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☆ Indian billionaire Gautam Adani indicted on bribery charges in alleged bribery scheme
▼ + stars: | 2024-11-20 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +2 min

AdvertisementIndian billionaire Gautam Adani has been charged in a massive bribery scheme. Adani and his executives convinced US investors to buy bonds on false promises, prosecutors allege. Prosecutors brought bribery charges against billionaire Gautam Adani, one of the richest people in India, alleging the business magnate and seven of his senior executives paid hundreds of millions of dollars in bribes to the Indian government and hid them from US investors. Gautam Adani, the founder and chairman of Indian conglomerate Adani Group, is estimated to be worth more than $85 billion, according to Bloomberg. Adani and his executives convinced US investors to buy bonds in one of the companies using false promises, prosecutors allege.

Persons: Gautam Adani, Adani, Sagar, Gautam, Sagar Adani, Sanjay Wadhwa Organizations: New, SEC, Adani, Bloomberg Locations: India, New York, SEC's

☆ Saudi sovereign wealth fund allocates $5.2 billion in green bonds project amid diversification push
▼ + stars: | 2024-10-11 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

The PIF became the first sovereign wealth fund to issue a green bond back in October 2022. The mammoth sovereign wealth fund, which oversees $925 billion in assets, has a capital expenditure requirement of $19.4 billion for what it deems "eligible green projects," according to the PIF's annual report. Saudi Arabia has a stated goal of reaching net-zero greenhouse gas emissions by 2060 and has poured billions of dollars into what it says are sustainable development projects. It describes a water sustainability project planned for Neom that will develop "a fully-circular system to achieve water positivity" enabling "100% wastewater recapture and energy-neutral recycling." Neom Green Hydrogen — a joint venture between Neom and Saudi firms ACWA Power, Air Products — will be the world's largest green hydrogen plant and will operate "entirely on renewable energy," according to the report.

Persons: Prince Mohammed bin Salman's, Philip Oldfield Organizations: Saudi, Public Investment Fund, Renewable Energy, Green, Sustainable Water Management, United Nations Sustainable, University of New, ACWA Power, Air Products Locations: Saudi Arabia, Saudi, University of New South Wales, Neom

☆ SocGen issues 10-mln-euro digital green bond on a public blockchain
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

A logo of French bank Societe Generale is seen on the company's skyscraper at the financial and business district of La Defense near Paris, France September 14, 2023. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsPARIS, Dec 4 (Reuters) - Societe Generale , France's third-biggest listed bank, said on Monday it issued its first so-called digital green bond on a public blockchain, as the lender seeks to build expertise in crypto services. AXA IM made the investment in the digital green bond by acquiring and then spending 5 million euros worth of SocGen's euro-denominated stablecoin, EUR CoinVertible (EURCV). SocGen's bond issuance, made on the Ethereum public blockchain, follows the launch last week by the European Investment Bank (EIB) of its second euro-denominated digital bond on a private blockchain, in partnership with Goldman Sachs Bank Europe, Santander and SocGen. SocGen's digital green bond issuance was made via its crypto unit, Forge.

Persons: Gonzalo Fuentes, Generali, SocGen, Blockchain, Mathieu Rosemain, Bernadette Baum Organizations: Societe Generale, La Defense, REUTERS, Rights, AXA Investment, AXA, Generali Investments, European Investment Bank, Goldman Sachs Bank Europe, SocGen, Thomson Locations: La, Paris, France, Santander

OMFIF outlined a dark mood among the funds, with more than half expecting a global economic recession in the next 12 months. None reported a positive outlook for China's economy, citing the regulatory environment and geopolitics among primary factors dissuading them from investing. "(Investors) are now focused on how to deal with a macroeconomic environment that is stuck in a higher-for-longer interest rate cycle," the report said. Overall, sovereign funds fared better than their public pension peers, OMFIF added. The UAE's Abu Dhabi Investment Authority and Saudi Public Investment Corporation grew by 13.8% and 12.9% respectively, gaining over $200 billion between them.

