• Hurricanes dent CMBS demand in busiest month of the year

    The CMBS market has softened this month as insurance companies pull back from the primary buying in anticipation of a heavy flow of hurricane related claims, leading to spreads widening as issuers bring a raft of new deals to the market.

    • 21 Sep 2017
  • Why Mexico’s cat bond won’t pay out yet

    The devastating earthquake that hit Mexico this week could well mean a pay-out from a World Bank catastrophe bond issued in early August that provided the country with insurance protection against such a disaster. But Mexico’s chosen structure for the bond means that any cash payment is unlikely to be made for at least 30 days, while more data is collected.

    • 21 Sep 2017
  • Barclays set to ‘crack open’ UK green bond market

    Energy efficiency data released by the UK government has allowed Barclays to launch a green bond framework based on financing environmentally friendly homes.

    • 21 Sep 2017
  • Deutsche Kreditbank EUR500m 0.75% Sep 24 green

    • 21 Sep 2017
  • Green bond activity gathers pace in September

    Activity in the FIG green bond market is picking up in September with close to 100 accounts putting in orders for Deutsche Kreditbank’s second euro offering on Tuesday and Sumitomo Mitsui Financial Group (SMFG) preparing to hit the road for a holding company level green transaction.

    • 21 Sep 2017
  • Green bond curves ripen as corporates build out

    Engie, the French energy group, priced its second green bond transaction of 2017 on Tuesday. The triple trancher contained two green clips and took the issuer’s tally to six different green bonds. As issuers start to establish genuine green curves, they are starting to create their own sector, writes Nigel Owen.

    • 21 Sep 2017
  • The meaning of greening

    We would all like to believe green bonds are helping cut carbon, but if banks don’t change their lending policies, they only serve to make us feel good.

    • 21 Sep 2017
  • Jujuy bond performs as new Argentine province mulls debut

    A strong aftermarket performance by the latest debut international bond from an Argentine province should encourage more local governments to follow suit.

    • 21 Sep 2017
  • EIB tempts Aussies with green Kangaroo

    The European Investment Bank tapped its January 2028 Australian dollar Climate Awareness Bond on Wednesday. The bond’s green credentials attracted investors rarely seen that far along the credit curve, a promising sign of the market’s maturity.

    • 20 Sep 2017
  • Social bond potential ‘immense’, says investor

    The potential for social bond volume growth is “immense”, according to a leading figure from the SRI buy-side. The comments came as a pioneer of the social bond market brought the first ever Swedish krona trade in the format.

    • 20 Sep 2017
  • EIB looks for Kanga green buyers

    The European Investment Bank opened a tap to its January 2028 Australian dollar Climate Awareness Bond on Tuesday.

    • 19 Sep 2017
  • Engie extends extensive green curve with treble

    Engie, the French energy utility, priced its second green bond transaction of 2017 on Tuesday. The longest tranche of its three tranche offering extended the issuer’s green bond curve by nearly 10 years.

    • 19 Sep 2017
  • Greens bloom as SMFG mandates and DKB goes tight

    Activity in the FIG green bond market is picking up in September with close to 100 accounts putting in orders for Deutsche Kreditbank’s second euro offering on Tuesday and Sumitomo Mitsui Financial Group (SMFG) preparing to hit the road for holding company level green transaction.

    • 19 Sep 2017
  • Greenworks set to open commercial PACE market

    Commercial property assessed clean energy (PACE) lender Greenworks Lending is preparing to issue the first ever commercial PACE securitization.

    • 18 Sep 2017
  • Barclays goes green with bonds to finance energy efficient homes

    Barclays has launched a Green Bond Framework, paving the way for it to issue notes specifically used to finance environmentally-friendly homes.

    • 18 Sep 2017
  • Solar market gaining momentum, but trade case looms

    The market for rooftop solar finance is growing as the sector matures and more investors grow comfortable with the asset class, but a negative outcome for an International Trade Commission case has the potential to throw a wrench in the works according to speakers at ABS East in Miami on Monday.

    • 18 Sep 2017
  • Boston Common-ShareAction letter to bank CEOs

    Here is the full text of the letter sent by 100 investors to 62 bank CEOs in September 2017, calling on them to manage and disclose climate risk.

