Jonathan Midgley

In this week's edition of the Corporate Bond Wrap: Enel Group’s coupon step-up on €10.2bn of its sustainability-linked bond debt was admirable, particularly as the company could have claimed force majeure after two governments essentially forced it to miss its targets, but it will not be enough to save the once-popular structure. “It’s a market failure and a shame,” said Stephan Kippe, CFA, head of ESG research at Commerzbank AG in Frankfurt. “Transition is the most important space for sustainability-aligned capital allocation, and SLBs would be an ideal tool for that.” While Enel’s step-up proves the system works – investors will be compensated more if a company misses its sustainability targets – many others claim it also highlights the flaws in SLBs. A 25bp coupon step-up barely registers for investors at a time of 4.5% base rates in Europe, and unfriendly EU regulation means many investors are at best indifferent to SLBs. There is a chance of change from the revision of SFDR, but it will take time and is far from certain to improve things: https://lnkd.in/eNcK-zBb Elsewhere in Europe, deal execution in May is looking chaotic. May is always a month of public holidays, but the way they fall in different countries this year, plus data dumps and even some major industry events, means that deals will be shunted into smaller issuance windows than usual. Next week is a holiday in the UK on Monday and in France on Wednesday, with some issuers weighing up whether they should risk zipping in and out of the market on Tuesday intraday. The week of May 13 is the only completely free week of the month. “That week is going to be pretty busy,” said a syndicate banker in London, echoing three of his rivals. “There’s always the chance that someone won’t have done their work, and a deal gets pulled.” https://lnkd.in/egTGfc-q #corporatebonds

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⚡Rendesco, a low-carbon alternative to gas grid infrastructure, raises £6m to rapidly expand its operations and further develop its solutions in the UK and European energy markets. The new investment has been led by Clean Growth Fund, Eurazeo’s Smart City fund, and Aviva Ventures. They join existing investor Copley Point Capital, demonstrating that investor confidence in ground source heat pump technology as the UK transitions to a decarbonised economy. "Their collective expertise and support will be invaluable as we pursue our ambitious growth plans, rapidly expanding our clean heating solutions to reach millions of homeowners and making a major – and much needed – dent in the UK’s carbon reduction efforts.” - Alastair Murray, CEO and founder at Rendesco Read more about the fundraising and how Rendesco intends to utilise the capital to transform grid infrastructure across the UK and Europe, in the article linked in the comments below. 👇 #RealEstate #sustainability #investment ---- 💡 Follow PropTech Connect for daily Real Estate and PropTech news and insights.

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Panmure Liberum Alternative Funds Analyst Shonil Chande was featured in Citywire yesterday, showcasing his top five best value Renewables funds - to discover his picks, you can read the article here: https://lnkd.in/ek_gvz9e #equityresearch #renewables #investmentideas #alternativefunds

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Why we need carbon credits and why we need carbon ratings...in under 2 minutes ⏳ Carbon projects are complex. Carbon markets are complex. Making sense of billions of data points, hundreds of millions of credits, thousands of projects, dozens of sub-sectors is complex. Watch our Lead Analytical Officer Ronan Carr explain how carbon ratings help companies understand project quality and drive climate action, all in under 2 minutes, at Viva Technology last month⬇️ #CarbonRatings #CarbonCredits #ClimateAction #VivaTech

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At its meeting ending on 6 November 2024, the Monetary Policy Committee voted by a majority of 8–1 to reduce Bank Rate by 0.25 percentage points, to 4.75%. Kevin Brown, Savings Specialist at Scottish Friendly, comments: “As was widely expected the Monetary Policy Committee (MPC) has cut its base rate, despite some significant potential headwinds for the UK economy, which threaten to reignite the spectre of inflation hanging over the economy. These headwinds come in the form of a big spending UK Government Budget and a US election result that looks set to be hugely consequential for the global economy and inflation expectations. “Households will take some comfort that debt costs are getting a bit cheaper, but this should be taken with a pinch of salt as signals widely seem to suggest we might soon have renewed bouts of inflation. The MPC look likely to take a more cautious approach moving forward, as rate setters attempt to navigate the fine line between economic growth and inflation. “Amidst all this, the message for households here is that having a rainy-day fund is still essential where possible. Beyond that, interest rate expectations are still falling which means long-term savings are providing ever-diminishing returns. Anyone considering their long-term savings might want to start looking in earnest to investing their money as an alternative to holding it in cash.”

