|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||11.27 - 11.44|
|52 Week Range||9.10 - 13.12|
|Beta (3Y Monthly)||1.36|
|PE Ratio (TTM)||8.98|
|Earnings Date||Nov 8, 2019|
|Forward Dividend & Yield||0.69 (6.01%)|
|1y Target Est||14.88|
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. Turkey’s central bank signaled it’s set to slow the pace of monetary easing after delivering another interest-rate cut that exceeded forecasts as it navigates the conflicting demands of the presidency and markets.Governor Murat Uysal reduced the key rate to 16.5% from 19.75% on Thursday. The Monetary Policy Committee said inflation is likely to end the year below its earlier forecasts but suggested less scope for deeper easing. The lira reversed losses and advanced the most in emerging markets.“At this point, the current monetary policy stance, to a large part, is considered to be consistent with the projected disinflation path,” the bank said in a statement.Boxed in by President Recep Tayyip Erdogan, Uysal is following up on his record monetary easing in July with his second bold move, bringing cuts under his watch to 7.5 percentage points while still leaving rates above inflation.As the economy is only starting to make up ground lost during a short-lived recession and there’s little room for fiscal stimulus, the central bank is taking center stage for Erdogan, who believes that high rates cause rather than curb price growth.Just days ahead of this week’s meeting, Erdogan laid down a marker for the central bank, suggesting Turkey will lower borrowing costs to single digits soon and inflation will follow suit.‘Reasonable’ ReturnThe only adjustment in forward guidance from July’s decision suggests the central bank thinks it might be nearing the end of its easing cycle, according to Piotr Matys, a strategist at Rabobank in London.“If the central bank is mindful of market expectations, the pace of easing is likely to slow down as the policy rate approaches a level which is tolerated by investors,’’ Matys said.The governor, whose predecessor Murat Cetinkaya was fired for failing to act faster, has already signaled that more cuts were in the cards but also vowed to preserve “a reasonable rate of real return” for investors. Turkey’s price growth, currently at 15%, will end the year at 13.9%, according to the central bank’s latest forecast.A steep deceleration in price growth that looms as early as this month probably clinched the argument for Uysal. Before the latest rate cut, Turkey’s benchmark was double the average for its emerging-market peers, providing room for 4 percentage points of easing relative to the central bank’s year-end forecast for inflation, according to Bank of America Corp.When Uysal slashed the benchmark by 425 basis points in July, against a market expectation of 250 basis points, it was the first reduction since 2016 and the biggest since a shift to inflation targeting in 2002.A rare calm had settled over the market before the decision. After soaring to an eight-month high ahead of the central bank’s July meeting, volatility in Turkish stocks has come down before this week’s gathering. The lira appreciated for a second day, trading 1.4% stronger against the dollar as of 3:02 p.m. in Istanbul.“They will keep cutting, and in the current emerging-market environment it is bearable for the lira,” said Guillaume Tresca, a strategist at Credit Agricole.As inflation picks up toward the end of the year, the central bank “could be short of ammunition and one could suspect its reaction function is even less flexible than during Cetinkaya’s tenure,” he said.\--With assistance from Harumi Ichikura.To contact the reporter on this story: Cagan Koc in Istanbul at firstname.lastname@example.orgTo contact the editors responsible for this story: Onur Ant at email@example.com, ;Lin Noueihed at firstname.lastname@example.org, Paul AbelskyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...
