Issuer-level strategy the focus for climate transition
The Green Bond Principles and Social Bond Principles (GBP SBP), administered by the International Capital Market Association, launched its Climate Transition Finance Handbook on 9 December. The handbook marks a new phase in the evolution of the sustainable finance market according to market participants involved in its development.
Read more: Issuer-level strategy the focus for climate transition
NBN Co downloads two benchmarks in quick succession
NBN Co says the two domestic benchmark deals it issued in November and December provide good foundations for an expected increased call on public capital markets. The government-owned corporation says it will be an active issuer going forward, with offshore markets also on the cards.
Behind the downgrades: S&P discusses NSW, Victoria and state outlook
The challenging path back to budget balance rather than the first order impact of the second lockdown was behind S&P Global Ratings’ two-notch downgrade of the state of Victoria. The rating agency emphasised the long term in a 9 December webinar on its recent downgrades of Victoria and New South Wales (NSW).
RBA presence mutes rating downgrade impact on latest deal, TCorp says
New South Wales Treasury Corporation (TCorp) entered the domestic market for a new syndicated 2032 deal just a day after S&P Global Ratings downgraded its rating. The issuer says the downgrade had a negligible effect on pricing, with the Reserve Bank of Australia (RBA)’s presence in the semi-government market acting as a counterweight.
Victoria hit with two-notch downgrade as NSW drops by one
On 7 December, S&P Global Ratings downgraded the states of Victoria, to AA from AAA, and New South Wales, to AA+ from AAA. S&P notes Victoria’s unusual two-notch downgrade is mainly due to the fallout from the state’s second wave of COVID-19 infections, which resulted in a substantial and prolonged lockdown.