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Sustainability-linked loans (SLL), which were first used in 2017, offer slightly cheaper borrowing, typically around 2.5-10 basis points less, if companies meet goals such as cutting their carbon emissions or improving board diversity. These let banks strip the sustainability-linked label from the loans if targets are no longer deemed appropriate. The banks' tougher standards are discouraging some borrowers from using SLLs entirely, bankers and lawyers told Reuters. The Engie spokesman said the utility would not agree to linking an event of default to sustainability targets. "We have stated our willingness to walk away when sustainability targets were too soft," said Brittany Agostino, vice president in the environmental, social and governance group at Los Angeles-based Ares.

Persons: Toby Melville, Banks, Constance Chalchat, Pascale Forde Maurice, Elliot Beard, Simmons, Beard, I've, David Milligan, Norton Rose Fulbright, Gemma Lawrence, Pardew, Brittany Agostino, Fredrik Altmann, Tommy Reggiori Wilkes, Isla Binnie, Shankar Ramakrishnan, Simon Jessop, Alexander Smith Organizations: FCA, Financial, Authority, REUTERS, LONDON, BNP, Corporate, Institutional Banking, Reuters, JPMorgan, Ford Motors, SLLs, CIB's, European, Sustainable Investment Banking, Simmons, Norton Rose, Market Association, BMW, Porsche, Thomson Locations: London, Britain, North America, Asia, Los Angeles, New York

☆ Dollar mixed vs major peers; pounds slips, yen briefly jumps
▼ + stars: | 2023-10-17 | by ( Samuel Indyk | ) www.reuters.com time to read: +4 min

"Central banks are not trying to hit the CPI targets in the near term," said Colin Asher, senior economist at Mizuho. The dollar index , which measures the U.S. currency against six peers, fell 0.1% to 106.13, after dropping 0.4% on Monday. Fed officials will enter into a blackout period on Oct. 21 before the central bank's Oct. 31–Nov. Federal Reserve Bank of Philadelphia President Patrick Harker said on Monday the central bank should not create new pressure on the economy by increasing the cost of borrowing. Australia's central bank considered raising rates at its recent policy meeting but judged there was not enough new information to warrant a move, minutes of the Reserve Bank of Australia's Oct. 3 policy meeting showed.

Persons: Dado Ruvic, Colin Asher, Asher, Masato Kanda, Valentin Marinov, Marinov, Jerome Powell, Patrick Harker, Sterling, Samuel Indyk, Ankur Banerjee, Shri Navaratnam, Kim Coghill, Gareth Jones Organizations: REUTERS, U.S, Bank of Japan, Mizuho, CPI, Swiss, CIB, Federal, Federal Reserve Bank of Philadelphia, Bank of England, New Zealand, Reserve Bank of Australia's, Thomson Locations: Australia's, London, Singapore

☆ Analysis: Struggling China local governments find a fundraising loophole, lifeline in "pearl bonds"
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +5 min

SHANGHAI/HONG KONG, May 31 (Reuters) - China's cash-strapped local governments have suddenly rushed to an unusual corner of the debt market in Shanghai where ambiguous rules offer ways to skirt restrictions on onshore borrowing. LGFVs accounted for about two-thirds of the issuers and 60% of the debt sold this year nation-wide, according to Reuters' calculations. Among all the newly-issued FTZ bonds this year, 55, or two-thirds of all 82 issuers, were LGFVs, according to Reuters' calculations. The "pearl" or free trade zone (FTZ) bonds have been around since 2016 but are only now becoming popular as tighter central government supervision on LGFV debts starts to bite. AMBIGUOUS POSITIONING"Pearl bonds" differ from other offshore bonds as trades are cleared by the state-owned China Central Depository & Clearing Co, rather than a global clearing house.

Persons: Shi Xiaoshan, Fitch, Royston Quek, Tim Fang, Pearl, Zhang Hong, Georgina Lee, Tom Westbrook, Kim Coghill Organizations: U.S, Haitong International Securities, China Central Depository, Industrial, Group, Credit Agricole CIB, Shanghai Pudong Development Bank, Bank of Communications, Pudong New, Financial, Reform Commission, Reuters, The, Administration of Foreign Exchange, Shanghai, Thomson Locations: SHANGHAI, HONG KONG, Shanghai, Beijing, U.S . Federal, Hong Kong, China, Zhejiang, Pudong, SINGAPORE

☆ The U.S. heading into recession but that could be good for the dollar, strategist says
▼ + stars: | 2023-04-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe U.S. heading into recession but that could be good for the dollar, strategist saysValentin Marinov, managing director and head of G10 FX research at Credit Agricole CIB, discusses the economic outlook in the U.S., U.K. and Europe and the trajectory of their currencies.

☆ Analysis: Traders relaxed as ECB starts running down massive bond holdings
▼ + stars: | 2023-03-01 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +6 min

So far traders are optimistic, comforted by an initially small pace of bond sales and a predictable structure. U.S. and UK central banks have started QT, although the Bank of England was forced to delay its plans following turmoil in British bond markets last year. said DZ Bank's head of government bond trading Dalibor Jarnevic. If APP reinvestments stop before the end of 2024, ECB market presence would rely on reinvestments under the more flexible Pandemic Emergency Purchase Programme (PEPP). Whatever the size or pace, traders are seeking opportunities as the ECB makes the shift to QT.

☆ Banks pile into euro zone bond sales as rates shoot up
▼ + stars: | 2023-02-28 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +4 min

Heavy central bank buying had kept borrowing costs and volatility low for years, so the key question now is who steps in as the ECB steps out. They were the top buyers in the European Union's debt sale this month, buying almost 50% of a seven-year bond and 35% of a 20-year bond. Banks also took 39% of an Italian 20-year debt sale in January, while fund managers took 25%. In a 16-year debt sale last year, banks bought 29%. Bank treasuries took 30% of a 30-year Belgian debt sale in February, versus 10% a year ago.

☆ Russian rouble slips again as volatile year-end trade continues
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +2 min

The rouble lost about 8% against the dollar last week and is on course for a hefty monthly decline after an oil embargo and price cap came into force. At 0705 GMT, the rouble was 1.1% weaker against the dollar at 71.19 , moving in the direction of the almost eight-month low of 72.6325 struck last week. It lost 0.5% to trade at 75.37 versus the euro and shed 1.4% against the yuan to 10.12 . Brent crude oil , a global benchmark for Russia's main export, was down 0.7% at $83.7 a barrel. For Russian equities guide seeFor Russian treasury bonds seeReporting by Alexander Marrow; Additional reporting by Bansari Mayur Kamdar; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ See the pitch deck quantum computing startup Pasqal used to raise $29.3 million and compete with Google and IBM
▼ + stars: | 2021-10-05 | by ( Rosalie Chan | ) www.businessinsider.com time to read: +4 min

This is the pitch deck French quantum computing startup Pasqal used to raise a $29.3 million Series A in June. Pasqal competes with giants like IBM, Microsoft, Google, Intel, and Amazon in quantum computing. The French quantum computing startup Pasqal has big plans for the next two years. It's planning to provide cloud access to its quantum computing services to customers by the end of 2022 and a full quantum computing device operating on the cloud by 2023. Still, cloud quantum computing is early, and some experts predict it may take another five to 10 years to be ready for commercial use.

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