Top Stories

There is every reason to be sceptical of the UK’s plan for a national infrastructure bank. Infrastructure is hard to finance because governments are unreliable. Combining hard assets expected to pay back over 30 years with democratic governments that change course every few makes private investors reluctant to treat long-term infra projects as a pure matter of credit risk.

The first move has been made to consolidate the alphabet soup of industry bodies that try to raise standards in corporate reporting on environmental, social and governance issues — an essential feedstock for responsible investing. More mergers are likely as the private sector races to strengthen its influence before regulators take control.

Enel is planning €10bn of extra renewable energy investment in Europe, as a result of the support it hopes to get from the European Union’s €750bn recovery fund. But it believes the EU should refine its aid to subsidise sustainable finance more directly.

A new UK national infrastructure bank, announced by the government on Wednesday, is set to be up and running quickly, although details remain thin on the ground. While framed around infrastructure, a big part of its mandate could relate to the country's net zero carbon plans.

MUFG is overhauling personnel and its business model to try to escape a cycle of low returns, writes David Rothnie.

Stuart Taylor, who helped set up bond market data business Algomi, has joined MUFG's global markets business as head of electronic trading.

Bond Origination Technologies (Bots), a new tech company that aims to automate pricing indications in the primary debt capital markets, has completed an initial fundraising round and formed an advisory board ahead of a launch next year. GlobalCapital spoke to the founders to find out more about the product.

DirectBooks, led by nine global investment banks, has announced the launch of its core service to streamline communications in the primary issuance process for corporate bond deals.

The European Union faces its bitterest internal conflict yet, with member states drawing battle lines over the receipt of EU funds becoming dependent on states adhering to the rule of law. The conflict risks delaying or sinking the EU’s recovery fund, but capitulating would weaken its ability to oversee how the money is used, writes Lewis McLellan.

UK aerospace company Rolls-Royce managed a smooth landing for its mid-pandemic equity raise despite turbulence within its inner circle of advisers. It was a triumph for strong management, writes David Rothnie.

Deutsche Börse has beefed up its offering in sustainable finance and corporate governance services through purchasing a majority stake in ISS, the ESG data and analytics provider.

As investors sought gold and silver as a hedge against inflation and uncertainty, investment banks with the capabilities to act in these markets benefitted. Some made more than $100m in precious metals in the third quarter, according to Coalition Greenwich.