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ASR's Head of Climate Macro Strategy, Michael Penn discusses what seems to be the most likely Net Zero 2050 transition scenario and how the latest article by Alastair Marsh rightfully points out the shortcomings. ASR's Climate Macro Strategy features the Kaya Database, comprising 143 tables and charts that track the progress of the climate transition across 67 markets. The Kaya framework transforms climate data into four key macroeconomic and technological drivers, with historical data reaching back to 1965. If you're interested in exploring our Climate Macro Strategy further, please feel free to connect with our Sales team - https://lnkd.in/drYZWGy

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💡BeZero Carbon has introduced a first-of-its-kind methodology for rating carbon credit portfolios. Portfolio ratings will give buyers greater confidence to make credible, risk-adjusted claims using a composition of credits. Our framework ensures that all portfolio ratings have strict guardrails to ensure higher standards of risk management. ✅ Read on to learn how our methodology effectively diversifies risk, and dynamically adjusts holdings to support portfolio integrity 👇 https://hubs.li/Q02VHGk60 #CarbonCredits #CarbonRatings #CarbonPortfolios #CarbonMarkets

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Mid-July Energy Market Insights ⚡ Cooling demand has surged over recent months, due to scorching temperatures on mainland Europe. ⚡Day ahead baseload index moved all the way down to £18/MWh. 🛢 UK Gas prices pushed above 107 p/th - Jumping 10% in the past two weeks. 🛢 Wind speed increase means there's been less demand on the power and gas sector. ☎ 0141 226 8525 📲 07562 946 372 📩 [email protected]  #Carbonreduction #Carbonemissions #boxfish #TeamBoxfish #BusinessExpansion #Utilities #Energymanagement #Energyefficiency #Efficiency #Energy #Savemoney #Overcharges #TheBoxfishWay #NetZero #Sustainability #Emissions #ESOS #SECR #ESG #CSR #Innovation #Costreduction #Utilitymanagmement #Energy #Gas #Electricity #Water #CX #Customer #Service #Partnerships #SME #CSRD

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The FT reported yesterday that CK Infrastructure (CKI), an investment vehicle owned by the family of Li Ka-Shing, Hong Kong’s richest man, has agreed to acquire 32 onshore wind farms from Aviva Investors. This acquisition comes hard on the heels of the UK government’s decision to remove the de facto ban on new onshore wind farm development. According to the FT, CKI said that the assets would provide ‘immediate returns, stable cash flows and recurring profit contributions’.   The investment characteristics of UK wind energy, whether offshore, onshore or floating, are likely to attract a great deal of interest from both international and domestic investors, particularly given that the government is committed to quadrupling offshore capacity, doubling onshore and backing floating platform technology. The investment potential of the UK wind energy industry will be examined in depth at our UK and European Wind Energy Policy and Investment Summit, which is being held at the Royal Garden Hotel in London on 30 September. The summit will explore the detail of the government's wind energy policies in the round, as part of wider review of the latest developments in the wind energy sector both in the UK and across Europe. Speakers include:  🎤 Julia Prescot CBE, Deputy Chair, National Infrastructure Commission and Co-Founder, Meridiam 🎤 Kanishk Tiwari, Head of Partnerships, Offshore Wind, Statkraft 🎤 Alberto Abascal, Managing Director and Head of Offshore Wind, NatWest Group 🎤 Georgios Kalpias, CFA, VP, Global Banking and Markets, HSBC 🎤 Mark Richardson, Head of Offshore Wind, Scottish Renewables 🎤 Joanna Mobed, Co-Head, Global Origination, UK Export Finance 🎤 Andy Riley, Head of Offshore Wind Development, Crown Estate Scotland 🎤 Yurie Kawada, Senior Financial Advisor, Green Giraffe Advisory 🎤 Parita Gupta, Senior Commercial Manager, Ørsted 🎤 Andrew Elmes, Head of Business Development (Net Zero) - UK&I, Siemens Energy 🎤 Mark Williams, Head of Analysis, Energy UK 🎤 Dr Anne Velenturf, Senior Research Fellow in Circular Economy, University of Leeds 🎤 Adam Berman, Deputy Director, Energy UK 🎤 Michael Tholen, Sustainability and Policy Director, Offshore Energies UK 🎤 Commodore (Rtd) Steven Jermy CMarTech FIMarEST FNI, CEO, Celtic Sea Power 🎤 Adam Ezzamel, Head of Offshore Development E&W, RWE 🎤 Susanna Isola, Offshore Wind Investment and Trade Lead, Department for Business and Trade 🎤 Alexandre Franceschini, Senior Vice President, Corio Generation 🎤 Nick Elliott, Policy and Public Affairs Manager, Global Infrastructure Investor Association (GIIA) Full details of the speakers and the agenda can be found here: https://lnkd.in/egDTF2BT #WindEnergy #WindPolicy #WindInvestment

