The Sustainable Economy

  • E-cigarette maker RLX Tech covers $1.2bn IPO

    E-cigarette maker RLX Tech covers $1.2bn IPO

    Chinese e-cigarette manufacturer RLX Technologies has drawn enough early demand to well oversubscribe its US IPO worth up to $1.16bn, according to a source familiar with the matter.

  • CS appoints global head of renewables

    CS appoints global head of renewables

    Credit Suisse has promoted Ted Michaels, its head of North America renewables in New York, to a new global position overseeing investment banking in renewables and sustainable energy technology.

  • Renewable energy bid propels EDP block

    Renewable energy bid propels EDP block

    A €534m block in Energias de Portugal, the Portuguese utility company, flew off the shelves on Thursday night driven by investor demand for stocks exposed to renewable energy.

  • Solar ABS outlook brightened by tax credit extension

    Solar ABS outlook brightened by tax credit extension

    The US solar energy market started off the New Year with a bang, fuelled by the news that solar investment tax credits will be extended for another five years. The extension will help growth in the industry and increase investor comfort in funding renewables.

  • IRFC sets $634m IPO rolling

    IRFC sets $634m IPO rolling

    Indian Railway Finance Corp (IRFC) will hit the market next week with the country’s first IPO of the year. It is on track to raise up to Rp46.33bn ($633.7m).

  • SMEs face reckoning as lenders flee and ECB boosts bigger rivals

    SMEs face reckoning as lenders flee and ECB boosts bigger rivals

    Europe’s small and medium sized enterprises fear dark days ahead, as treasurers complain of banks withdrawing support and express concerns that central bank bond buying programmes favour the biggest and best capitalised companies. Mike Turner reports.

  • Mighty ECB is clobbering the little guys

    Mighty ECB is clobbering the little guys

    The European Central Bank’s bond buying programme is, for better or worse, the saviour of the corporate bond market, keeping access open for most issuers for all but a few days last year. But the easy money for borrowers big enough to access the bond market is inadvertently twisting the screws on already battered small and medium sized enterprises.

  • Renewable energy PE firm  looks to float in London

    Renewable energy PE firm looks to float in London

    Foresight Group, the infrastructure private equity company, is seeking to list on the London Stock Exchange hoping to capitalise on momentum among investors for renewable energy companies.

  • Renovate bankruptcy 'not reflective' of PACE issues

    Renovate bankruptcy 'not reflective' of PACE issues

    Renovate America, a residential property assessed clean energy lender, filed for bankruptcy after years of fighting policy changes and class action lawsuits alleging the lender failed to disclose certain fees to homeowners. The economic distress caused by Covid-19 was the spark that instigated the bankruptcy, but the legal issues were what caused the company to go under, sources said.

  • Green bankers confident of Taxonomy U-turn

    Green bankers confident of Taxonomy U-turn

    Sustainable finance specialists are optimistic that the European Commission will make a last minute concession on its proposed rules for green buildings when it publishes its final and binding Taxonomy of Sustainable Economic Activities, expected later this month.

  • V20 climate-vulnerable states prepare MDB derisking scheme

    V20 climate-vulnerable states prepare MDB derisking scheme

    The V20 group of finance ministers from countries especially vulnerable to climate change has prepared a Climate Prosperity Plan — analogous to a green new deal — which it hopes will help member countries devise 10 year investment plans to recover from Covid-19 while becoming more climate-resilient.

  • Debt sustainability and the new social contract

    Debt sustainability and the new social contract

    If 2020 was all about piling on the debt as governments around the world rushed to save their economies and societies, 2021 will be all about working out ways to reduce it — or at least sustain it.

  • Mobilising capital for a tough issue — ocean plastic

    Mobilising capital for a tough issue — ocean plastic

    The problem of ocean plastic is so daunting that it is tempting to despair, believing nothing can be done — or at least, that only the might of governments and international organisations stands a chance. A few entrepreneurs, however, are convinced this fight can become investable for mainstream capital markets.

