The Sustainable Economy

  • The unexpected perks of working from home

    Social distancing has created a new world for all of us. I’ve learned to mix my own cocktails with such flair that I’ll be teaching the bartenders a thing or two the next time I’m at the Captain’s Bar. But I’m also not the only old dog learning a few new tricks.

  • Banks going green: if you’re going to lead, lead

    Banks going green: if you’re going to lead, lead

    Banks want to position themselves as ahead of the curve on sustainability. They are among the most sophisticated, well resourced, IT-savvy organisations in the world. Why can't they work out the carbon footprints of their portfolios?

  • EIB turns to securitization for green finance, SME relief

    EIB turns to securitization for green finance, SME relief

    The European Investment Bank (EIB) has invested in a Portuguese RMBS collateralised by green assets as part of a wider ESG programme. The group has also revealed details of its significant risk transfer (SRT) programme designed to support SME loans during the lockdowns.

  • Vivint drops ABS offering "on the cusp of closing"

    Vivint drops ABS offering "on the cusp of closing"

    Vivint Solar pivoted away from a solar securitization that was "on the cusp of closing" before the onset of the Covid-19 pandemic, in favor of an alternative financing structure that it hopes to close in the second quarter.

  • IPOs: the future is virtual

    IPOs: the future is virtual

    The Covid-19 pandemic has changed the way Asia’s equity capital markets operate, with virtual roadshows and deals finding enough success to outlast the coronavirus, writes Jonathan Breen.

  • Natixis struck by energy sector credit risk

    Natixis struck by energy sector credit risk

    Natixis’s corporate and investment bank slumped to a loss in the first quarter, results showed on Wednesday, as it provisioned for credit losses and took a similar hit in equities to its French peers.

  • Bankers, investors debate more permanent change to working practices

    Bankers, investors debate more permanent change to working practices

    As European countries prepare to ease lockdown measures, those in capital markets are well aware that their day-to-day lives will not go back to how they were anytime soon. They have mixed views on working from home, but will an entirely new working culture emerge?

  • How not to home school in vocabulary

    Do you remember what it was like to work in an office? Blissfully boring. Those working from home now have to juggle work and personal life — and try not to turn their children into market-savvy scoundrels.

  • Greencoat UK Wind strikes £320m deal as acquisition spree continues

    Greencoat UK Wind strikes £320m deal as acquisition spree continues

    Greencoat UK Wind, the highly acquisitive UK investment fund focused on UK wind farms has entered an agreement to acquire a Scottish wind farm for £320m. Greencoat has all the financing it needs already to complete the deal, scheduled to close in the first quarter 2023, but it is looking at further acquisitions and could turn to equity to finance it.

  • SEB forms cross-bank team to drive sustainability

    SEB forms cross-bank team to drive sustainability

    SEB is creating a new sustainable finance unit to broaden its offering across the whole bank, and is building a team including country heads — the first of which is Lars Eibeholm, who will join the bank from the Nordic Investment Bank in the summer.

  • People moves in brief

    People moves in brief

    New ECM head at UniCredit — NIB treasurer heads to SEB — Mills takes up newly created position at UBS

  • Frantic start for a new Investec hire

    Frantic start for a new Investec hire

    There will probably have been quieter inductions into a new job. Nathan Piper has joined Investec as an equity researcher to cover upstream oil and gas.

  • Roadshows: virtual a reality for Asian IPOs

    Roadshows: virtual a reality for Asian IPOs

    Asia’s third online-only IPO was launched this week, confirming that virtual roadshows are a new normal for the region’s equity capital markets amid the Covid-19 pandemic. Companies elsewhere should take heed.

  • Clients must drive big chance for change in post-pandemic capital markets

    Clients must drive big chance for change in post-pandemic capital markets

    There has been much discussion since the financial world went into lockdown about how life in the capital markets will change once governments lift restrictions. Chief among those concerns has been whether the usual business of putting deals together needs to burn the Bacchanalian quantities of jet fuel and waste the many hours lurking around airports that capital markets air miles enthusiasts were doing before Covid-19 grounded them. If that is to change, borrowers and investors need to make it happen.

  • Akesobio kicks off virtual roadshow for HK IPO

    Akesobio kicks off virtual roadshow for HK IPO

    Akesobio, a Chinese biopharmaceutical firm, has launched an online-only roadshow for its up to HK$2.58bn ($332.9m) IPO amid numerous country-wide lockdowns globally to combat the Covid-19 coronavirus pandemic.