    • 15 Sep 2017
  • Lat Am eyes record year as Mexico City Airport flies green

    A special purpose vehicle backing the construction of Mexico City’s new airport was the highlight in a hectic week for Lat Am new issues, with 10 borrowers pricing nearly $8bn of deals in the space of four days.

    • 14 Sep 2017
  • Get real on climate risk, investors tell banks

    A hundred investors managing $1.8tr of assets have signed a letter calling on banks to say more about how they are managing the risk of climate change, and to publish a strategy saying how they support the goals of the Paris Agreement.

    • 14 Sep 2017
  • Market shines on Jujuy’s solar bond

    Argentina’s most north-western province became the 15th regional or municipal government in the country to issue international bonds on Wednesday as Jujuy raised $210m of green bonds due in 2022.

    • 14 Sep 2017
  • Malaysia must marry green bonds and sukuk

    Malaysian companies have finally started taking steps towards sustainability, about three years after the country put together its SRI sukuk framework. The potential for growth is huge, and with the right encouragement and a conscious partnership between Islamic financing and sustainable goals, Malaysia can make itself a leading green market.

    • 14 Sep 2017
  • Saudi Arabia puts first of 60 renewable plants out to tender, loans expected

    Saudi Arabia is following its fellow Gulf states by developing renewable energy. Bids are expected this month to build a 300MW solar photovoltaic power plant in Sakaka.

    • 13 Sep 2017
  • Brazilian Klabin offers concession on green debut

    Klabin became the third Brazil pulp and paper producer to sell green bonds on Tuesday, squeezing pricing more than 40bp from initial price thoughts.

    • 13 Sep 2017
  • Nordic SSAs prepare green impact guide

    A group of Nordic public sector issuers are preparing a “practical guide on impact reporting” in the green bond market. While the initial aim is to assist Nordic borrowers in the public and private spheres, the authors hope that it could prove useful for issuers from other countries too.

    • 12 Sep 2017
  • Cat bonds recover after prices plummet ahead of Irma

    The catastrophe bond market is retracing losses this week following a steep plunge in the price of the insurance linked securities in the run up to Hurricane Irma.

    • 12 Sep 2017
  • Hypo Vorarlberg clears funding path with debut green

    Austria’s Hypo Vorarlberg made its first entry into the green bond market this week, clearing the path for future deals by not squeezing the price.

    • 12 Sep 2017
  • US insurers, cities well placed to cope with Irma and Harvey — moms and pops less so

    Financial markets in the US reacted with relief today, as the devastation wrought in Florida by Hurricane Irma may be less bad than feared a few days ago. Most large US institutions affected ought to be financially strong enough to withstand the losses — but there could be heavy economic damage for people and businesses not covered by insurance.

    • 11 Sep 2017
  • Lewin and Köb change jobs at Zurich Insurance

    Zurich Insurance Group is reshuffling two of its most senior responsible investment officials, who are moving to new roles.

    • 11 Sep 2017
  • Deutsche Kreditbank lines up green bond as market grows

    Deutsche Kreditbank (DKB) is preparing to sell a new green senior bond this week, as the pool of European banks involved with format expands.

    • 11 Sep 2017
  • Shorting Australia and securitization for MDBs: ideas from Sustainable Capital Markets Forum

    Two hundred delegates gathered in Amsterdam on Tuesday September 5 for Euromoney Conferences’ fifth Sustainable and Responsible Capital Markets Forum. For the second time, it was organised jointly with GlobalCapital.

    • 11 Sep 2017
  • Green coup: SEB hires funding chief from Washington supra

    One of the public sector bond market's best known and liked heads of funding has quit the International Finance Corporation (IFC) to join SEB.

    • 08 Sep 2017
  • NRW.Bank EUR500m 0.5% Sep 27 green bond

    • 07 Sep 2017
  • Capital Stage gets cheap equity with first CB

    Capital Stage, the German renewable energy company, launched its first convertible bond on Wednesday, raising €97.3m. The deal came from a different corner of the CB world from the Qiagen transaction on the same day: it was a hybrid deal, structured to receive equity credit under IFRS.

