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GC Asia
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Aquila Capital creates new listed energy efficiency fund
Aquila Capital, the German investment company focused on sustainable investments, is launching a new London-listed fund focused on energy efficiency assets in Europe.
10 May 2021 -
London solar fund raises $132m for US investments
US Solar Fund, a London-listed investment trust that focuses on US solar assets, has completed a popular raise on the London stock exchange with demand for the deal exceeding its size.
07 May 2021 -
L’Oreal, Michelin support Carbios capital raising
Carbios, the French sustainable plastics company, has unveiled plans for a €105m capital raising to finance the next stage of its growth, with the backing of major shareholders.
04 May 2021 -
AC Energy prices $256m follow-on at low end
Philippines-based renewable power producer AC Energy has generated Ps12.4bn ($256.3m) in fresh equity, pricing a sale of new shares at the bottom of the marketed range, according to a source familiar with the matter.
30 Apr 2021 -
Explosion of clean energy to upend economy, but may not be fast enough
The economic potential of renewable energy is awesome, and should make fossil fuels obsolete by 2050, according to a new study by Carbon Tracker. But despite the compelling cost arguments for renewables, an enormous political effort will still be needed to accelerate their adoption if disastrous climate change is to be avoided.
29 Apr 2021 -
Risk transfer to grow as Covid weighs on EM balance sheets
Structured transactions that transfer risk from banks’ balance sheets are set to grow in emerging markets as their financial systems become more sophisticated and lenders try to deal with losses caused by the Covid-19 pandemic. Multilateral development banks are playing a central role — they aim to stimulate private sector interest, even if sometimes investors resent their involvement. Jon Hay reports.
29 Apr 2021 -
New London IPO offers exposure to shipping recovery
Taylor Maritime Investments, a new London investment trust, has launched an IPO on the London Stock Exchange with the aim of offering investors a chance to invest in the recovery of the global shipping industry after the Covid-19 pandemic.
29 Apr 2021 -
Ecoener IPO meets headwinds, covered at reduced size
Ecoener, the Spanish renewable energy company, reduced its IPO on the Spanish stock exchange to €100m on Wednesday, as it became the latest deal to face difficulty in the European IPO market.
28 Apr 2021 -
IFC doubles Agricole risk transfer, expects wave of EM deals
Crédit Agricole has struck a new synthetic risk transfer deal with the International Finance Corporation, in which it will shed about 90% of the risk on $4bn of emerging market trade finance loans. The IFC expects to use securitization more to help banks in developing countries cope with the effects of the coronavirus pandemic.
28 Apr 2021 -
Chinese bike-sharing firm Hello rides to US IPO
Chinese bike-sharing company Hello has set in motion a Nasdaq listing, aiming to raise at least $100m.
28 Apr 2021 -
Neoen CFO shows the way to green investors’ hearts
Neoen, the French renewable energy company, completed a €600m rights issue at the start of April to help fund it until 2025. Its CFO, Louis-Mathieu Perrin, spoke to GlobalCapital about the deal and explained how green equity stories can still win investors’ attention, despite a recent cooling off in stock valuations.
27 Apr 2021 -
AC Energy launches Ps12bn share sale
AC Energy Corp, a Philippine renewable power producer, has kicked off a follow-on offering of primary and secondary stock, eyeing up to Ps12.4bn ($256.4m).
27 Apr 2021 -
Europe’s review of EIB and EBRD veers toward status quo
The long-running debate in the European Union about how to optimise its development finance effort and strengthen its role in sub-Saharan Africa is tending towards the most basic of the possible options: closer collaboration between the European Investment Bank and the European Bank for Reconstruction and Development.
22 Apr 2021 -
The week in review: China, US join hands to tackle climate crisis, Citi to exit Mainland consumer banking, CBIRC calms market over Huarong worries
In this round-up, Beijing and Washington pledge to fight climate change together, Citi plans to set up onshore securities and futures companies as it ends consumer banking operations in 13 markets including China, and the banking and insurance regulator reassures the market that Huarong Asset Management Co’s operations are stable.
19 Apr 2021 -
Prasac trims pricing on loan return
Cambodia’s Prasac Microfinance Institution has returned to the loan market for $200m, narrowing pricing by 35bp compared to its last transaction in 2020.
16 Apr 2021 -
Davivienda, CMI land inside guidance as LatAm jumps on rates rally
Colombian lender Banco Davivienda and Central American renewable energy company CMI Energía both priced new issues inside the ranges indicated at guidance on Thursday, as Latin American bond markets took advantage of a strong bid for US Treasuries.
16 Apr 2021 -
Project Zeus: Greece brings first non-performing energy debt securitization
Public Power Corporation (PPC), the largest utilities provider in Greece, has launched a first-of-its-kind programme securitizing missed electricity payments with the help of Deutsche Bank.