Persons: David Morley, OMFIF, Libby George, Sharon Singleton Organizations: Investors, Official Monetary, Financial, OMFIF, Caisse, outsized, Abu Dhabi Investment Authority, Saudi Public Investment Corporation, Thomson Locations: China, India, Middle East, Abu Dhabi

☆ Rivian's bond issue does not reflect concerns around EV maker's financial health -CEO
▼ + stars: | 2023-10-17 | by ( Abhirup Roy | ) www.reuters.com time to read: +2 min

[1/2] Rivian CEO RJ Scaringe speaks at a press event at the Amazon Logistics Facility in Chicago, Illinois, U.S. July 21, 2022. "We don't control the macro economic environment, we cannot control political conflict, and those are real risks that exist not just specific to Rivian," Scaringe said in an interview. Scaringe declined to comment on the production target as the company is set to announce results early next month. Despite supply chain visibility improving, the guidance baked in some lingering risks, Scaringe had told Reuters in August while raising its target by 2,000 vehicles. Rivian's cash balance as of Sept. 30 was estimated to be at $9.1 billion, down from $10.2 billion in June.

Persons: RJ Scaringe, Jim Vondruska, Rivian, Scaringe, Tesla, Abhirup Roy, Jonathan Oatis, David Gregorio Our Organizations: Amazon Logistics, REUTERS, FRANCISCO, Reuters, Thomson Locations: Chicago , Illinois, U.S, Irvine , California, San Francisco

☆ UBS upgrades Rivian, says there's a buying opportunity after recent sell-off
▼ + stars: | 2023-10-10 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +1 min

Rivian is now at an attractive entry point for investors after a recent sell-off, according to UBS. Rivian shares are down more than 22% this month after the company said it will over $1.5 billion in convertible green bonds. "While we continue to believe 2024 quarterly production/deliveries can be lumpy owing to plant re-rating, the lower stock price de-risks some of our concerns," he wrote. Rivian shares are higher by 1.9% for the year. RIVN YTD mountain Rivian YTD chart — CNBC's Michael Bloom contributed to this report.

Persons: Rivian, Joseph Spak, Spak, Rivian's, Michael Bloom Organizations: UBS Locations: 4Q24

Although longer-dated U.S. Treasury yields eased from 16-year highs on Wednesday, investors remain concerned that the elevated levels may pressure equities. Worries about U.S. government spending and its ballooning budget deficit have added to uncertainty around the interest rates trajectory, contributing to a steep selloff that have caused a rout in Treasury prices and a spike in yields. The S&P 500 and the tech-heavy Nasdaq lost around 5% and 6% last month as yields spiked. Traders put the chance of interest rates remaining unchanged in November and December at 80% and 63%, respectively, according to CME's FedWatch tool. ET, Dow e-minis were down 92 points, or 0.28%, S&P 500 e-minis were down 10.5 points, or 0.24%, and Nasdaq 100 e-minis were down 27.75 points, or 0.19%.

Persons: Brendan McDermid, Janet Mui, Loretta Mester, Neel Kashkari, Richmond's Thomas Barkin, Mary Daly, Michael Barr, Kevin McCarthy, Steve Scalise, Jim Jordan, Joe Biden, VinFast, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Treasury, RBC Brewin, Apple, Traders, Dow e, Federal, Democratic, Rivian, EV, Chevron, Exxon Mobil, Occidental Petroleum, Thomson Locations: New York City, U.S, Minneapolis, Bengaluru

FILE PHOTO:Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Even as longer-dated Treasury yields eased from 16-year highs on Wednesday, investors remain concerned that the elevated levels may continue to pressure equities. The Labor Department's report showed the number of Americans filing new claims for unemployment benefits rose moderately last week, while layoffs declined in September, pointing to still-resilient labor market conditions. Following a mixed jobs reports earlier this week, focus will be on the more comprehensive September non-farm payrolls data on Friday. Declining issues outnumbered advancers for a 1.50-to-1 ratio on the NYSE and a 1.22-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, Charles, Henry Monchau, Neel Kashkari, Richmond's Thomas Barkin, Mary Daly, Michael Barr, Kevin McCarthy, Steve Scalise, Jim Jordan, Joe Biden, VinFast, Lamb, advancers, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta Organizations: New York Stock Exchange, REUTERS, Companies, Dow, Nasdaq, U.S, Treasury, Syz Group, Healthcare, Labor, Dow Jones, Traders, Federal, Democratic, Rivian, EV, Dell Technologies, Lamb Weston Holdings, NYSE, Thomson Locations: New York City, U.S, Minneapolis, Bengaluru

It is the second time in less than a year that Rivian is issuing such a green bond, which raises capital from investors seeking to back climate-focused projects. The company had issued a $1.3 billion convertible green bond in March to support the launch of its smaller R2 vehicle family. The company beat estimates in the third quarter by producing 16,304 vehicles and delivering 15,564 vehicles to customers. As of Sept. 30, Rivian had about $9.1 billion in cash on its balance sheet, down from $10.2 billion in June. The current median price target for the 24 analysts covering Rivian's shares is $30, with a "buy" recommendation, LSEG data showed.