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📢 New Podcast alert Following the recent launch of the Climate City Capital Hub by BwB and it NetZeroCitiesEU partners, BwB Executive Director Allison Lobb sat down for a podcast interview with Kris Cooper from Energy Monitor to discuss the Hub’s strategy for mobilising around €650bn in additional financing that is needed to help 112 European cities achieve #netzero. Appearing on episode #138 of the GlobalData Thematic Intelligence podcast, Allison discusses the Capital Hub’s journey from concept to concrete initiative, its role and significance in Europe reaching its net zero goals, and how she expects the Hub’s activities and reach to develop over time. As Allison explains, it is not a lack of available #privatefinance that is a barrier to achieving decarbonisation goals, but rather “the lack of capacity to engage such private finance… The key is to find the right people in a city to pull together and correctly package all the projects and data that cities do have but [that they] struggle to present”. 🎧 Listen to the podcast on your favourite platform: Spotify 👉 https://lnkd.in/gNCYs3Cz YouTube 👉 https://lnkd.in/gqr3hRkQ Apple 👉 https://lnkd.in/gkNS7jcr European Investment Bank (EIB) Climate-KIC ICLEI Europe Metabolic LGI Energy Monitor Victor Gancel Vuk Srdanovic Axel Elmqvist Rishi Madlani Philip Mitchell Bohdan Senchuk

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Can the world meet the growing energy needs without a significant increase investment in nuclear? The recent increase in the valuation of SMR companies such as NuScale Power would suggest not, and big tech has identified the need even if the politicians are scared the opposition to nuclear. #global #investmentmanagement #energy #nuclear

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The July edition of The Alternative Investor is out, packed with alternative fund news from the past month and insightful guest features on commodity trends. Our Regulatory roundup in this month's edition includes: • Sustainability Disclosure Requirements: new labelling regime takes effect from 31 July 2024 • Fifth Circuit vacates the Private Fund Adviser Rule; and • US enforcement roundup. Click below for the July edition of The Alternative Investor.... #TheAlternativeInvestor #compliance #RQCGroup

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🔎 Private equity attracts the highest proportion of impact capital 🌱 Impact Investing Institute launched its new report yesterday which found that the UK impact investing market has grown to £76.8 billion in assets under management (AUM) as of the end of 2023. It also revealed that #privateequity attracted the highest proportion of impact capital. The report showed that three asset classes together account for approximately 85% of the market: 💼 Private equity made up 45% of estimated AUM 🏗️ Real assets including infrastructure and property made up 28% of estimated AUM 💳 Private debt made up 11% of estimated AUM Findings build on the BVCA and City of London Corporation’s upcoming report in October, ‘The UK Centre of Excellence in Impact Investing’, which will make the case for why we should scale and add value to the UK impact investment market. Government has a crucial role in fostering an environment that encourages impact investing and enables large-scale partnerships with private capital to tackle pressing challenges, including through blended finance and outcomes-focused approaches. Read the full report here: https://lnkd.in/emakwfJK

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📣 Mansion House Compact update: One year on from the #MansionHouseCompact and Association of British Insurers' new report reveals that Compact signatories currently hold £793m of unlisted equity assets in their DC pension default funds.   The report demonstrates the progress made to reach 5% allocation of pension funds into unlisted equities by 2030, but there is still work to be done.   The Mansion House Compact and Investment Compact have the shared goal of increasing pension fund capital into UK homegrown businesses to generate better returns for UK savers – it’s vital that the #privatecapital and pension industry work with government to achieve this.   In the past year, The Pensions and Private Capital Expert Panel, The Technical Expert Group and British Private Equity & Venture Capital Association (BVCA) have been putting in immense effort to identify the barriers currently blocking pension fund investments into #VC and #growthequity. We will publish our recommendations to help overcome barriers to progress this Autumn.    Read the ABI’s report here: https://lnkd.in/eVtAzDWF  

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Explore Womble Bond Dickinson (UK) LLP’s newest global energy transition report for valuable insights into sustainability, cutting-edge technology, and market trends. Womble Bond Dickinson’s 2025 global energy transition outlook showcases a transformative shift in clean energy financing, set to boost the UK’s energy transition. Read the full report below. The 2025 global energy transition outlook from Womble Bond Dickinson highlights a rejuvenated UK energy sector, driven by enhanced financing and political support. Uncover the detailed findings below. Read more: https://lnkd.in/e9z5Mr5s #NOF #NOFNetworkNews #KeepConnectedWithNOF #EnergisingTomorrow #WBDEnergyTransition #EnergyTransition #EnergySurvey

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🌟 Unlock the Power of SEIS & EIS Investment 🎙️ Join our webinar on the 30th of July as we look into the Seed Enterprise Investment Scheme (SEIS) and Enterprise Investment Scheme (EIS) with John McLean (Ignition Law). Discover how these tax-efficient schemes can drive growth for both investors and startups. John McLean, a seasoned tax specialist, will explain the key benefits, qualifying criteria, and potential pitfalls of SEIS & EIS. Whether you’re an investor or a startup founder, this webinar is your gateway to understanding these critical investment opportunities. Expand your knowledge, connect with peers, and position yourself for success in the world of investment. Join us on Tuesday, 30th July at 10:00 AM, don’t miss out—secure your spot today and expand your understanding of SEIS & EIS!. 🗓️ Tuesday, 30th July 2024 🕙 10:00 - 11:00 AM 🔗 Register Now https://lnkd.in/e9hXQEfa #SEIS #EIS #investment #startups #investmentscheme #seedinvestment #startupgrowth #taxefficiency #webinar #legalinsights

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