Doris Capurro, President, CEO & Founder, Luft Energia talks to Bonds & Loans about the company’s renewable energy development plans, and its bid to tap into multilateral development institutions and export credit agencies to help finance the next wave of projects in the pipeline.
Financial inclusion has been a challenge that African FIs have struggled to overcome for decades, with vast chunks of the population remaining unbanked to this day. Now a number of microfinance institutions are using fintech tools and disruptive technologies to bridge that gap. Tim Nuy, CEO of Mybucks, spoke to Bonds & Loans about the company’s achievements and goals for this year.
Corruption, corporate governance and transparency is a perennial concern among emerging market fixed income investors, with the lack of clear governance structures and opaque financials frequently causing headaches for credit analysts and their compliance teams.
On 16 May 2018, the African Development Bank (AfDB) successfully priced a EUR1.25bn 10-year Social Bond transaction. The issue follows the inaugural EUR500mn 7-year Social Bond issued in November 2017.
Indonesia navigated a challenging and volatile market to place a USD3bn dual-tranche green sukuk, which will go towards supporting the country’s efforts to combat climate change.
Global green bond issuance surged to record levels in 2017 with more than USD155bn issued globally, but despite a 78% increase in issuance volumes and the development of innovative new products, analysts contend the market’s growth remains hamstrung by the same old issues as they wait for green’s watershed moment.
The first two stages of the Egyptian government’s solar and wind programme have been somewhat hit-and-miss, but increased development bank involvement sets the next stage on a path to encourage wider private sector participation. Third time’s a charm – but only if local and commercial lenders play their part, analysts suggest.
Invenergy’s 70-megawatt Campo Palomas wind project, located in the Salto Department of Uruguay, launched an investment-grade USD135.8mn in the US Private Placement Market. Campo Palomas is Invenergy’s first project in Uruguay as it continues to expand its presence in Latin America.
It has been a stellar year for emerging market credit, with most of the key benchmark indices outperforming and EM fundamentals broadly improving – while the global economy continues to heat up. But with QE – one of the main forces driving yield-hungry investors into EMs – winding down, a slew of EM elections on the horizon, and uncertainty over the direction of large developed economies like the US, what are the top trends likely to be seen in EM credit in 2018?
The City of Cape Town successfully placed ZAR1bn in new green bonds this Summer to fund a raft of sustainability initiatives in the city, proving once again that cities are a natural fit for sustainable finance instruments.
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