Bankers Doing Bond Deals Caught Out by New Era of Issuer Clauses [BNN Bloomberg (Canada)]
Barclays PLC (BCS)
US:NYSE Investor Relations:
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Source: BNN Bloomberg
While vocal opposition to environmental, social and governance principles in the US has dominated headlines of late, behind the scenes, some of the world's biggest bond issuers are quietly telling global banks that bad ESG scores may dent their appeal as underwriters. Ulf Erlandsson, founder and chief executive of the Anthropocene Fixed Income Institute, says he's aware of “a number of issuers” that have been close to putting their bank counterparties “in the box” — industry-speak for halting business with them for a period of time — if a bank is “fundamentally misaligned” with an issuer's own ESG goals. “Counterparty de-selection can be a very potent instrument, and one bankers should fear,” Erlandsson said. “Fees are the purest form of profit for bankers, and they really dislike losing them, so even just the threat of being benched is enough to set off alarm bells at senior levels.” Take KfW, the German development bank whose 2024 funding plans have been set at roughly $100 b
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