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Positive Zero inks Gulf's first non-recourse loan backed by decentralised energy infra

Green loan of $375m will support rollout of on-site solar plants for companies
Italian energy engineering company exercises option to borrow further €115m
SSA

Roundtable: European sovereign issuers look to varied maturities to bring in new investors

Amid tight budgetary conditions, including persistent inflation, volatile markets and geopolitical tensions, sovereign issuers in the EU face continuous pressure to fulfil borrowing requirements. Simultaneously, these same issuers are having to confront different challenges that range from the growing impact of hedge funds in their order books, and whether this is a good or a bad thing, how to convince new investors that their home currency, the euro, is an alternative to the dollar and how aligned EU capital markets should become and what form this should take. GlobalCapital assembled sovereign debt issuers to discuss borrowing requirements and how they are being met, what the diversification of their investor bases means for the products they offer and the benefits of harmonisation and simpler regulation in the EU.

Masdar borrows $5.1bn for UAE solar project, bond take-out to come

Strong appetite from international banks for first gigascale 24/7 solar plant
Italian energy engineering company exercises option to borrow further €115m
Sub-sections
  • Axa is lining up its inaugural green deal in tier two format, becoming the latest financial borrower to combine a subordinated bond with an ESG label.
  • The Autonomous Community of Andalucia has selected banks to arrange a series of meetings with investors to promote its new sustainable finance framework and provide a credit update.
  • Shriram Transport Finance Co caught an opportune time to print a $225m tap of a bond on Thursday, with the response to its deal reflecting investor preference for strong Indian credits.
  • Austrian utility company Verbund this week did something no European issuer has ever done when it sold a single bond that had its use of proceeds tied to green and sustainability-linked metrics. This is an excellent development for the ESG market, and finally covers glaring weak spots in the effectiveness of green bonds.
  • Verbund, the Austrian electricity company, became the first European issuer to sell a green sustainability-linked bond on Wednesday, combining the benefits of two different approaches to sustainable finance in a single deal.
  • FIG
    The final text of the European Commission’s draft Taxonomy of Sustainable Economic Activities has been described as a positive compromise. But one funding official has described it as untenable and unable to promote green covered bond issuance.