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Demand to invest in the low carbon transition is growing fast, but strategies are very diverse
Major sectors in leveraged loans are trading down, making shrewd credit selection vital
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Hong Kong property developer Sino Group has converted a HK$1bn ($129m) loan sealed last year into a sustainability-linked deal, in line with its goals of embracing ESG across its operations. -
The G20 has given hope to those wishing to see multilateral development banks increase their lending by stretching their capital further. If a breakthrough is made, ratings will be a crucial part of it.
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French telecoms firm Iliad has sold €500m of Schuldschein debt, with a novel extension clause attached to one tranche. But due to the investor-friendly terms of the extension language, there was no push-back from lenders.
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Voltalia, a French renewable energy company, has signed a €170m sustainability-linked loan, with the deal adding to the growing trend of second party opinion providers becoming a central part of ESG finance.
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The European Commission is on the verge of launching its new sustainable finance strategy — the first major fresh initiative since the Sustainable Finance Action Plan of 2018. GlobalCapital has seen a leaked draft, which reveals that the EU will explore whether to create official labels for transition bonds and sustainability-linked bonds, whether to regulate green mortgages, and how to reinforce investors’ responsibility for the effects of their investments.
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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.
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