(Bloomberg) -- Mario Draghi needs to go out with a bang if he’s to renew a surge in bond prices that sent yields to unprecedented lows.Markets have factored in the European Central Bank’s president slashing interest rates and restarting quantitative easing, so it will take a multi-faceted stimulus package in his penultimate meeting Thursday to impress investors. Bond gains have faltered and the euro has staged a recovery from the weakest since 2017 this month after opposition from some officials raised doubts over the size and timing of any new asset purchases.Money markets are still betting on a 15-basis-point interest rate cut on Sept. 12, a bigger drop than the 10 basis points forecast by economists. Those expectations for policy easing to revive inflation have depressed the euro to $1.10 and driven German bund yields well below the ECB’s minus 0.4% deposit rate.“I think that the ECB will struggle to exceed the already dovish market expectations,” said Valentin Marinov, head of Group-of-10 currency strategy at Credit Agricole SA. Any failure to mitigate the fallout from even more negative rates on banks and to lift limits on the bonds the ECB can buy could spur euro gains to $1.12, he said. “Without them, people will conclude that Draghi is done and that the ECB may not have the courage for more once he is gone.”Given this week’s ECB gathering “appears to be one of the most unpredictable of the past five years,” strategists at Bank of America-Merrill Lynch are recommending option hedges in case the central bank fails to deliver on quantitative easing. Goldman Sachs’ strategists have stopped recommending bets on the euro’s decline against the yen ahead of the announcement, while Morgan Stanley has scaled down its estimate for the size of future asset purchases.That caution led European bonds to fall in recent days, the latest in a series of pullbacks from the rally. Longer maturities have been worst hit, following poor demand in a 30-year German auction, as they would benefit the most from renewed ECB asset purchases. Allianz Global Investors has warned of a bigger sell-off in German bunds and does not see the central bank relaunching its asset purchases at this stage.Here are further views by analysts:Credit Agricole (Risk of Euro Rebound)“Lot of negatives” are in the price of the euro -- a 10-basis-point rate cut is fully priced in and investors attach a 45% chance to a 20bps rate cut: MarinovEuro could “squeeze higher” versus the yen and Swiss franc and to a lesser degree the U.S. dollarEuro-dollar estimated fair value has been reduced from $1.1234 to $1.1186 on the back of a flattening in the European bond curve relative to the Treasury curveThis variable is the strongest driver of the euro’s fair value at present, especially in the run up to this week’s ECB meeting with the market anticipating a fresh round of QEIf the European curve bear steepens on Draghi, the euro’s fair value could bounce againMorgan Stanley (Bund Steepeners, Euro Rally)ECB to deliver an easing package of 10 basis points of rate cuts and restart QE at a pace of 30 billion euros per month for nine-12 months, according to strategists including Chetan Ahya“However, markets could be disappointed by the timing and size of the QE program”Suggests investors put on positions in 5s30s bunds steepeners -- as they see 10- and 30-year bund yields ending the year higherContinues to recommend investors short two-year German bunds at minus 90bps and/or pay March 2020 ECB meeting OISThe euro should rally post the ECB decision “as sentiment is already bearish and a more hawkish ECB outcome that leads to a steeper yield curve will push the euro higher and dollar down”Bank of America-Merrill Lynch (Imperfect Package)“Hard-to-forecast ECB meeting could disappoint high expectations,” strategists said in a client note, adding that they predict a 20bps deposit rate cut with tiering and a “small” QE of EUR20b-30b for 9-12 monthsThere is a risk smaller or no QE, for which they recommend option hedgesBofAML still have a 10s30s flattening view in ratesDisappointment could see some steepening but strategists “think this is unlikely to be sustained” as monetary policy will “struggle to change the narrative for the long-end of the curve”They recommend selling any euro rallies as the currency remains under pressure from weak euro-zone economic dataAllianz Global Investors (No QE Relaunch)Predicts 10bps deposit rate cut, multi-tier deposit facility and stronger forward guidance, with an explicit commitment that key rates will remain low for a long time, according to Franck Dixmier, global head of fixed incomeUnlikely the ECB will announce the relaunch of its bond-buying program at this stage as there seems to be no consensus about “whether a new round of QE is desirable, even if the option remains on the table”If high market expectations aren’t met by the ECB there might be an opportunity “to take advantage of possible