Fernando Rodríguez | The Treasury will issue its first sovereign green bond “in the second half of this year,” as announced by Pablo de Ramón-Laca, Director General of the Treasury and Financial Policy. He explained that this first bond will form part of the Treasury’s Green Bond Issuance Programme, which aims to be a “structural component of the Treasury’s financing policy.”
Articles by Fernando Rodríguez
About the Author
Fernando Rodríguez López de Andújar | Alberto Alonso Ureba, professor of commercial law, has sat on the board of several Spanish listed companies -endesa, zeltia and siemens gamesa – and is one of Spain’s most renowned experts on corporate governance.
Fernando Rodríguez | “Tourism, energy, food…In those sectors where we have people with a lot of knowledge and we are leaders, we should use the recovery funds to invest in technology to be stronger and more competitive. I think it is very difficult to transform a society from one day to the next and create companies that generate employment in sectors completely new. Our transformation must be gradual. We must take advantage of European funds to make an intelligent change of our strengths”, says Emma Fernández, board member of Metrovacesa, Asti and Axway.
Fernando Rodríguez | The season of annual shareholders’ meetings is just around the corner and Spain’s major listed companies are urging the Government to legislate with the utmost urgency so that they can hold virtual shareholders’ meetings with full legal coverage. “We don’t have the leeway we had last year, which was justified by the Covid19 pandemic, and there is a risk that the decisions made at the meetings could be challenged,” sources close to this initiative, which is supported by at least forty companies, told Consenso del Mercado.
Fernando Rodriguez | BME bring 22 spanish small&medium cap companies with investors in the fourteenth edition of the Frankfurt European Midcap Event, that started yesterday. BME is a regular sponsor of this annual event, which aims to put medium and small capitalisation companies from different European countries in contact with more than 75 investors interested in this type of issuers.
Fernando Rodriguez | Foreign institutional investors hold 50,2% of the total capital of listed companies on the Spanish Continuous Market, up 12 percentage points in the last 10 years according to the conclusion of the report: Preparing for the 2021 Shareholder Meeting Season, drawn by the law firm Cuatrecasas and the proxy solicitor Georgeson, an annual report now in its tenth year.
Fernando Rodriguez | Spanish companies, banks, autonomous communities and state agencies participated in 40 green, social and sustainable bond issuances in 2020, worth a total of €15,024 million, up 54% since the previous year, according to the 2021 Report of the Spanish Sustainable Finance Observatory (OFISO).
Fernando Rodríguez | Spanish issuers are becoming increasingly active in the global sustainable finance market. State-owned Instituto de Crédito Oficial (ICO) has joined the Nasdaq Sustainable Bond Network (NSBN), the platform that concentrates relevant information on sustainable bond issuers and transactions from all over the world with the aim of promoting transparency in this market. Iberdrola became the first issuer to join this platform in October last year, and BBVA was the first Spanish bank to do so a month later.
Fernando Rodríguez | “Traditionally, the major correlation in stock markets has been between actual or expected corporate earnings and prices. Right now, for several years, the most direct correlation has been between the stock price of an index and the balance sheet of its respective central (…). Today the market is discounting that there is no limit to this race and futures are assuming a zero rates until 2030. I believe this has a limit and is not what the market thinks about,” explains Juan Carlos Ureta, Chairman of Renta 4.
Fernando Rodríguez | The announced merger between SASB and IIRC, two institutions which set non-financial reporting standards, is a step forward in the convergence towards a single standard. This process began at the end of 2019 when framework- and standard-setting institutions of international significance like SASB and IIRC together with GRI, CPD and CDSB joined efforts and signed: Statement of Intent to Work Together Towards Comprehensive Corporate Reporting.