15 Apr 2021 -
Biden infrastructure plan boosts equipment ABS outlook
The $2tr infrastructure plan proposed by president Joe Biden is now under review in Congress, where it is expected to go through a process that will reduce its scope and size. The comprehensive terms of the bill include plans to create millions of jobs in agriculture and construction, which will serve as a boon to the equipment ABS sector.
15 Apr 2021 -
Kiwi climate change reporting law passes first reading
New Zealand could become the first country to make climate reporting obligatory for financial firms, after lawmakers passed an amendment on Thursday requiring them to disclose climate change risks.
15 Apr 2021 -
Finance ministers’ climate group speeds up work as urgency increases
The US, Japan, Malaysia and South Korea have joined the Coalition of Finance Ministers for Climate Action, the collaborative group striving to reshape economic policy-making for the battle against global warming.
14 Apr 2021 -
IMF ramps up focus on climate, launches innovative database
Climate change will become much more prevalent in the International Monetary Fund’s work this year, including its assessments of countries’ financial stability, after sustained complaints that it has not paid enough attention to global warming. Ways to link debt relief to climate action will take longer to implement.
09 Apr 2021 -
Dutch metals firm AMG reaps benefits of EV surge
AMG Advanced Metallurgical Group (AMG) found strong demand for a €102m capital raise on Thursday night from investors keen to back the growing demand for lithium, stoked higher by increased global production of electric vehicles.
09 Apr 2021 -
Electric vehicle maker Li Auto charges $750m CB
Chinese electric vehicle manufacturer Li Auto has raised $750m from its debut convertible bond, pricing the deal at the investor-friendly end of the marketed range.
08 Apr 2021 -
Opdenergy to float in Spain
Renewable energy IPOs are being launched thick and fast in Spain despite the recent selloff of green energy stocks.
08 Apr 2021 -
Neoen shows investor demand for top green equities
Neoen, the French renewable energy company, said on Wednesday that it had received huge levels of demand for its €600m rights issue, proving that the right companies in the renewable energy sector can still attract a strong following among equity investors despite recent turbulence in green stocks.
07 Apr 2021 -
Paragon jumps ahead on phase-out of non-green BTL mortgages
The UK government is planning to tighten the energy efficiency ratings required for buy-to-let mortgages, phasing in the changes through to 2028, but some mortgage lenders are implementing the rules early. The result could mean more collateral for green structured finance transactions as well as a lower risk of default.
06 Apr 2021 -
Energy storage fund lines up £194m placing
Gore Street Energy Storage Fund, a close-end investment fund that invests in UK energy infrastructure assets, has launched a new capital raise to fund a pipeline of energy storage investments.
06 Apr 2021 -
Fossil IPOs have been shockers, green equities only scratch the surface
The equity markets have ploughed nine times more capital into fossil fuels than green energy in the past decade, and lost $120bn as a result. The tide is turning, but the amounts going into clean power are still pitifully small compared with the needs, according to research by Carbon Tracker this week.
01 Apr 2021 -
Nationwide study shows green mortgages are less risky
A study of 657,000 UK mortgages undertaken by Nationwide Building Society over the past year suggests that the greener building a mortgage is secured on, the lower the risk of default. Moreover, this relationship is not affected by a borrower’s wealth, the location, or the type of property.
01 Apr 2021 -
ECM Bank of the Year for Green Equity Deals — Societe Generale
The environmental, social and governance (ESG) agenda finally arrived in equity capital markets in 2020 with a flurry of activity across IPOs and convertible bonds.
26 Mar 2021 -
Renew boosts PACE ABS volume in shrinking sector
Residential Property Assessed Clean Energy lender Renew Financial is returning to the ABS market after a two year hiatus, adding volume to a sector that continues to shrink owing to regulatory headwinds and a preference for private placements.
23 Mar 2021 -
Friedrich Vorwerk sets IPO offer price
Germany's IPO renaissance is continuing with the flotation of Freidrich Vorwerk, the energy infrastructure construction company, which is due to price later today.
23 Mar 2021 -
Schwarzenegger to sea cucumbers: $750m fund to bridge climate gulf
An innovative collaboration between six organisations from different sectors has led to the creation of the Subnational Climate Finance Initiative, which will work with local governments in developing countries to fund green infrastructure. The scheme highlights the value — but also the difficulty — of blended finance.
18 Mar 2021 -
Big bid for green stocks as EU vaccine woes continue
Europe’s slow rollout of Covid-19 vaccines is beginning to damage confidence in a quick economic rebound this year, leading some investors to step back from value trades in pandemic-exposed cyclical stocks and enter new positions in high-growth momentum trades, particularly renewable energy stocks.
18 Mar 2021 -
Neoen launches rights issue for renewable investments
Neoen, the French renewable energy company, launched a €600m rights issue on Tuesday to fund its investment pipeline. Sources close to the deal are confident of its success.