rate and spread tension to buy on dips -- in particular by reinforcing duration on sovereign bonds and increasing credit exposure” NatWest Markets (Flatteners Attractive for Bond Bulls)“ECB expectations got too aggressive this summer. They may have more to correct,” according to Giles Gale, head of European rates strategy“Flurry of hawkish rhetoric was more of an attempt to dial-back over-ambitious market expectations and give some headroom for a dovish surprise, rather than a sea-change at the Governing Council”Would be “surprised if no QE were announced” -- sees 10-basis-point rate cut (accompanied by tiering) and a re-start of QE at 30 billion euros a month for six months (accompanied by increases in the issue and issuer limit to 50%)Steepeners don’t look like the ideal bearish trade right now, while if bullish, 5s30s flatteners (with positive carry) look attractiveCommerzbank (Fleeting Euro Impact)Commerzbank still expects a “substantial extension” of QE purchases despite the hawks’ opposition and this could weigh on the euro“Any immediate euro-negative reaction to the ECB could prove short-lived,” according to Esther Reichelt, a currency strategistExpects growing political pressure on the Fed to continue rate cuts, in particular if we see (temporarily) lower euro-dollar levelsSooner or later the market should become aware, that the bigger the ECB’s easing package this week, the less the ECB will be able to do in the future, which could actually support the euro(Updates prices, adds views from BofAML, Allianz GI.)To contact the reporter on this story: Anooja Debnath in London at email@example.comTo contact the editors responsible for this story: Ven Ram at firstname.lastname@example.org, Neil Chatterjee, William ShawFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.The pound rebounded after sliding to the lowest since 2016 in volatile trading as the prospect of a general election added an extra layer of complexity to the Brexit calculus.Sterling headed for its first gain in five days against the dollar after the defection of a Conservative party lawmaker removed a parliamentary majority for Prime Minister Boris Johnson, likely making it more difficult for him to win backing for a no-deal Brexit.Sterling has fallen nearly 20% since the referendum vote to leave the bloc in June 2016, with the currency a market barometer for political developments. Johnson said he would trigger a general election on Oct. 14 if lawmakers vote later Tuesday to force him to delay the Brexit departure date again beyond end-October.“Johnson losing his majority will be seen by the market as reducing the chances of a hard Brexit,” said Neil Jones, head of hedge-fund currency sales at Mizuho Bank. “Any political development that drives us away from a no-deal Brexit is good for the pound right now.”The pound rose 0.2% to $1.2088, after earlier dropping as much as 0.9% to hit $1.1959, the lowest since October 2016. U.K. government bonds held a rally after 10-year yields fell to a fresh record. A no-deal Brexit may see yields slide to zero or even lower, according to Citigroup Inc.Overnight volatility on the pound has spiked up to the highest since April ahead of Tuesday’s parliamentary vote, with a gauge of three-month price swings also climbing as the Brexit deadline nears. Speculation over an election before then has been rising as that could enable Johnson to change the parliamentary arithmetic to get his plans through.“Recent polls are suggesting that the pro-Brexit Tory party, Brexit Party and the DUP could come close to winning a majority and thus be able to deliver Brexit with or without a deal,” said Valentin Marinov, head of Group-of-10 currency research at Credit Agricole SA.The currency may drop to as low as $1.10 if an election is seen delivering a mandate for a no-deal departure from the EU, according to Lee Hardman, a strategist at MUFG. A Bloomberg survey of strategists carried out last month saw an election as a better scenario for markets than a no-deal Brexit, with a vote seen pushing the currency down to $1.19 versus $1.10 on a crash exit.Johnson’s combative approach with parliament has also seen him ask the Queen to stop lawmakers from meeting for a month, and warn potential Tory rebels that they would be expelled if they voted against him over a Brexit delay. Yet he would still need two-thirds of MPs to vote for an election -- or 434 lawmakers. He has only 310, after MP Phillip Lee defected to the anti-Brexit Liberal Democrats.The pound looks likely to remain under pressure for Morgan Stanley, with room for a fall to $1.15, strategists including Hans Redeker said in a research note. The bank now expects an election to be called either in October before the Brexit deadline or sometime in the fourth quarter, according to a separate note from its economists.