Wednesday 29th June 2016
NEWS TICKER: WEDNESDAY, JUNE 29TH: Why are the markets up today? Augustin Eden at Accendo Markets has an explanation. He says that “Post-Brexit is years away and the politicians are cleverly stalling the process of, er, starting the process by resigning and stuff like that. You could think of the Brexit process a crudely constructed economic Rube Goldberg machine. It could all go smoothly but it’s more likely that something will go the wrong way at some point. Perhaps a whole section will collapse and have to be re-built; a projectile will miss its target and have to be re-aligned. But until the machine is set going - until Article 50 is invoked - all is stable. Thus we see financials’ shares outperforming even though Moody’s stayed true to its word and carried through with its threat to blanket bomb the sector with downgrades. Late to the party as usual? But let’s not assume things really are improving from here on. Talk of waning volumes indicating a bottom for the recent sell off neglect to take account of one fact: declines can happen on both high and low volumes, but rallies can only happen on the former”. Now you know - Moira Gorman, client director, LGPS at Columbia Threadneedle Investments today in a client note says that UK referendum result, “puts pressure on asset valuations, and will worsen funding ratios given the contraction in gilt yields. However, funds in England and Wales had their triennial valuation in March 2016 so will be able to take their time in considering they may wish to respond in the short to medium term. Possibly of equal importance to them could be the political uncertainty and the potential impact on the timetable and objectives for pooling given the personalities who may lead the government following Prime Minister Cameron’s departure.” --

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Investment banks draw up green bond guidelines Copyright Dreamstime.com

Investment banks draw up green bond guidelines

Monday, 13 January 2014
Investment banks draw up green bond guidelines New principles on the development and issuance of green bonds have been drawn up by a group of large investment banks. http://www.ftseglobalmarkets.com/media/k2/items/cache/63b46f1e9614c655caa7fc03ac211b27_XL.jpg

New principles on the development and issuance of green bonds have been drawn up by a group of large investment banks.

Bank of America Merrill Lynch, Citi, Crédit Agricole CIB and JPMorgan drafted the new framework, which guides disclosing, managing and reporting on the proceeds of a green bond.

Green bonds issued by banks and corporates are proving popular with firms seeking socially responsible investments, recent figures show. High issuance in November 2013 is reported to have doubled the total raised in 2013 to nearly $10bn and positioned the market for further growth.



The new steps are set to provide issuers with guidance on the key components involved in launching a green bond and aid investors evaluating the environmental impact of their investments.

"The development of a robust and liquid market for green bonds is an important progression for debt markets," says Suzanne Buchta, global co-head of Green Debt Capital Markets at BofA Merrill. "In co-authoring these principles we attempt to help standardize the product and we hope to catalyse investment into environmentally sustainable projects, something to which our firm is very committed."

Tanguy Claquin, managing director at Crédit Agricole CIB adds: "We are very pleased to have co-authored and announced the establishment of the Green Bond Principles. This is an important first step towards a more coherent approach to the market of Green and Sustainability Bonds, which will ultimately increase its attractiveness for investors thus encouraging investments into sustainability projects."

BNP Paribas, Daiwa, Deutsche Bank, Goldman Sachs, HSBC, Mizuho Securities, Morgan Stanley, Rabobank and SEB have all backed the principles.

The four banks that drafted the framework are set to propose a governance process that will allow for stakeholder input into the guidelines.

Read more about the Green Bond Principles here <http://www.ceres.org/greenbondprinciples> .

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