16 Mar 2021 -
ECBC’s Bertalot sees scope for better reg treatment of green mortgages
Sustainability is likely to have a pivotal place in prudential discussions and properties secured on energy efficient mortgages could be in line for more favourable treatment than vanilla ones, the European Covered Bond Council and European Mortgage Federation’s secretary general, Luca Bertalot told GlobalCapital.
16 Mar 2021 -
Fury as EC considers letting gas into Taxonomy
Environmentalists were outraged on Thursday to learn from a leaked document that the European Commission is considering the option of including some gas power stations in its Taxonomy of Sustainable Economic Activities.
11 Mar 2021 -
Third party sponsored ABS returns in PACE
A Florida-based asset manager is issuing a PACE securitization under the HERO platform — a well-known name used by the now-bankrupt issuer Renovate America. This dual structure, where the originator and sponsor are two different entities, is not uncommon in ABS, but when it is used for securitizing PACE, it is often a symptom of instability and the distress the market faces, sources say.
10 Mar 2021 -
Green equity issuers persevere against market volatility
European equity deals linked to renewable energy have continued to come to market despite sustained turbulence buffeting the sector.
09 Mar 2021 -
ECP refis 1.34GW of UK gas turbines
Energy Capital Partners, a UK private equity company, has signed £192m in loans and trade finance facilities, refinancing debt for gas turbines that have been linked to the transition to carbon neutrality in the UK.
09 Mar 2021 -
IRFC’s bond plans grind to a halt
Indian Railway Finance Corp postponed its dual-tranche dollar bond offering on Monday when faced with a volatile market backdrop that ‘bamboozled’ the banks running the deal.
09 Mar 2021 -
Trio of solar ABS push issuance past $1bn
Loanpal, Solar Mosaic and Sunrun have all returned to the securitization market in the span of two weeks, ramping up first quarter volumes to over $1bn for the first time ever. Sources expect solar loan origination and demand to significantly increase in 2021 as the asset class provides a clear cut way to fulfill investors’ ESG criteria.
08 Mar 2021 -
UK RMBS vulnerable to Grenfell cladding fallout
UK RMBS could see marginal losses from the government’s Grenfell inquiry pushing the cost of removing flammable cladding on up to 1.5m flat owners across the country, after DBRS Morningstar research revealed on Monday that repossessions could eat into securitized mortgage portfolios.
08 Mar 2021 -
'Everything else is secondary' to debt transparency as Zambia-IMF talks extended
The IMF and Zambia will continue their negotiations about a package to put the country on a path to financial stability, the Fund said on Thursday, after the deadline for initial talks had passed the day before with no deal agreed. But market participants are still demanding more transparency over the defaulted sovereign's external debts.
05 Mar 2021 -
Two Sessions special: China takes cautious approach to 2021 GDP growth, cuts budget deficit target and local government bond quota
In this special round-up on China’s annual Two Sessions parliamentary meeting, the central government sets a conservative annual growth target for the Chinese economy in 2021, signals a modest tightening in fiscal and monetary policies, and plans to broaden regulatory oversight of the fintech sector.
05 Mar 2021 -
UK edges ahead in race to claim world’s greenest central bank
The UK’s monetary policy will officially be designed to fight climate change from now on, after chancellor of the exchequer Rishi Sunak changed the Bank of England’s mandate this week, delighting sustainable finance campaigners.
04 Mar 2021 -
UK’s ‘KfW’ to be major capital markets player
Senior market participants welcomed the announcement of the UK Infrastructure Bank’s creation in this week’s Budget speech. While it is unlikely to tap capital markets in the near future, bankers hope the bank will evolve into a major government agency borrower that prints socially responsible bonds to help in the UK’s goal to reach net zero carbon emissions by 2050.
04 Mar 2021 -
Railcar ABS issuance surpasses 2020 volume
The railcar securitization market has comfortably exceeded last year’s issuance volume already with the addition of Napier Park, a New York based alternative asset management platform. Bolstered by strong investor appetite for yieldy paper, railcar ABS deals will continue to be well subscribed and in high demand, sources say.
04 Mar 2021 -
UK’s green Budget ‘underwhelming’ as gaps, contradictions appear
The UK’s Budget on Wednesday is likely to go down as the greenest ever, but it still left sustainable finance advocates disappointed, as Rishi Sunak, the chancellor of the exchequer, failed to give clarity on vital programmes and spending, at the beginning of a decade in which the country will have to make vital investments towards achieving its ambition of net zero greenhouse gas emissions by 2050.
03 Mar 2021 -
Solar activity flares up with Mosaic ABS
US residential solar company Solar Mosaic is returning with a securitization backed by a pool of prime consumer loans. The issuer surpassed $4bn in loans funded through its platform in February, and hopes to continue pushing the solar asset class into the mainstream.
03 Mar 2021
