LG plans to raise USD 1 bn through new green bond issuances: South Korean multinational LG’s battery manufacturing arm LG Energy Solutions is reportedly planning to pull the trigger on USD 1 bn worth of green bond issuances, Reuters reports, citing a term sheet it has seen and sources with knowledge of the matter. The bonds could be issued in two USD-denominated green notes under three and five-year tenors, according to the term sheet, and investor meetings are scheduled for today. Bank of America, Citigroup, Morgan Stanley, Standard Chartered, and the Korea Development Bank are reportedly the joint lead managers on the transaction.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• US firm extends carbon capture contract with Exxon: US-based FuelCell Energy extended its carbon capture joint development agreement with ExxonMobil for the fourth time. The US company develops carbonate fuel cells that can capture CO2 while generating energy in the process. The agreement increases the oil giant’s research costs from USD 60 mn to USD 67 mn and will end on March 31 2024. (Reuters)
• Vanguard cuts down on ESG support: The world’s largest issuer of mutual funds, Vanguard Group, has cut down support for shareholder resolutions on environment and social issues by 10 percentage points y-o-y, dropping to 2% from 12% in 2022. (Reuters)