    • 07 Sep 2017
  • Argentines face timing choice as Jujuy seeks green light

    The Province of Jujuy hit the road this week ahead of a potential inaugural international bond sale, but it is not clear how many of the growing list of likely Argentine issuers will come to market in the September rush.

    • 07 Sep 2017
  • Icade debuts in green bond market on quiet Monday

    French property company Icade printed its first green bond on Monday, on a day when no other corporates ventured into the bond market. Having the full attention of investors allowed the issuer to increase the deal to €600m and price 20bp tighter than initial price thoughts.

    • 07 Sep 2017
  • Iberdrola starts to feel the benefit of an outstanding green curve

    On Wednesday, Spanish electricity utility Iberdrola became the third corporate issuer in a week to print a green bond in euros. The €750m 10 year deal took the total corporate green bonds issued since the summer break to €1.95bn.

    • 07 Sep 2017
  • HK-China Green Bond Connect plans divide market opinion

    The Climate Bonds Initiative (CBI) said it is working with Hong Kong’s stock exchange to launch Green Bond Connect, an initiative to help Bond Connect investors identify Chinese bonds that meet international green standards. But market participants are divided on whether such an initiative is necessary. Noah Sin reports.

    • 07 Sep 2017
  • Qiagen and Capital Stage sell unusual CBs

    The pattern of equity-linked issues coming in pairs continued on Wednesday, when Qiagen and Capital Stage successfully sold bonds. Both transactions were unusual, though in contrasting ways.

    • 06 Sep 2017
  • NRW.Bank scores with ‘smooth’ 10 year green note

    NRW.Bank launched its fifth green bond on Wednesday, sneaking in just ahead of Thursday’s European Central Bank meeting.

    • 06 Sep 2017
  • Iberdrola taps into strong green bond bid

    On Wednesday, Spanish electricity utility Iberdrola became the third corporate issuer in a week to print a green bond in euros. The €750m 10 year deal took the total corporate green bonds issued since the summer break to €1.95bn.

    • 06 Sep 2017
  • Klabin joins green pipe as pulp pumped up

    As its peer Suzano sold $400m of 10 and 30 year bonds on Tuesday, Brazilian pulp producer Klabin announced plans for its first international bond deal in over four years.

    • 06 Sep 2017
  • Second Argentine province seeking green bond

    Potential first-time issuer the Province of Jujuy could become the second Argentine green bond issuer after mandating two banks for a fixed income investor roadshow.

    • 06 Sep 2017
  • GlobalCapital Sustainable and Responsible Capital Markets Awards 2017: the Winners

    France, Tennet, NWB and Berlin Hyp are among the green and social bond issuers acclaimed in GlobalCapital's Sustainable and Responsible Capital Markets Awards 2017, which were announced on Tuesday in Amsterdam.

    • 06 Sep 2017
  • HKEX eyes green Bond Connect, says CBI

    The Hong Kong Exchange (HKEX) is in talks with Climate Bonds Initiative (CBI) to launch a Green Bond Connect, an initiative to help Bond Connect investors identify Chinese bonds that meet the international standards of green investments, Sean Kidney, CEO at CBI, told GlobalRMB in Beijing.

    • 06 Sep 2017
  • Green guidelines emerge for China’s outbound investment

    China’s Foreign Economic Cooperation Office (FECO) of the Ministry of Environmental Protection and a group of financial industry bodies in China have published a set of guidelines on controlling environmental risk for Chinese overseas investment.

    • 06 Sep 2017
  • KfW and Ico scoop up stellar euro trades as NRW.Bank lines up green bond

    A pair of European agencies landed in euros on Tuesday, attracting huge books and tightening their spreads, indicating a promising backdrop for NRW.Bank’s green bond scheduled for Wednesday.

    • 05 Sep 2017
  • Green finance a ‘key pillar’ of Belt and Road: PBoC

    The development of green finance will be a key pillar to the success of the China-led Belt and Road Initiative, according to Yin Yong, deputy governor of the People’s Bank of China, speaking at a forum in Beijing this week.

    • 05 Sep 2017
  • China, UK to join hands in green finance, says PBoC

    China and the UK will continue to promote the development of green finance through bilateral collaborations, despite the decision by US president Donald Trump to withdraw from the Paris Agreement, said Chen Yulu, deputy governor of the People’s Bank of China.