Persons: Rivian, Elliot Johnson, it's, Johnson, Robert Scaringe, Garrett Nelson, Nelson, Chibuike Oguh, Abhirup Roy, Lance Tupper, Alexandra Hudson, Diane Craft, David Gregorio Our Organizations: Rivian Automotive Inc, Reuters, Evolve, Tesla Inc, EV, Thomson Locations: Irvine , California, Georgia, Atlanta, New York, San Francisco

☆ EV maker Rivian plans convertible bond sale, forecasts jump in revenue
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +1 min

Employees works on an assembly line at startup Rivian Automotive's electric vehicle factory in Normal, Illinois, U.S. April 11, 2022. REUTERS/Kamil Krzaczynski/File Photo Acquire Licensing RightsOct 4 (Reuters) - Electric-vehicle maker Rivian Automotive (RIVN.O) on Wednesday said it plans to sell green convertible bonds worth $1.5 billion and forecast quarterly revenue to rise in line with estimates. Rivian's cash balance as of Sept. 30 was estimated to be at $9.1 billion, down from $10.2 billion in June, it said. The company expects revenue for the three months ended Sept. 30 to be between $1.29 billion and $1.33 billion, compared with nearly $540 million a year earlier. Reporting by Savyata Mishra in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Kamil Krzaczynski, Tesla, Savyata Mishra, Maju Samuel Organizations: REUTERS, Rivian, EV, Thomson Locations: Normal , Illinois, U.S, Irvine , California, United States, Bengaluru

A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. It's a bit old hat, say a cohort of crypto investors who are betting on blockchain technology breathing new life into traditional assets. Others like Franklin Templeton, UBS Asset Management and ABN Amro (ABNd.AS) have launched tokenized versions of assets such as money market funds and green bonds. Indeed, the actual issuance and value of tokenized traditional assets remains small. Some market players now see significant advances.

Persons: Benoit Tessier, Franklin Templeton, Colin Butler, tokenization, hasn't, Morgan Krupetsky, Doug Schwenk, Lisa Mattackal, Medha Singh, Tom Wilson, Pravin Organizations: La Maison du, REUTERS, London Stock Exchange, Mirae, Securities, UBS Asset Management, ABN Amro, Polygon Labs, Reuters Graphics, Northern Trust, HSBC, Ava Labs, Digital Asset Research, Thomson, Reuters Locations: La, Paris, France, U.S, blockchain, Bengaluru

☆ Keep an eye on 'blue' bonds, a little-known income alternative tied to clean water
▼ + stars: | 2023-09-04 | by ( Alex Harring | ) www.cnbc.com time to read: +8 min

"Blue" bonds, securities focused on protecting bodies of water, are popping up with increased frequency with the help of nonprofits. Earlier this month, Denmark's renewable energy producer Ørsted said it would become the first energy company to issue blue bonds. But he said there likely won't be more options until there is wider demand for those blue bonds already available. Because of this, he recommends investors look beyond blue bonds to green bonds that have some focus on water issues. The primary investment thesis behind blue bonds, Atkinson said, is understanding the risk of ignoring the need for healthy oceans and clean water.