\--With assistance from Ruth Carson, Vassilis Karamanis and Anooja Debnath.To contact the reporters on this story: Charlotte Ryan in London at email@example.com;John Ainger in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Ven Ram at email@example.com, Neil Chatterjee, William ShawFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Even by Argentina standards, August was a particularly dire month.Markets have tumbled almost without stop after opposition leader Alberto Fernandez routed President Mauricio Macri, a market favorite, in an Aug. 11 primary vote, seen as a dry run for the Oct. 27 election. The peso is down more than 23%, by far the worst in emerging markets, and bonds have yet to find a floor, with notes due 2021 down more than 50% this month and yields of 75%.The crisis came to a head Wednesday when the administration announced it would postpone $7 billion of payments on short-term local notes held by institutional investors this year and seek the “voluntary reprofiling” of $50 billion of longer-term debt. It will also start talks to delay payments on $44 billion it has received from the IMF.The announcement prompted S&P Global Ratings and Fitch Ratings to declare the nation in default, citing the delayed payments on local notes. S&P set the grade at CCC- on Friday as the new rules for the short-term debt came into effect.Opposition presidential candidate Alberto Fernandez told Dow Jones today that the country was in a virtual default and that he was unwilling to support the government’s debt plan. By contrast, he would look to boost consumption and wouldn’t ask permission from the IMF to do it.Bonds extended their declines, though drops were more muted than previous daysas investors are already pricing in an over 90% chance of default in the next five years. The century bond sold just two years ago fell below 40 cents on the dollar for the first time, while the peso dropped 2.2%.“On the bright side, some welcome efforts to lower the country’s liquidity constraints,” said Sebastian Barbe, the Paris-based head of emerging-market strategy at Credit Agricole. “However, on the dark side, some other investors mention that this would be only a temporary and partial fix, and that, given Argentina’s challenged solvency, the risk could be another default in the future. We remain very cautious on Argentina and the peso.”The upset in the primary election had already led two of the three biggest ratings companies to downgrade Argentina. On Aug. 16 Fitch cut the country’s long-term issuer rating by three notches to CCC from B, while S&P lowered the country’s sovereign rating to B- from B and slapped a negative outlook on it.IMF officials who were visiting Argentina at the time of the announcement said they are analyzing the measures.‘Safeguard Reserves’“Staff understands that the authorities have taken these important steps to address liquidity needs and safeguard reserves,” the lender said in a statement.The fund was expected to disburse another $5.3 billion in the next few months from a record $56 billion agreement, though that’s far from certain given the current crisis.Without the loan disbursement and cut off from global money markets, the country was facing a serious financing challenge. Morgan Stanley estimated Argentina needed $12.9 billion for repayments on dollar-denominated Treasury bills and bonds in the last four months of the year. Many of those payments have now been pushed back to next year.Meanwhile, the country’s dollar buffers are draining away. Foreign exchange reserves fell to $56 billion Thursday, and Capital Economics estimates that net reserves -- which exclude deposits at commercial banks -- were already at $19 billion earlier in the week, down from $30 billion in mid-April. That only covered a quarter of Argentina’s gross external financing needs of $100 billion, which includes debt maturing over the next year plus the current account deficit.(A previous version of this story corrected rating in the fourth paragraph to CCC- from CCC)(Updates with rating downgrade in fourth paragraph.)\--With assistance from Robert Brand.To contact the reporter on this story: Julia Leite in Sao Paulo at firstname.lastname@example.orgTo contact the editors responsible for this story: Daniel Cancel at email@example.com, Philip Sanders, Walter BrandimarteFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
CREDIT AGRICOLE S.A. ANNOUNCES REDEMPTION OF £300,000,000 Undated Deeply Subordinated Fixed to Floating Rate Notes issued on October 26, 2009 (ISIN: FR0010814418 / Common Code:.
CREDIT AGRICOLE S.A. ANNOUNCES REDEMPTION OFUS$1,250,000,000 Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable Notes (Issued September 18, 2014) ISIN No.:.
Montrouge, 2 August 2019 Results for the second quarter and first half of 2019 Q2-19: Business lines deliver increased revenues Crédit Agricole.
Montrouge, 31 July 2019 2019 CAPITAL INCREASE RESERVED FOR EMPLOYEES Crédit Agricole S.A.’s capital increase reserved for employees, for which the subscription period ran.
