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9fin team

This is the weekly ESG Wrap, which highlights Featured 9fin ESG content such as TLDRs for all deals, news stories that have interested the ESG team this week, and 9fin ESG product updates.

ESG Secondary Digest — MEDIA Central, Cirsa, LaLiga, Hornbach, APCOA Parking (30/05/23) 

As part of 9fin's expanding High Yield ESG coverage, we are producing secondary market analysis for a number of credits. This week 9fin’s ESG team takes a look at MEDIA Central’s sustainability-linked issuance, Cirsa, LaLiga, Hornbach, and APCOA Parking. 

Mallinckrodt’s Bond Falls Amid Settlement Payments Pressure (31/05/22)

A Mallinckrodt bond was the worst performer in US high-yield secondary trading after a group of opioid victims asked the pharmaceutical company to honour its settlement. This request comes amid mounting pressure from lenders to skip or renegotiate payments. According to Bloomberg's report on Friday, some of Mallinckrodt’s lenders want the company to skip or renegotiate an upcoming $200 million payment, which is its first under a bankruptcy settlement agreement, out of concern it could strain its liquidity. The payment is due on 16 June.

Drax faces formal investigation over wood pellets burnt for power (31/05/22)

The UK's energy regulator, Ofgem, has initiated a formal investigation into power company Drax regarding potential breaches of sustainability regulations concerning the use of wood pellets for electricity generation. Ofgem had been conducting a preliminary examination into Drax's compliance with biomass sustainability rules, and the investigation was escalated on Wednesday. Drax's shares dropped around 5% following the announcement. Ofgem is specifically investigating whether Drax Power Limited has violated annual profiling reporting requirements related to the renewables obligations scheme and other associated issues.

Ladbrokes-owner Entain likely to face “substantial financial penalty” after bribery investigation (31/05/22)

Entain, the owner of Ladbrokers, has disclosed that it could potentially face a big financial penalty due to ongoing investigations by the Crown Prosecution Service (CPS) into its business practices in Turkey. The company, which owned a Turkish-facing business from 2011 to 2017, is being investigated for breaching the bribery act. Entain has acknowledged the possibility of past misconduct involving former third-party suppliers and employees. Entain is engaged in negotiations with the CPS to reach a deferred prosecution agreement (DPA). While the final outcome of the investigation remains uncertain, the company says it is probable it will incur a “substantial financial penalty”.

Delta Air Lines faces proposed U.S. class action over carbon neutral claims (30/05/22)

Delta Air Lines is facing a proposed class action lawsuit over advertising touting the US carrier as carbon-neutral, according to a complaint filed on Tuesday in California federal court. The complaint, filed on behalf of a California resident who bought Delta tickets to engage in "more ecologically conscious air travel”, alleges violations of state consumer protection laws and laws prohibiting unfair and fraudulent business practices. Delta was not immediately available for comment. The lawsuit will likely be challenging for the plaintiffs and it is expected there will be "vigorous resistance" to class certification.

Largest asset manager ESG funds oppose biodiversity proposals (2/05/23)

Analysis by Planet Tracker reveals that sustainability funds managed by BlackRock, Vanguard, and State Street Global Advisors have largely voted against or abstained from biodiversity-related shareholder proposals between 2010 and 2022. Specifically, BlackRock's sustainability funds opposed disclosure proposals on deforestation in the supply chains of consumer food companies like Mondelez, Restaurant Brands International, and Yum! Brands. However, BlackRock's sustainability strategy did support a proposal by Procter & Gamble to report on deforestation elimination efforts. Planet Tracker suggests that BlackRock should prioritise biodiversity and expect the same from corporations based on its statements regarding natural capital issues.

ICMA to embed Just Transition across ESG-labelled bond principles (31/05/23)

The International Capital Market Association (ICMA) plans to incorporate the Just Transition across its voluntary market standards for ESG-labelled bond issuers as part of a wider set of updates next month. The guidance will be “very light touch” and ICMA will not define Just Transition as the goal of these updates is primarily to encourage disclosure by issuers. The Sustainability-linked bond principles will also be updated with the ICMA KPI registry being expanded to include more social metrics (specifically for sovereigns).

Europe 'more highly exposed' to negative biodiversity impact (30/05/31)

A study by Impact Cubed reveals that Europe-listed companies have a higher negative impact on biodiversity compared to their US counterparts. The research shows that European firms in the STOXX Europe 600 index have nearly double the negative biodiversity exposure per unit of market capitalisation compared to the S&P 500 index of US-listed firms. The study also highlights that emerging markets, such as those in the MSCI Emerging Markets index, are leading in developing positive biodiversity solutions. The findings emphasise the need for understanding the specific drivers of biodiversity impact and targeting strategies to address them effectively.

EU company ESG disclosure rules set to be eased (2/05/31)

European Union sustainability disclosure rules are set to give companies more room to decide what should be reported, though safeguards should ensure this makes little difference in practice, according to a senior EU agency official. The European Financial Reporting Advisory Group (EFRAG) has developed detailed rules; but the European Commission plans to relax them in response to concerns raised by certain EU lawmakers who are worried about increasing bureaucracy resulting from the "green deal" reforms of the bloc. The proposed easing of rules indicates a response to pushback and a desire to strike a balance between environmental objectives and regulatory burdens. The Commission is expected to put a revised version of EFRAG's proposals to public consultation imminently.

EU Parliament Votes to Require Companies to Introduce Climate Transition Plans (1/05/31)

Lawmakers in the European Parliament have voted in favour of new rules that will compel companies to address the impact of their activities on human rights, the environment, and climate transition plans. The rules serve as the Parliament's stance on the proposed corporate sustainability due diligence directive by the EU Commission. Initially targeting companies with over 500 employees and €150 million in revenues, the rules will later extend to include companies with over 250 employees and €40 million revenue, including non-EU companies operating within the EU.

UK’s Shapps and Badenoch row over green border tax as relations sour (29/05/23)

There is a divide within the UK government regarding the implementation of a carbon border adjustment mechanism (CBAM) as part of the country's efforts to achieve net-zero emissions. Energy Secretary Grant Shapps and his department support the CBAM, while Business and Trade Secretary Kemi Badenoch is opposed to it, according to sources familiar with the discussions. In March, Shapps and Chancellor Jeremy Hunt jointly announced a consultation on a UK carbon border tax, with a decision anticipated later this year. This tax would involve imposing tariffs on imports from countries like China and India that generate substantial carbon emissions during production.

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