    • 05 Sep 2017
  • Icade has market to itself for green bond debut

    French property company Icade printed its first green bond on Monday, but no other corporates ventured into the market. Having the full attention of investors allowed the issuer to increase the deal by €100m and price it 20bp tighter than initial price thoughts.

    • 04 Sep 2017
  • Green ABS needs definitions, says China-UK working group

    The lack of rules and standards is holding back the development of green asset backed securitization (ABS), a UK-China joint task force on green finance has said.

    • 04 Sep 2017
  • Dong, VAT trades give windowy blocks season a strong start

    Europe’s equity block trade market made an impeccable start to its autumn season on Wednesday night, when two repeat sellers brought trades in familiar, recently floated stocks, and both found strong demand.

    • 31 Aug 2017
  • SSE makes long awaited green foray

    SSE, the UK electricity, gas and telecoms company, brought its inaugural green bond on Wednesday in a deal that was years in the making.

    • 31 Aug 2017
  • Sustainable and Responsible Capital Markets Awards: the Nominations

    GlobalCapital is happy to announce the nominations for its Sustainable and Responsible Capital Markets Awards 2017.

    • 31 Aug 2017
  • SSE, Carlsberg, GM shake off corp bonds' slumber

    Europe's corporate bond market was firing on all cylinders on Wednesday. Three issuers launched deals, while others continue to fill up next week’s issuance pipeline.

    • 30 Aug 2017
  • ADB puts spotlight on green financing action

    The Asian Development Bank (ADB) has proposed the creation of national green financing vehicles to give a boost to environmentally friendly and financially sustainable infrastructure investments.

    • 30 Aug 2017
  • DBJ on road for third sustainability bond

    The Development Bank of Japan (DBJ) is set to go on the road to promote its third sustainability bond. Bank Nederlandse Gemeenten has also unveiled plans to return to SRI this year.

    • 29 Aug 2017
  • NWB Bank EUR600m 1.625% Jan 48 affordable housing bond

    • 24 Aug 2017
  • NIB looks to Swedes for greens

    The Nordic Investment Bank issued its largest Swedish krona environmental bond on Wednesday as demand for socially responsible investments grows in Scandinavia.

    • 23 Aug 2017
  • NWB and Renten set markers in euros

    Nederlandse Waterschapsbank brought some supply to the sparse long end of the SRI market on Tuesday, printing a trade that alongside Rentenbank was part of a strong re-emergence of euro supply after the summer.

    • 22 Aug 2017
  • Fannie Mae sells first green CMBS after rapid loan growth

    "Exponential" growth in energy efficient commercial mortgage lending has prompted a debut green CMBS deal from government sponsored enterprise Fannie Mae, as it looks to expand its green multifamily financing programme further into solar and other energy efficient assets.

    • 10 Aug 2017
  • Updated: NDB lays out 2017 RMB funding plans

    The Brics New Development Bank (NDB) is seeking further renminbi financing, preparing a return to the bond market for up to Rmb5bn ($746m) before the year-end, according to KV Kamath, president of NDB.

    • 10 Aug 2017
  • AIIB swipes IFC’s Hartwick

    Asian Infrastructure Investment Bank (AIIB) will add a new member to its rapidly growing treasury team, hiring a mainstay of the International Finance Corporation (IFC).

    • 09 Aug 2017
  • Environmental risk management: a must for banks, says PBOC expert

    One of the most promising vehicles for moving the financial system on to a greener path – risk management – is gathering momentum.

    • 08 Aug 2017
  • World Bank and Mexico team up on catastrophe bonds

    The World Bank has issued $360m of catastrophe bonds that provide insurance protection for Mexico in the event of three natural disasters.

    • 04 Aug 2017
  • Anglian creates chance for flood of UK water green bonds

    Anglian Water priced the first green corporate bond in sterling since 2015 on Monday. The company’s green bond debut could herald a surge of deals from its peers, writes Nigel Owen.

    • 03 Aug 2017
  • ADB double dips for green funds

    The Asian Development Bank has picked up $1.25bn of green funding across two tranches, including its first 10 year dollar paper since January.