(Bloomberg Opinion) -- As the prospect of Britain leaving the European Union without a deal grows ever more likely, the City of London’s status as the center of European finance is in increasing jeopardy. The Square Mile is also missing out on the chance to lead the charge into one of the hottest new products in finance, in part because of the government’s reluctance to participate in the mini-revolution.By the beginning of this month, more than $100 billion of green bonds had been sold globally, up from $70 billion at the same point last year and on pace to top last year’s record $134 billion of issuance. While the sector is still small in comparison with the $2.6 trillion of international bonds issued this year, it has doubled in size in just two years — and with the climate crisis becoming more apparent with every temperature record that gets broken, its future trajectory is clear. Countries including Chile, Poland and the Netherlands have all sold debt designed to finance environmentally friendly projects. France has been at the forefront of developing the market for green bonds issued by governments; as a result, its banks are at the top of the global league tables for underwriting sales of this kind of debt for both nations and companies. Credit Agricole SA, BNP Paribas SA and Societe Generale SA enjoy a combined market share of almost 15%.The U.K.’s sole representative in the top 10 rankings is HSBC Holdings Plc — which has seriously considered shifting its head office to Asia, where it makes most of its revenue. That’s a sorry state of affairs given London’s record of being at the vanguard of developing new financial products. And that poor showing is because the U.K. is notably absent from the list of governments that have issued the bonds.The Debt Management Office, which is responsible for U.K. gilt sales, referred me to the government’s Green Finance Strategy report published earlier this month. While that report acknowledges the importance of the continued “mainstreaming of green finance products,” it dismisses the idea of a sovereign issue:The Government does not consider a sovereign green bond to be value for money compared to the core gilt program, which remains the most stable and cost-effective way of raising finance to fund day-to-day government activities.The Government remains open to the introduction of new debt financing instruments but would need to be satisfied that any new instrument would meet value for money criteria, enjoy strong and sustained demand in the long-term and be consistent with the wider fiscal objectives of government.That reluctance strikes me as shortsighted. Admittedly, the Dutch government’s 6 billion euros ($6.7 billion) of 20-year green bonds sold in May yield more than a slightly longer-dated 22-year vanilla issue. But the average gap of fewer than 5 basis points in the past two months is negligible.Moreover, given that the U.K. report also talks about the need for Britain “to consolidate its reputation as the home of the green finance professional and to capture the commercial opportunities” from the growth of the global market for environmentally friendly securities, a tiny increase in interest payments seems — literally — a small price to pay. Back in the day, it was the U.K. and the Bank of England that took the lead in transformative financial innovations. Bankers in London invented the Eurobond market, which became one of the primary sources of finance for companies and governments worldwide. The now discredited London interbank offered rates were the most important benchmarks of borrowing costs.When it became clear that Europe was serious about introducing a common currency, it was the U.K. central bank that did much of the groundwork. Back in 1991, Britain issued the biggest benchmark bond denominated in European currency units, the euro’s forerunner, as a way of cementing London’s role in the development of the new currency — a victory that still rankles with Paris.And half a decade ago, the U.K. was determined to become the first nation other than China to sell a bond denominated in renminbi as financial centers vied to become the offshore trading hub for Beijing’s currency. Those yuan bonds were repaid almost two years ago.Prior to entering Parliament, the newly installed chancellor of the exchequer, Sajid Javid, was a managing director at Deutsche Bank AG. So he, of all politicians, should appreciate that the City needs to grasp any and every opportunity to position itself for a post-Brexit world. Prime Minister Boris Johnson should allow him to instruct the DMO to embrace green bonds as a relatively cheap way to put London in the mix — and the sooner, the better.To contact the author of this story: Mark Gilbert at firstname.lastname@example.orgTo contact the editor responsible for this story: Edward Evans at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Mark Gilbert is a Bloomberg Opinion columnist covering asset management. He previously was the London bureau chief for Bloomberg News. He is also the author of "Complicit: How Greed and Collusion Made the Credit Crisis Unstoppable."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
This is a joint press release by KAS BANK N.V. (“KAS BANK”) and CACEIS Bank S.A. (“CACEIS” or the "Offeror"), pursuant to the provisions of Section 10 Paragraph 3 and Section 18 Paragraph 3 of the Decree on Public Takeover Bids (Besluit Openbare Biedingen Wft) (the "Takeover Decree") in connection with the recommended public offer by CACEIS for all listed issued depositary receipts of ordinary shares in the capital of KAS BANK (the "Depositary Receipts") and all non-listed issued ordinary shares in the capital of KAS BANK which are not registered in the name of Stichting Administratiekantoor Aandelen KAS BANK (the "Ordinary Shares" and together with the Depositary Receipts, the "Securities"). This announcement does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities.
CRÉDIT AGRICOLE S.A. Société anonyme au capital de 8 559 311 468 EUROSSiège social : 12, Place des Etats-Unis – 92127 Montrouge.
CRÉDIT AGRICOLE S.A. Société anonyme au capital de 8 559 311 468 EUROSSiège social : 12, Place des Etats-Unis – 92127 Montrouge Cedex France784608416 RCS Nanterre –.
Crédit Agricole Consumer Finance, a leading consumer finance group in Europe, and Fiat Chrysler Automobiles Italy (“FCA”), a global automaker agreed on 19 July 2019 to extend their 50:50 joint venture company FCA Bank until 31 December 2024.
Today we'll take a closer look at Crédit Agricole S.A. (EPA:ACA) from a dividend investor's perspective. Owning a...