Persons: Kris Atkinson, Nomura, Ørsted, Fidelity's Atkinson, Atkinson, Aya Kawamoto, Morgan Stanley, Simon Waever, Waever, Green, Kawamoto, We're, Michael Bloom Organizations: The World Bank, Fidelity International, Nature Conservancy, United Nations, AXA, Inter, American Development Bank, Life Insurance, Conservancy, Treasury Locations: Seychelles, Fiji, Portugal, Europe, East, Africa, Barbados, Belize, Gabon

☆ Goldman sees 'significant investment potential' in green bonds. Here's how to invest in them
▼ + stars: | 2023-08-28 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Investors searching for yield and a way to make a positive impact on the environment may want to consider green bonds. BGRN 1Y mountain iShares USD Green Bond ETF 1-year performance Green bonds are considered part of the growing asset class known as GSS+: green, social, sustainability, sustainability-linked and transition bonds, according to Morningstar. What sets green bonds apart Green bonds tend to have longer durations than their general counterparts. The firm's parent company, TIAA, invests in green bonds through its TIAA-CREF Green Bond Fund (TGROX) . "The U.S. plays an important role in the green bond market, without any doubt.

Persons: Kay Haigh, Management's, Green, Morningstar, they've, Shannon Kirwin, Bram Bos, Stephen Liberatore, Liberatore, It's, Goldman's Bos, Bos Organizations: Green Bond, Goldman, Morningstar, Goldman Sachs Asset Management, Green Bond Fund, Federal, Treasury Locations: Goldman Sachs, Nuveen, U.S, Europe

The kingdom's sovereign wealth fund reported an AUM of 1.98 trillion riyals for 2021. The PIF said it generated a total shareholders' return of 8% and established 25 companies in 2022, and locally deployed 120 billion riyals in that year in strategic sectors. The PIF said 23% of its AUM were international investments, while 68% were local investments and the remainder were treasury. PIF is the chosen vehicle of Crown Prince Mohammed bin Salman, the kingdom's de facto ruler, to drive an economic agenda aimed at cutting reliance on oil. The fund raised $5.5 billion in February from a green bond sale, following its inaugural green bond that raised $3 billion in October.

Persons: Yasir Othman Al, Mohammed Abdullah Al Jadaan, Ahmed Aqeel Al Khateeb, Ibrahim Abdulaziz Al, Prince Mohammed bin Salman, Majid Abdullah Al Qasabi, Khalid Abdulaziz Al Falih, PIF, Ahmed Elimam, Alex Richardson Organizations: Saudi Public Investment, Saudi Finance, Tourism, Investment, Read, Saudi, Public Investment Fund, Sunday, Aramco, Sanabil Investments, Thomson Locations: Saudi, DUBAI, London , New York, Hong Kong, Saudi Aramco

☆ Abu Dhabi's Masdar eyeing acquisition targets in US, Europe expansion
▼ + stars: | 2023-07-19 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

DUBAI, July 19 (Reuters) - Abu Dhabi state-owned renewable energy firm Masdar is in discussions with potential acquisition targets in the U.S. and is also looking to expand in Europe, Gulf Arab countries and elsewhere, its chief financial officer said on Wednesday. Masdar is in active discussions and U.S. President Joe Biden's $430 billion Inflation Reduction Act "reinforced" its view of the U.S. market, he said. "So we are already securing new capacities, so my expectation is that we are likely to come to market again in 2024," he said, adding Masdar would only issue bonds for already-secured projects. In November, the UAE and U.S. agreed to spend $100 billion on clean energy projects with a goal of adding 100 gigawatts globally by 2035. Jaber last week said countries at COP28 must face how far behind they are lagging climate targets and agree a plan to get on track.

Persons: Niall Hannigan, Joe Biden's, Masdar, Hannigan, Sultan al, Jaber, Yousef Saba, David Evans Organizations: Abu, Abu Dhabi National Oil Company, Thomson Locations: DUBAI, Abu Dhabi, U.S, Europe, Gulf Arab, North America, Balkans, Poland, Serbia, Montenegro, Greece, Gulf, Saudi Arabia, Asia, Pacific, Africa, Azerbaijan, Uzbekistan, UAE

☆ Watchdog with teeth can help EU hunt unicorns
▼ + stars: | 2023-07-11 | by ( Rebecca Christie | ) www.reuters.com time to read: +8 min

Yet the EU today is a long way from uniting its capital markets. By comparison, the United States has seven exchange groups, three listings exchanges and 16 trading exchanges, along with one clearing house and one depository. Bringing capital markets together through better regulation, as well as better market incentives, could keep the next generation of unicorns home. Follow @rebeccawire on TwitterCONTEXT NEWSEuropean Union leaders called for the EU to improve capital markets as part of a push for competitiveness at summits in March and June. Capital markets union is an EU endeavour launched in 2014 as a long-term project to boost investment across borders.