    • 01 Aug 2017
  • Meggle joins pocket of green buds in Schuldschein market

    Dairy producer Meggle has joined the ranks of green Schuldschein borrowers, launching a €50m triple tranche deal partly funded through green borrowing.

    • 01 Aug 2017
  • Why is sterling not so green?

    Anglian Water, priced a £250m eight year green bond on Monday. The size and tenor are unremarkable, and in a generation of sustainability and responsibility, a green bond should cause similarly few ripples. However, this was the first sterling-denominated green bond issued by a corporate borrower since 2015.

    • 01 Aug 2017
  • ADB hits screens for green dual tranche

    Asian Development Bank has picked banks for a dual tranche green bond, revisiting an area of the dollar curve for the first time since January.

    • 31 Jul 2017
  • Anglian Water brings first sterling corporate green bond for years

    Anglian Water priced a £250m eight year bond on Monday, its first green bond and the first from a UK water company since the Green Bond Principles were introduced in 2015.

    • 31 Jul 2017
  • Azure pulls off bond debut at end of tough week

    India’s Azure Power Energy made its debut in the international bond market with a dollar green transaction on Thursday. But the solar power issuer had to pay up to secure $500m in a week that caused difficulties for Indian markets.

    • 28 Jul 2017
  • Updated: Malaysia harvests green bonds under SRI sukuk framework

    Malaysia has seen the inaugural green sukuk under the Securities Commission's Sustainable & Responsible Investment (SRI) sukuk framework, highlighting the country’s efforts in meeting the growing needs of global infrastructure and green financing.

    • 28 Jul 2017
  • NRW.Bank picks banks for green return

    NRW.Bank announced on Wednesday that it will go on the road at the end of August to market its fifth green bond.

    • 26 Jul 2017
  • IFC launches first social bond in private placement format

    The International Finance Corporation (IFC) has extended its newly minted social bond programme into the private placement market. MTN bankers believe the social format could prove more popular in the private market than green bonds.

    • 25 Jul 2017
  • Green buyers stir for EIB Kanga launch

    European Investment Bank launched a lengthy climate awareness bond in Kangaroo format on Monday, as appetite grows for green issuance in the Australian dollar bond market.

    • 24 Jul 2017
  • Federal judge dismisses lawsuits against Renovate America

    A federal judge dismissed a trio of lawsuits this week accusing Property Assessed Clean Energy (PACE) lender Renovate America and its government bond-issuing partners of violating the Truth in Lending Act (TILA) and Home Ownership and Equity Protection Act (HOEPA).

    • 20 Jul 2017
  • Social housing Reit brings IPO despite worries on state support

    In the UK’s lively market for real estate investment trust (Reit) and other fund listings, yet another deal was launched on Thursday. Triple Point Social Housing Reit hopes to raise up to £200m, joining the niche of social housing Reits, which has been growing fast — even though experts are worried government budget cuts could hit the sector’s finances.

    • 20 Jul 2017
  • Greencoat ups Irish wind IPO to €270m

    Greencoat Renewables, the newly created Irish wind farm operator managed by Greencoat Capital, has managed to increase the size of its IPO on the Dublin and London bourses by €20m, after it won demand from around 80 investors.

    • 20 Jul 2017
  • Singapore takes slice of green financing as DBS pioneers

    DBS Group Holdings made a triumphant debut in the green bond market this week, earning bragging rights for the deal’s heavy placement with bona fide green investors. But there is still a long road ahead before Singaporean issuers flock to the market en masse. Addison Gong reports.

    • 20 Jul 2017
  • Barclays makes PACE debut as ABS underwriter

    Barclays is hopping on the Property Assessed Clean Energy (PACE) bandwagon, acting as an underwriter for Renovate America’s latest residential PACE deal.

    • 19 Jul 2017
  • DBS sets new benchmark for Singapore green bonds

    DBS Group Holdings sold Singapore’s inaugural international green bond on Tuesday in style. The strength of its credit, coupled with the green label and a conducive market backdrop, helped the bank print inside the curves of its global peers.

    • 19 Jul 2017
  • Castle Peak goes green with dollar bond debut

    Castle Peak Power Company added to Asia's growing green bond supply this week, raising $500m from its debut in the international debt market.

