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☆ Junk-Rated Companies Search for the Right Time to Tap Investors
▼ + stars: | 2022-10-16 | by ( Nina Trentmann | ) www.wsj.com time to read: +8 min

While there is limited pressure overall as many businesses refinanced in 2020 and 2021 when funding was cheaper and investor appetite stronger, high-yield companies with immediate financing needs have to find the right time to tap investors, corporate bankers say. Adding loans and revolving-credit facilities, speculative companies have maturities of around $1.47 trillion through 2027, ratings firm Moody’s Investors Service said last week. And the high-yield bond market isn’t closed, it has just become more expensive, bankers said. Movie theater chain AMC Entertainment Holdings Inc. on Friday said that its subsidiary Odeon Finco PLC priced a $400 million bond. Bankers said they have received few calls from triple C-rated companies in recent months looking for maturity extensions.

☆ Sovereign debt greens yet net-zero pledges darken
▼ + stars: | 2022-10-13 | by ( George Hay | ) www.reuters.com time to read: +5 min

LONDON, Oct 13 (Reuters Breakingviews) - Governments are increasingly getting into green bonds. Nearly 40 sovereigns as well as other local public entities have issued green bonds in recent years. And they are also issuing green debt at increasingly longer tenors: in August the Monetary Authority of Singapore raised $2.4 billion via a 50-year green bond. Still, the boom in sovereign green bonds has not been accompanied by much progress towards net zero. The bonds’ proceeds will be earmarked for environmental investments, such as energy efficiency projects.

☆ Saudi wealth fund braves market tumult in green bonds debut, others unlikely to rush
▼ + stars: | 2022-10-12 | by ( Yousef Saba | ) www.reuters.com time to read: +4 min

Register now for FREE unlimited access to Reuters.com RegisterHe said that PIF's issuance of the first-ever 100-year green bonds showed investor confidence in its credit strength and Saudi Arabia's long-term commitment to energy transition. PIF sold $500 million of the 100-year bonds - the first bonds of that tenor from a debut issuer or a sovereign wealth fund, and the first 100-year issue in the region. Alaoui said the fund was expected to continue issuing green bonds, including green sukuk, or Islamic bonds, and to tap the onshore U.S. market in the coming years. Egypt, due to host the COP27 climate conference next month, became the region's first issuer of sovereign green bonds in 2020. First Abu Dhabi Bank (FAB.AD), which taps the market regularly and is one of the region's most active green issuer, followed up PIF's transaction a day later with a sale of $700 million worth of green bonds.

Nissan wants to reduce Renault’s 43% holding to 15%, on par with Nissan’s stake in the French group, Reuters reports. Free cash flow will turn positive to the tune of 388 billion yen ($2.7 billion) by 2024, Morningstar estimates. He could, for example, ask shareholders to buy some of Renault’s Nissan stock. Or he could consider borrowing more; even after buying back a chunk from Renault, Nissan’s debt-to-EBITDA multiple could manage it. Nissan’s Renault reshuffle will drive a capital raise; he just needs to pick a route.

☆ Saudi Arabia's wealth fund hires banks for debut green bonds
▼ + stars: | 2022-09-27 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterDUBAI, Sept 27 (Reuters) - Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has hired banks including Citi and JPMorgan (JPM.N) to arrange a debut issuance of multi-tranche U.S. dollar-denominated green bonds, a document showed on Tuesday. Sources told Reuters earlier this month that PIF would issue the long-planned green bonds this month or in October. Register now for FREE unlimited access to Reuters.com RegisterA debut issuance in tranches of five, 10 and potentially a longer-dated tenor will follow, subject to market conditions. "PIF is acting as the key vehicle to achieve KSA (the Kingdom of Saudi Arabia) green aspirations," the presentation said, referring to an ambitious economic reform agenda to wean the economy off oil. read more($1 = 3.7620 riyals)Register now for FREE unlimited access to Reuters.com RegisterReporting by Yousef Saba; Editing by Louise Heavens and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Execs at Bank of America, Cognizant, and Walmart share how they think about, measure, and finance sustainability goals on the path to net zero
▼ + stars: | 2022-04-15 | by ( Elle Hardy | ) www.businessinsider.com time to read: +4 min

The UN's Sustainable Development Goals are not being met because the ESG bond market is way behind. Sign up for our newsletter to get the latest on the culture & business of sustainability — delivered weekly to your inbox. But funding is still way behind when it comes to the environmental aspect, said Karen Fang, the managing director and global head of sustainable finance at Bank of America. Kathleen McLaughlin, the executive vice president and chief sustainability officer at Walmart, said that ESG issues are connected to the long-term prospects of any company. McLaughlin said that Walmart has high ESG ambitions as a company and eventually wants to become regenerative.

☆ Planet: Companies are accelerating their investment in combating the climate crisis
▼ + stars: | 2022-03-03 | by ( Bria Overs | Megan Dematteo | ) www.businessinsider.com time to read: +5 min

Many are now investing in green bonds and other financial instruments to drive change. Green bonds are one way companies are using new financial offerings to drive change. Also called sustainability bonds, they work like regular bonds in many ways and allow companies to raise money for capital projects. Each project it selects aims to support "low-carbon design and engineering, renewable energy, energy efficiency, carbon mitigation, and sequestration," the company said. "People are going to have to start demonstrating what they're doing inside these green bonds," Grainger said.

☆ Prosperity: Companies foster sustainable communities when they take a long-term view and measure progress
▼ + stars: | 2022-03-03 | by ( Julia Hood | Megan Dematteo | ) www.businessinsider.com time to read: +5 min

Prosperity goals seek to help communities thrive, which is crucial to ensure a sustainable future. This article is part of the "Financing a Sustainable Future" series exploring how companies take steps toward funding and setting their own sustainable goals. Prosperity goals are designed to foster the health and growth of communities across multiple tracks — including adequate employment, economic opportunity, and access to education and training. So if companies are doing all this simply by existing, why focus on prosperity as one of the pillars of a sustainable future? "By measuring and reporting on aspects of prosperity more holistically, companies and their stakeholders can become better informed."

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