PRESS RELEASE ABANCA Corporación Bancaria S.A. (“ABANCA”) announces it has signed an agreement with Crédit Agricole Assurances S.A. (“Crédit Agricole Assurances”) under which.
Press Release Massy, 28 June 2019. Crédit Agricole Consumer Finance and Banco BPM strengthentheir partnership in consumer finance in Italy for the next 15 years Following.
(Bloomberg Opinion) -- Last week, the New York State Assembly passed the most aggressive clean-energy target in the United States, requiring New York to get 100 percent of its electricity from zero-emissions sources by 2040. Governor Andrew Cuomo, who is expected to sign the bill into law, called it “the most aggressive in the country.” On the other side of the country, Oregon’s state Legislature is attempting to pass another ambitious climate bill, an effort now stalled by the fact that Republican senators have walked off the job. In the absence of federal action on decarbonizing the power sector, states are taking action on their own.These state goals are ambitious, and they’re potentially unachievable using current technologies. But they are becoming policy reality, not political rhetoric. Businesses and investors thinking of what assets to build and finance, and where, are signaling that they are aligning themselves with these ambitious climate goals. The Network for Greening the Financial System, a group of central banks and supervisors that assesses climate risk and mobilizes climate finance, doesn’t see climate change as abstract. Rather, it is of a “foreseeable nature,” and “while the exact outcomes, time horizon and future pathway are uncertain, there is a high degree of certainty that some combination of physical and transition risks” will eventually materialize. If those risks are foreseeable, then they can be priced. And if those risks manifest themselves financially, then they should be disclosed as well. In its most recent status report, the Task Force on Climate-Related Financial Disclosures said that it now has almost 800 supporters, up from just over 100 only two years ago. The group’s disclosure framework has been appearing as corporate commitments to reduce exposure to climate change or curtail business activities that cause it. Crédit Agricole recently published its 2022 Medium-Term Plan, which not only aligns itself with the TCFD, but also goes directly after its own book of business in thermal coal used for power generation. The bank says it will be exiting from thermal coal production in EU and OECD countries by 2030 (no new business relations with companies for which thermal coal accounts for over 25% of their revenues except those that have announced plans to close their thermal coal activities or which intend to announce such plans by 2021). In a separate news release, the bank said it would also double its green loan portfolio to 13 billion euros by 2022. Its planned increase tracks an expanding market that could top 2018’s record $182 billion of green bond issuance.Credit Agricole and its peers are typical green bond issuers, and as Brian Chappatta of Bloomberg Opinion noted, the green bond field is not only growing, but it is also becoming more diverse. That’s a welcome change from last year, when Chappatta said the market “appeared to be stuck in infancy because of self-designating and a general lack of enforcement”: It’s not entirely clear what changed. Maybe countries and companies truly are reacting to the U.N.’s October report, which argued that the world has 12 years to avert catastrophic climate damage, and just needed time to get their financing in order. Regardless, the diversity of borrowers coming to market stands out as an important trend. About 39% of issuance in the first five months of 2019 came from countries other than China, France, the U.S., Germany, the Netherlands and Sweden, the most since at least 2014, Bloomberg data show. It is important to note two things about how the corporate world is adapting to a changing climate beyond the here and now. First, working to combat it has financial rewards, encouraging more of these efforts; second, almost every big business is building climate change into its forecasts. We can see this in the CDP’s recent Global Climate Change Analysis 2018. As Bloomberg’s Eric Roston reported, the world’s 500 largest companies tallied $970 billion in risks from climate change, as well as $2.1 trillion of “potential good news” in doing something about those risks. Acknowledgement of climate change at the highest corporate levels is already nearly unanimous: That acknowledgement has also become a matter of business strategy: Businesses and investors like certainty. Long-term and extremely ambitious policies such as New York’s ensure a bit more certainty, even if the exact mechanisms of achieving those policies remains uncertain. Climate change is all that most people have ever known, as I wrote last week, and it’s the same story for global corporations. Get Sparklines delivered to your inbox. Sign up here. And subscribe to Bloomberg All Access and get much, much more. You’ll receive our unmatched global news coverage and two in-depth daily newsletters, the Bloomberg Open and the Bloomberg Close.To contact the author of this story: Nathaniel Bullard at firstname.lastname@example.orgTo contact the editor responsible for this story: Brooke Sample at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Nathaniel Bullard is a BloombergNEF energy analyst, covering technology and business model innovation and system-wide resource transitions.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.