  • Credit Suisse launches ESG advisory group

    Credit Suisse launches ESG advisory group

    Credit Suisse has launched an environmental, social and governance (ESG) advisory group in its investment banking and capital markets division, becoming the latest firm to launch a dedicated green corporate finance coverage effort.

  • Lat Am wanderlust likely to resist virtual reality

    Lat Am wanderlust likely to resist virtual reality

    Bond market participants in Latin America are gradually accepting that Zoom video calls will become a permanent feature of their job. However, in this particularly travel-intensive segment of capital markets, when it comes to selling a product, neither issuers nor bankers appear willing to cut down visits to clients in a region where personal trust is arguably more important than anywhere else.

  • Red Eléctrica hires for phone-only roadshow

    Red Eléctrica hires for phone-only roadshow

    Spain’s Red Eléctrica Corporación has hired banks to run a series of fixed income investor calls for a debut five year senior unsecured deal, in the first European corporate roadshow since stringent social distancing measures were implemented across the continent.

  • Remote ECM bankers cannot switch off

    Remote ECM bankers cannot switch off

    Equity capital markets are adjusting to life in quarantine, with most bankers saying they are well set up to work remotely during Covid-19 lockdowns. Even syndicate bankers, natural sceptics to home working, are starting to have faith that business can be done at a distance.

  • Home a-loan: lenders learn to love WFH

    Home a-loan: lenders learn to love WFH

    The loans market has been one part of the capital markets that has perhaps unsurprisingly taken to working from home easier than most. Some loans bankers even see a world after the pandemic where one or two days a week working out of the office becomes the norm.

  • Working from home catches on in capital markets

    Working from home catches on in capital markets

    Those working in capital markets have found aspects of working from home difficult. But many believe the new routines will not be put back in the box once offices are allowed to fill up again.

  • Financing firm for KKR’s Viridor buy despite market chaos

    Banks financing KKR’s £4.2bn purchase of waste management firm Viridor from Pennon were able to demonstrate certainty and deliverability of the financing for the deal to the Pennon board, despite chaotic markets which have seen rapid plunges in the prices of leveraged loans and high yield bonds.

  • Government-guaranteed ABS prices amid market freeze

    Government-guaranteed ABS prices amid market freeze

    The Small Business Administration (SBA) priced a government-guaranteed small business loan securitization this week in an otherwise frozen primary market. The role of government agencies such as the SBA is expected to be crucial in mitigating Covid-19’s impact as many other issuers find themselves paralysed in the face of volatility.

  • InnoCare IPO tackles virus with virtual roadshow

    InnoCare IPO tackles virus with virtual roadshow

    Global equity capital markets suffered severe hits this week, as governments scrambled to respond to an escalation in the coronavirus pandemic. But amid the mayhem, InnoCare Pharma saw an opportunity to launch its IPO, treating Hong Kong to its largest listing in about two months. Jonathan Breen reports.

  • Optivo follows Longhurst into long end sterling

    Optivo follows Longhurst into long end sterling

    Optivo, the UK housing provider, has mandated banks for a long maturity sterling deal, a day after a compatriot housing association found healthy demand for a similar 23 year note in the currency.

  • The end of the road for roadshows

    The end of the road for roadshows

    The shock of the Covid-19 coronavirus outbreak has forced some rapid thinking among capital markets participants. Almost the first impact has been on travel.

  • Renovate America opens up 2020 PACE pipeline

    Renovate America opens up 2020 PACE pipeline

    Residential Property Assessed Clean Energy (PACE) finance company Renovate America filed an ABS 15-G this week, announcing plans to bring the first deal of 2020. Despite regulatory burdens that have resulted in lower ABS volumes, PACE providers are expecting a steady year, with another 144A deal slated to come as early as April, according to sources at SFVegas 2020 this week.

  • Central American bank woos UK to be new member

    Central American bank woos UK to be new member

    The Central American Bank for Economic Integration is hoping to persuade the UK government to join it as a shareholder, holding out the prospect that UK companies building infrastructure in central America might be able to gain preferential funding on attractive terms now enjoyed by Korean firms.

  • Creditors pull back from frontier markets

    Creditors pull back from frontier markets

    Frontier market bond issuance dropped in 2019, with sovereign issuance at its lowest figure since 2011, amid signs that private-sector creditors are pulling back from riskier countries.

  • China Forestry wraps up $145m loan

    China Forestry wraps up $145m loan

    China Forestry Group, a state-owned company that cultivates and manages forest reserves in the country, has closed its $145m loan with four banks.