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Market Observations - Q4 2017

S&P Global Ratings

COP24 Special Edition Shining A Light On Climate Finance

S&P Dow Jones Indices

Considering the Risk from Future Carbon Prices

Empowering Public Private Collaboration in Infrastructure

S&P Global

How Can Banks Apply a Quantitative Lens on Climate Risk Exposure

Market Observations - Q4 2017

In recent trends, we’ve seen merger and acquisition deals in the restaurant industry with transaction valuations exceeding $250 million. The fourth quarter of 2017 was led by M&A with 12,558 transactions, or 41% of the 30,874 individual transactions occurring in the quarter.

Private-equity owned Arby’s Restaurant Group, Inc. recently announced its proposed acquisition of Buffalo Wild Wings, Inc for $2.92 billion. marking another big ticket deal in the U.S. restaurant industry. The deal ranks as the fourth-largest U.S. restaurant deal ever, according to S&P Global Market Intelligence data. Other big restaurant deals last year include Restaurant Brands International Inc. acquiring Popeyes Louisiana Kitchen, Inc. for $1.83 billion and Panera Bread Company’s $7.75 billion purchase by Rye Parent Corp., a subsidiary of JAB Holdings B.V.

Key articles include:

  • Arby’s Restaurant Group, Inc. Deal Propels Restaurant M&A Activity For 2017
  • Global Corporate And Sovereign Credit Outlook: Global Credit Quality Should Remain Largely
  • Stable In 2018, With European Metrics Set To Improve
  • Most U.S. REITs Trading At Discount To Price Targets
  • M&A Transaction Activity By Sector And Geography
  • Top M&A Deals in 2017’s Top Performing Sectors

Considering the Risk from Future Carbon Prices

Along with the advent of the 2015 Paris Climate Agreement has come a growing understanding of the structural changes required across the global economy to shift to low- (or zero-) carbon, sustainable business practices.

The increasing regulation of carbon emissions through taxes, emissions trading schemes, and fossil fuel extraction fees is expected to feature prominently in global efforts to address climate change. Carbon prices are already implemented in 40 countries and 20 cities and regions. Average carbon prices could increase more than sevenfold to USD 120 per metric ton by 2030, as regulations aim to limit the average global temperature increase to 2 degrees Celsius, in accordance with the Paris Agreement.

S&P Dow Jones Indices launched the S&P Carbon Price Risk Adjusted Indices to embed future carbon price risk into today’s index constituents.

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Watch: Empowering Public Private Collaboration in Infrastructure

S&P Global CEO Doug Peterson speaks with Maha Eltobgy from the World Economic Forum, on their joint study that looks at how greater collaboration between the public and private sector can accelerate national infrastructure programmes.

How Can Banks Apply a Quantitative Lens on Climate Risk Exposure

Aligning with the Recommendations of the Taskforce on Climate Related Financial Disclosures (TCFD)

Dec. 03 2018 — The signals are clear: central banks and regulators are stepping up action to address the potential systemic risks to financial markets that climate change poses.

This means it will become increasingly necessary for banks to develop a deeper understanding of how climate issues could affect their businesses and those they finance. By effectively managing and responding to these issues, banks can not only help mitigate the risks, but also seize the opportunities presented from the transition to a lower-carbon economy. Trucost has worked with banks for more than a decade to support their climate-related analysis. This paper provides practical guidance to help banks manage and report key climate-related metrics, no matter what level of ambition they may have.

This paper is organized into five sections:

I. What is the TCFD Framework?

II. Measuring the Carbon Footprint of a Bank

III. Translating Climate Exposure into Financial Risk

IV. Incorporating Scenario Analysis

V. Creating Opportunities

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