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Corporate balance sheets are more suited to funding based on sustainability scoring than the use-of-proceeds approach taken by green, social and sustainability (GSS) bonds. In theory, there is no reason why financing supported by the principles of sustainability-linked loans (SLLs) could not also be available in bond format.
Corporate balance sheets are more suited to funding based on sustainability scoring than the use-of-proceeds approach taken by green, social and sustainability (GSS) bonds. In theory, there is no reason why financing supported by the principles of sustainability-linked loans (SLLs) could not also be available in bond format.
New South Wales Treasury Corporation (TCorp) says it will provide liquidity in its latest green, social and sustainability (GSS) bond and believes growing liquidity in the asset class is its next evolutionary phase. TCorp’s A$1.8 billion (US$1.2billion) sustainability bond is the issuer’s second foray into the GSS bond space, following a A$1.8 billion green bond last year.
Market participants agree that global sustainable-finance markets need exponential growth if they are to achieve ambitious – but critical – environmental goals. Australia is facing the same race against time.
Corporate balance sheets are more suited to funding based on sustainability scoring than the use-of-proceeds approach taken by green, social and sustainability (GSS) bonds. In theory, there is no reason why financing supported by the principles of sustainability-linked loans (SLLs) could not also be available in bond format.
The issuance trajectory of Germany’s federal states is price-positive, and issuers say there is no prospect of their presence in global capital markets evaporating in the foreseeable future.
The issuance trajectory of Germany’s federal states is price-positive, and issuers say there is no prospect of their presence in global capital markets evaporating in the foreseeable future.
A decade or more of global QE programmes demonstrates that how central banks deploy stimulus is almost as important as the size of the package. The Reserve Bank of Australia (RBA) could provide funds at federal- or state-government level, or to various parts of the private sector.
The real-economy consequences of infinite QE may prove inescapably problematic for the euro area. The erosion of savings and pensions, and concurrent asset-price inflation, have undoubtedly contributed to the political upheaval that is being felt across the continent.
S&P Global Ratings (S&P) stayed its hand on Australia’s sovereign rating following the release of the Commonwealth’s mid-year economic and fiscal outlook (MYEFO) on 19 December 2016.
With global funding markets offering plentiful liquidity and attractive pricing, corporate borrowers may be tempted – at the margin – to front-load issuance requirements. Novel structures may be required to make this approach pay off, however.
With global funding markets offering plentiful liquidity and attractive pricing, corporate borrowers may be tempted – at the margin – to front-load issuance requirements. Novel structures may be required to make this approach pay off, however.