energy Agency published its Net Zero by 2050 model, its first detailed attempt to set out how the energy industry could transition to net zero greenhouse gas emissions.