Alpha-Centric ESG Research

Kyle Rudden

In a series of election-related Insights last year, I discussed how a Biden win would be a positive for sustainability and ESG. His policies are a huge win for quintessential ESG investments (e.g., electric vehicles), but also for ESG investing itself via pro-ESG legislation and a new mindset at the SEC.Still waiting on the legislation, but that is understandable – Biden has been in office, and Congress in session, for barely a month during which there was a bit of riot up on Capitol Hill. We are seeing that change in SEC mindset, however, in a recent announcement that portends things to come.Last week the SEC issued a statement in which acting SEC Chairwoman Allison Herren Lee directed the SEC staff to increase scrutiny of climate disclosures in company filings. Whilst not a full-blown ESG directive, it is a major step for an SEC that was at war with ESG under Chairman Jay Clayton.

In a series of election-related Insights last year, I discussed how a Biden win would be a positive for sustainability and ESG. His policies are a huge win for quintessential ESG investments (e.g., electric vehicles), but also for ESG investing itself via pro-ESG legislation and a new mindset at the SEC.Still waiting on the legislation, but that is understandable – Biden has been in office, and Congress in session, for barely a month during which there was a bit of riot up on Capitol Hill. We are seeing that change in SEC mindset, however, in a recent announcement that portends things to come.Last week the SEC issued a statement in which acting SEC Chairwoman Allison Herren Lee directed the SEC staff to increase scrutiny of climate disclosures in company filings. Whilst not a full-blown ESG directive, it is a major step for an SEC that was at war with ESG under Chairman Jay Clayton.

Biden Making Good on Major Environmental Promises: New SEC Is More ESG-Focused

Late last year, in a series of Insights related to the 2020 U.S. elections, I addressed then-candidate (and now President) Joe Biden's environmental policies and climate-related objectives. President Biden's priorities included rejoining the Paris Agreement (former President Trump withdrew).A week ago, on 19 February and less than one month after taking office, Biden made good on that promise and the U.S. officially rejoined the Paris accord. This is, unequivocally, a positive event, but the U.S. has fallen "behind" other countries and needs to update its climate objectives.The U.S. has not increased its Paris Agreement commitments since former President Obama joined in April 2016. Other nations have upped their goals in recent years. Recently, in late 2020, China's President Xi Jinping raised China's GHG reduction targets, and timing for achieving net-zero. The Biden administration has promised to do so around Earth Day this year, in April.

Late last year, in a series of Insights related to the 2020 U.S. elections, I addressed then-candidate (and now President) Joe Biden's environmental policies and climate-related objectives. President Biden's priorities included rejoining the Paris Agreement (former President Trump withdrew).A week ago, on 19 February and less than one month after taking office, Biden made good on that promise and the U.S. officially rejoined the Paris accord. This is, unequivocally, a positive event, but the U.S. has fallen "behind" other countries and needs to update its climate objectives.The U.S. has not increased its Paris Agreement commitments since former President Obama joined in April 2016. Other nations have upped their goals in recent years. Recently, in late 2020, China's President Xi Jinping raised China's GHG reduction targets, and timing for achieving net-zero. The Biden administration has promised to do so around Earth Day this year, in April.

Biden Making Good on Major Environmental Promises: Rejoins U.S. In Paris Agreement

Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

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<a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> stock is tumbling, again, and its overpriced bonds are frozen in the headlights with nowhere to go but down.
The reason given for this latest rout is that Tesla needed to shut down production for two weeksdue to supply chain disruptions in parts and supplies caused by the severe winter storm which swept much of the country in recent weeks.
Except when the stock plunged CEO Elon Musk opened the plant back up after just two days.
Which suggests that Tesla can make all the cars its needs. It just doesn't need as many as it hoped to mean faltering demand.

Tesla Motors (TSLA US) stock is tumbling, again, and its overpriced bonds are frozen in the headlights with nowhere to go but down.
The reason given for this latest rout is that Tesla needed to shut down production for two weeksdue to supply chain disruptions in parts and supplies caused by the severe winter storm which swept much of the country in recent weeks.
Except when the stock plunged CEO Elon Musk opened the plant back up after just two days.
Which suggests that Tesla can make all the cars its needs. It just doesn't need as many as it hoped to mean faltering demand.