Persons: –, Austria’s i5invest, Backes, Magdalena Rzeczkowska, Nadia Calviño, ESMA, ” Calviño, won’t, centralisation, Francesco Guerrera, Oliver Taslic Organizations: Reuters, EU, ABC Fitness Solutions, Reuters Graphics Reuters, Canada, Berlin Brands Group, European Securities and Markets Authority, European, Central, Union, European Commission, Capital, Thomson Locations: BRUSSELS, Europe, China, Ukraine, Arkansas, London, Switzerland, United States, IPOs, Belgian, U.S, Paris, spillovers, Luxembourg, Poland, Brussels, EU, wean

Reuters GraphicsAnalysts said the data underlined that once-booming ESG funds were no longer immune from wider market dynamics. BELOW PEAKNet assets across ESG funds fell in the second quarter and to below recent peaks, according to Refinitiv. Morningstar's global director of sustainability research, Hortense Bioy, said their preliminary data suggested demand for more stringent ESG funds appeared resilient. However, she said that managers' desire to meet European Union regulations had encouraged some firms to reclassify their ESG funds as traditional products, impacting investor flows. The anti-ESG backlash had also hit U.S. firms' appetite for marketing sustainable funds, "which has had an impact on sales," Bioy said on the sidelines of a conference this week.

Persons: outpacing, Edward Glyn, ESG, Hortense Bioy, Bioy, Tommy Reggiori Wilkes, Patturaja, David Holmes Organizations: Equity, Reuters, Reuters Graphics Analysts, outflows, ESG, Reuters Graphics, Thomson Locations: Europe, United States, Calastone

☆ Singapore has pledged billions to fight climate change. Experts say it's not enough
▼ + stars: | 2023-06-21 | by ( Nyshka Chandran | ) www.cnbc.com time to read: +5 min

Bloomberg | Bloomberg | Getty ImagesSingapore, a tiny city-state with an import-dependent economy, is especially vulnerable to rising sea levels, heat waves and other adverse effects of climate change. Around the globe, financing for climate adaptation has traditionally lagged behind mitigation investments that are focused on slowing or stopping the rise in fossil fuel emissions. Singapore's climate challengesIn 2019, Singapore prime minister Lee Hsien Loong said climate change was a matter of "life and death" for the city-state. An initiative of London's Imperial College and Singapore Management University, SGFC was launched in 2020 to advance climate financing solutions. In 2020, Vena Energy became the first Singapore-based company to issue green bonds in U.S. dollars with a $325 million five-year green bond aimed at refinancing existing corporate loans for green projects.

Persons: Xinying Tok, Lee Hsien Loong, Grace Fu, Emirhan Ilhan, SGFC, issuances, Vena Organizations: Bloomberg, Getty Images, Singapore, Carbon Trust, National University of Singapore Business School, Green Finance Institute, City State, Singapore Green Finance, London's Imperial College, Singapore Management University, Monetary Authority of, Insurance, Vena Energy, Resources Locations: Getty Images Singapore, Singapore, Southeast Asia, City, Monetary Authority of Singapore

☆ Lacking land, Israel to cover its rooftops with solar panels
▼ + stars: | 2023-06-20 | by ( Ari Rabinovitch | ) www.reuters.com time to read: +3 min

[1/5] An aerial view shows solar panels, installed by Nofar Energy, on the rooftops of cowsheds and chicken coops in Kibbutz Or HaNer, Israel June 19, 2023. Cover it in solar panels. You can't just cover the entire Negev desert in solar panels," Eifer said. Roughly 60% will eventually be dual-use, he said, referring to solar panels that serve as roofing as well as to generate power. He said that developed countries often offer broader economic support, like loans and green bonds to promote renewable energy.