  • Trig takes the loan leap to Sonia

    Trig takes the loan leap to Sonia

    Trig, the London-listed renewable infrastructure investment firm, has signed a £500m loan with its margin linked to Sonia rather than Libor, as loans bankers try to encourage borrowers look at their loan documents soon to avoid bottlenecks next year.

  • Green equities set  for red hot 2021

    Green equities set for red hot 2021

    Having lagged behind bonds in embracing the green agenda, the primary equity capital market came into its own in 2020. With investors more engaged in sustainability and fighting climate change, there are hopes that 2021 will be even greener. Sam Kerr and Aidan Gregory report.

  • Capital markets ready to fund UK’s green ‘revolution’

    Capital markets ready to fund UK’s green ‘revolution’

    The UK government has said it is committed to turning the country into a renewable energy powerhouse in a comprehensive overhaul of its energy infrastructure in what prime minister Boris Johnson calls a “green industrial revolution”. As the government pushes for change, the capital markets are ready to fund this endeavour.

  • Be boldly green, Boris: investors will back you

    Be boldly green, Boris: investors will back you

    As Boris Johnson embarks on a green industrial revolution, he has happened upon one of those rare moments when government policy seems completely aligned with investor appetite. The UK must use this capital markets sweet spot to transform its energy infrastructure next year and beyond.

  • UK impact investing trust prices £75m IPO

    UK impact investing trust prices £75m IPO

    Schroders, the UK asset management company, and Big Society Capital have completed the listing of a new fund on the London Stock Exchange to invest in assets that have a positive social impact on the UK.

  • Credit Suisse: we are 'well positioned' for post-Covid

    Credit Suisse: we are 'well positioned' for post-Covid

    Credit Suisse's investment bank is well placed for where the market is heading after the coronavirus pandemic, it said on Tuesday at an investor day. Its new global trading solutions (GTS) business unit may be key to future revenue streams.

  • Banks and govvie funding for £2.5bn UK gigaplant

    Banks and govvie funding for £2.5bn UK gigaplant

    Britishvolt, a start-up UK battery technology company, is looking at a range of funding options for a £2.6bn battery gigaplant site in the UK. A company spokesperson said that bank lending would make up just part of the financing.

  • Nio follows peers with $2.7bn ADS offer

    Nio follows peers with $2.7bn ADS offer

    Nio has launched a US follow-on offering that could raise up to $2.71bn, becoming the third Chinese electric vehicle (EV) maker to tap the equity market in less than two weeks.

  • Deutsche links executive pay to sustainability

    Deutsche links executive pay to sustainability

    Deutsche Bank is joining the ranks of banks that tie their top managers’ bonuses to sustainability targets, highlighting the fact that there is great variety in how this is done among leading investment banks.

  • Xpeng charges up $2bn ADS follow-on

    Xpeng charges up $2bn ADS follow-on

    Chinese electric vehicle manufacturer Xpeng is selling a chunk of new American Depository Shares (ADS) to fund research and development and further expansion.

  • Loanpal returns to booming solar ABS market

    Loanpal returns to booming solar ABS market

    Residential solar finance company Loanpal is preparing another securitization, which will make 2020 the highest volume year for the issuer. While the solar ABS market should be boosted by the support for sustainability shown by the incoming Biden administration, skeptics say it will take years for political change in the US to fuel a meaningful increase in supply.

  • Xavier Niel’s new Spac IPO a 'resounding success'

    Xavier Niel’s new Spac IPO a 'resounding success'

    Three of France’s most famous entrepreneurs won acclaim from investors on Monday as they closed books on the IPO of 2MX Organic, a new €300m special purpose acquisition vehicle (Spac) that is seeking to shake up the European organic food sector.

  • Green ECM rides wave of momentum into year-end

    Green ECM rides wave of momentum into year-end

    In an extraordinary year for equity capital markets, the rising popularity of renewable energy stocks has been a prevailing theme and this momentum is continuing into year-end.

  • Virus, wildfires to intensify solar ABS supply

    Solar ABS is advancing as a reliable, economical funding source for homeowners as the time they spend at home increases due to Covid-19 and intensifying natural disasters, speakers said in a Tuesday panel at ABS East Virtual 2020.