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Private capital rushes to fund green energy innovators
The IPO market has all but closed as rates rise and stock prices fall. But even as they mark existing holdings down, private equity investors will still provide big volumes of new capital to young companies seeking to scale up. The key factor? That those firms are focused on green energy and dealing with the climate crisis. Freed from the noise of public stock markets, these big funds are happy to back their own long-term views of the most promising growth businesses.
EDITOR'S PICKS
Amitabh Chaudhry seeks to elevate Axis from its strong position in India to a premium one. The purchase of Citi’s consumer finance business will help – but only if it can keep Citi’s customers.
Not long ago, correspondent banking was as basic as finance got. These days it is compliance and cost-heavy and in the crosshairs of aggressive and powerful regulators. Little wonder that so many banks are exiting small or fragile markets – actions that help their bottom line but hinder efforts at financial inclusion.
The French bank has continued its string of direct investments in fintechs this year and is looking for more with VC fund Anthemis.
While the impact on energy is centre stage, the war in Ukraine is also wreaking havoc on soft commodity prices and trade routes. Trade in agricultural commodities is taking a hit. The pool of banks financing these commodities is already dwindling, while the risks for those that remain are growing.
Opinion
Societe Generale has exited, and Citi is winding down in retail, but the two biggest remaining Western European players in Russia are also spending a lot of time working out their exposures and operations in the country.
If Lula wins in Brazil, he is unlikely to focus on the strength of the private-sector banks because fintechs are doing that for him already.
Six seemingly random numbers, when threaded together, demonstrate that some kind of negative watershed event may not be too far off in China.
A new job running Bayern Munich's finances could be more rewarding for HVB CEO Michael Diederich, especially after UniCredit CEO Andrea Orcel’s push for more cuts in Germany.
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Long Reads / Mag / Most Read / Ad
FIG DCM issuance gets complicated as rising NPLs and funding costs hit confidence
Issuing bank debt used to be easy. But with many banks now crowding through the same narrow issuance windows, even high-quality issuers have barely covered the books on some deals. And as non-performing loans look set to rise, investors are worrying that the boon from higher rates won’t last.
Not dead yet: The future of China’s belt and road
China’s Belt and Road Initiative is as controversial now as it was a decade ago. Yet its legacy endures. Even as Beijing cuts funding to debt-saddled BRI states, the West is emulating Xi Jinping’s flagship development plan. The BRI is not dead but is quietly mutating into something much bigger and – whisper it quietly – perhaps better.
Banking reform in Ukraine: Fighting on all fronts
Despite the Russian bombs pounding Ukraine, there have been no wartime bank runs, no bank collapses or even the suggestion of a systemic wobble. That is largely thanks to the work of former National Bank of Ukraine governor Valeria Gontareva. She tells Euromoney that the time for further reform to the stricken country’s banking sector is now.
A European retreat opens the door to Middle East banks in Africa
As European and Chinese banks scale back in Africa to cut costs and redeploy capital to core markets, Middle East lenders are happily jumping in to fill the gap, buying assets and putting more boots on the ground as bilateral trade between the regions increases.
What They Said
WHAT THEY SAID
Yuriy Butsa, Ukraine’s government commissioner for public debt management, says the IMF needs a new approach
Aloke Gupte, JPMorgan’s co-head of equity capital markets EMEA, believes that private capital will enable new technologies to develop
KVS Manian, leader of the wholesale banking operations of Kotak Mahindra, explains India’s approach
Deborah Brautigam, founding director of the China Africa Research Initiative at Johns Hopkins University, explores the appetite for Chinese lending
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