Bond market data and technology, BondEvalue

BondEvalue

Bond market data and technology

BondEvalue is a Singapore-based Fintech that specializes in bond market data and technology. The company's information services business offers bond market data on hard-currency corporate & sovereign bonds across Asia, Middle East, Europe and the Americas. The data, which includes bond prices, yields, news and analytics, is offered to end investors via interactive Mobile and Web Apps. Investors can sign up for a free trial of the service either via the company's website (https://bondevalue.com) or by downloading the BondEvalue Mobile App (http://onelink.to/wej7jq). BondEvalue is also developing an electronic bond exchange, BondbloX in Singapore that allows investors to trade bonds electronically in smaller sizes (US$1,000 or equivalent). For more information, visit https://www.bondblox.com/

Bond Market Data and Technology

Markets sold-off across asset classes with the S&amp;P down 2.4% while the Nasdaq plunged 3.5%, its worst fall in four months. Popular stocks with rich valuations like Tesla, Square, Zoom  fell over 8%, 4% and 5% while most FAANG stocks were down over 3% with the exception of Netflix , which was down 1.2%.The US 10Y Treasury yield spiked to an intraday high of 1.61% after a weak 7Y note auction whilst easing after that to close ~6bp higher. European equities posted relatively modest losses of ~0.3-0.5%. US IG CDS spreads were 4.5bp wider and HY was 20.7bp wider. EU main CDS spreads widened 2.9bp and crossover spreads widened 11.2bp. Asian equity markets have opened ~2% lower today while Asia ex-Japan CDS spreads are flat.

Macro; Rating Changes; New Issues Commentary; Talking Heads; Top Gainers & Losers

S&amp;P ended 1.1% higher while Nasdaq was 1% higher. Tesla rallied 6% with a mixed session for big tech – Facebook, Amazon and Apple were lower by 0.6%, 1% and 0.4% while Google and Netflix were up 1.2% and 1.3%. Fed Chair Powell reiterated the primary goal of full employment and said it may take over three years for inflation to exceed the 2% target. US 10Y Treasury yields eased some of its 9bp sell-off to 1.43% to close at 1.40%. European equities were also higher by over 0.5%. German GDP growth in Q4 2020 was revised upward to 0.3% from 0.1%. US IG CDS spreads were 1.1bp tighter and HY was 6.7bp tighter. EU main CDS spreads tightened 0.9bp and crossover spreads tightened 3.2bp. Asian equity markets have opened ~1% higher today while Asia ex-Japan CDS spreads are 0.5bp tighter. Momentum in the Asian primary markets continue with six new dollar deals launched today dominated by Chinese issuers.

S&amp;P ended 1.1% higher while Nasdaq was 1% higher. Tesla rallied 6% with a mixed session for big tech – Facebook, Amazon and Apple were lower by 0.6%, 1% and 0.4% while Google and Netflix were up 1.2% and 1.3%. Fed Chair Powell reiterated the primary goal of full employment and said it may take over three years for inflation to exceed the 2% target. US 10Y Treasury yields eased some of its 9bp sell-off to 1.43% to close at 1.40%. European equities were also higher by over 0.5%. German GDP growth in Q4 2020 was revised upward to 0.3% from 0.1%. US IG CDS spreads were 1.1bp tighter and HY was 6.7bp tighter. EU main CDS spreads tightened 0.9bp and crossover spreads tightened 3.2bp. Asian equity markets have opened ~1% higher today while Asia ex-Japan CDS spreads are 0.5bp tighter. Momentum in the Asian primary markets continue with six new dollar deals launched today dominated by Chinese issuers.

Vedanta, Sunac, Fantasia Launch $ Bonds; Macro; Rating Changes; New Bond Issues; Talking Heads; T...

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

Biden Making Good on Major Environmental Promises: New SEC Is More ESG-Focused

U.S. President Joe Biden's pro-ESG policies are starting to manifest where it matters, including a "new" SEC that is more supportive of ESG investing.

Kyle Rudden

Biden Making Good on Major Environmental Promises: Rejoins U.S. In Paris Agreement

Barely a month into office, U.S. President Biden is making good on climate-related promises. The first among them is rejoining the Paris Agreement.

Kyle Rudden

Tesla Is Falling and It Can't Get Up

Tesla stock is tumbling and its overpriced bonds are frozen in the headlights with nowhere to go but down. Deliveries are sputtering, and Elon's...

Vicki Bryan

Macro; Rating Changes; New Issues Commentary; Talking Heads; Top Gainers & Losers

Markets sold-off across asset classes with the S&P down 2.4% while the Nasdaq plunged 3.5%, its worst fall in four months. Popular stocks with...

BondEvalue

Vedanta, Sunac, Fantasia Launch $ Bonds; Macro; Rating Changes; New Bond Issues; Talking Heads; T...

S&P ended 1.1% higher while Nasdaq was 1% higher. Tesla rallied 6% with a mixed session for big tech – Facebook, Amazon and Apple were lower by...

BondEvalue

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