Persons: Amir Cohen JERUSALEM, Ron Eifer, Eifer, Benjamin Netanyahu's, Amit Bracha, Adam Teva V'din, Barbara Lewis Organizations: Nofar Energy, REUTERS, Energy, Thomson Locations: Kibbutz, Israel

☆ Goldman Sachs names 3 stocks to gain from Germany's $440 billion clean energy plans
▼ + stars: | 2023-05-11 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Goldman Sachs named the three global companies it expects to benefit from the German government's plan to spend nearly half a trillion euros on renewable energy infrastructure. The proposed measures include a 2030 target to have 80% renewable energy and cheaper financing for developers of clean energy sources through green bonds. Goldman Sachs has estimated that this German plan will create investment opportunities worth nearly 400 billion euros ($440 billion) in clean energy and power grid infrastructure. RWE Goldman Sachs said RWE , a renewable energy generator, could accelerate the development of clean energy projects and capture a market share equivalent to its current installed base globally. Goldman Sachs added that the U.S.'s IRA and Europe's REPowerEU initiative would also be a tailwind for the company's growth plans.

May 9 (Reuters) - Rivian Automotive Inc (RIVN.O) on Tuesday beat Wall Street estimates for quarterly revenue as it sold more higher-priced electric vehicles, and stood by its annual production forecast of 50,000 cars. Amazon-backed Rivian said in March it would sell $1.3 billion in convertible green bonds due in 2029 to shore up its cash balance. Revenue for the quarter ended March 31 stood at $661 million, compared with Wall Street estimates of $652.1 million, according to Refinitiv data. Cash and cash equivalents at the end of the first quarter were $11.24 billion, compared with $11.57 billion, in the preceding three-month period. Rivian's quarterly net loss narrowed to $1.35 billion from $1.59 billion a year earlier.

☆ Rivian quarterly revenue beats estimates on higher-priced EV sales
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

May 9 (Reuters) - Rivian Automotive Inc (RIVN.O) beat Wall Street estimates for quarterly revenue on Tuesday as it sold more higher-priced electric vehicles and stood by its annual production forecast of 50,000 cars. Amazon-backed Rivian said in March it would sell $1.3 billion in convertible green bonds due in 2029 to shore up its cash balance. Revenue for the quarter ended March 31 stood at $661 million, compared with Wall Street estimates of $652.1 million, according to Refinitiv data. Cash and cash equivalents at the end of the first quarter were $11.24 billion, compared with $11.57 billion, in the preceding three-month period. Reporting by Akash Sriram and Tanya Jain in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Italy's bond, which marks its third green bond and matures on 30 October 2031, was priced to yield 4.056%. Elsewhere, Cyprus raised 1 billion euros from its first sustainable bond, the country's debt office said, becoming the latest European government to enter the market. Sustainable bonds are a broader form ESG debt, proceeds from which can be spent on both green and social projects. Cyprus follows a number of smaller countries including Slovenia and Luxembourg opting for sustainable bonds as they often struggle to find enough projects to back standalone green bonds. Leonidou said Cyprus expects to sell sustainable bonds every two or three years going forward.

☆ India's April-September borrowing slightly above market expectations
▼ + stars: | 2023-03-29 | by ( Nikunj Ohri | ) www.reuters.com time to read: +2 min

The planned April-September borrowing constitutes about 57.6% of the total 15.43 trillion rupees planned for the current fiscal year, the government said in a statement on Wednesday. Borrowing in the first six months is slightly above market expectations of about 55% of this year's target. The government said the borrowing will be done through bonds of three, five, seven, 10, 14, 30 and 40 years tenure. It plans to borrow between 310 billion and 390 billion rupees a week in the first half of the fiscal year. The government plans net borrowing of 1.42 trillion rupees in the quarter ending June 30, compared with 2.40 trillion rupees in the same period last year.

☆ China's green loans exceed $3.2 trln, central bank chief says
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

BOAO, China, March 29 (Reuters) - China's outstanding green loans currently exceed 22 trillion yuan ($3.2 trillion), accounting for about 10% of the country's total loan balance, People's Bank of China Governor Yi Gang said on Wednesday. Separately, China's green bonds have hit more than 2.5 trillion yuan, Yi said at the Boao Forum in southern China's Hainan province. "Achieving carbon neutrality requires 'carrots and sticks'," Yi said, adding that a central bank incentive mechanism, which provides commercial banks with loans with interest rates as low as 1.75%, could be equated to a "carrot". To support carbon emission reduction, the central bank has lent more than 300 billion yuan via a relending tool which has helped banks to make 600 billion yuan in loans to green projects. The central bank said in January it would keep the relending tool in place until the end of 2024.

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