    • 19 Jul 2017
  • Green mortgages and special pleading

    It’s hard to attack green finance, because its aims are so noble. But when institutions use environmental aims to argue they deserve special subsidies, it tarnishes the whole market. Prudential regulation should stick to being prudential.

    • 18 Jul 2017
  • Azure Power shines light on green deal

    Indian solar company Azure Power Energy is readying investors for a dollar green bond, starting a roadshow this week.

    • 18 Jul 2017
  • Greenko moves India’s green financing forward

    Indian renewable energy firm Greenko Energy Holdings returned to the green debt market this week, printing a $1bn dual-tranche trade — Asia's largest dollar corporate green bond to date.

    • 18 Jul 2017
  • Good work: Asian SRI making steps forward

    Socially conscious investing in Asia has so far concentrated on green bonds and little else. But SRI financing is not just limited to green bonds. By taking a broader approach, Asian borrowers — including sovereigns — can reap serious benefits.

    • 18 Jul 2017
  • DBS, Castle Peak join green bonds onslaught

    Asian green bonds are front and centre this week. Greenko Energy Holdings took the lead with its dollar bond on Monday, with Singapore’s DBS Group Holdings and Hong Kong’s Castle Peak Power Company rolling out their transactions on Tuesday.

    • 18 Jul 2017
  • DBS to go green with debut dollar trade

    DBS Group Holdings is readying Singapore’s first international green bond, mandating firms for its debut in the asset class.

    • 17 Jul 2017
  • EIB sets up green bond 'Rosetta Stone'

    The European Investment Bank (EIB) and other market actors are working on a system to match investors’ views on what is a ‘green’ bond with suitable deals in the market.

    • 14 Jul 2017
  • EU panel calls for European green bond standard, duty of sustainability

    A European green bond standard and a classification system for sustainable assets were two of the suggestions issued on Thursday by a group of experts advising the European Union on how to make the financial system sustainable — one of the commitments in the Paris Agreement, writes Jon Hay.

    • 13 Jul 2017
  • SNCF Réseau EUR750m 2.3% Dec 47 green bond

    • 13 Jul 2017
  • Direct Energie raises €130m in block trade for M&A taking it into renewables

    Direct Energie, the French gas power stations group, raised €130m of new capital on Tuesday evening in a block trade, to finance its acquisition of renewable energy group Quadran for an initial €303m.

    • 11 Jul 2017
  • SNCF Réseau and KfW snap up big bid at euro long end

    SNCF Réseau launched its first 30 year green bond on Tuesday, following the example set by European Investment Bank at the end of June. KfW was also out in euros with a long 15 year — and more borrowers might be tempted to bring euro deals at the long end, said bankers.

    • 11 Jul 2017
  • SSAs go long as euro govvie storm calms

    Respite from a two week old rout in eurozone government bond yields allowed two public sector borrowers on Monday to venture out with mandates for long dated euro deals. But analysts warned that the sovereign bond sell-off could have more room left to run.

    • 10 Jul 2017
  • Lietuvos Energija defies tough market to increase green bond

    Lietuvos Energija group exceeded expectations to print a larger than expected €300m 10 year green bond on Friday. The deal is the first international green bond from a CEE corporate borrower.

    • 10 Jul 2017
  • Greenko, Castle Peak power up for new bonds

    A special purpose vehicle under India’s Greenko Energy Holdings is ready to market a dollar green bond, while Hong Kong’s Castle Peak Power Company is looking to sell what it is calling an energy transition bond.

    • 10 Jul 2017
  • Ico prices tight with third social bond

    Instituto de Crédito Oficial (Ico) sold its third social bond on Monday, printing €500m of four year paper with what bankers on the trade said was a skinny new issue premium.

    • 06 Jul 2017
  • Ico EUR500m 0.1% Jul 21 social bond

    • 06 Jul 2017
  • Natixis, Ivanhoe bring debut US green CMBS deal

    Natixis and Ivanhoé Cambridge have teamed up to sell the first green CMBS deal in the US, backed by an energy efficient Manhattan office building, in a move that could encourage other real estate lenders to follow as interest builds in using securitization as a tool for green financing.

    • 06 Jul 2017
  • G20 leaders’ historic chance to advance climate risk management

    What will happen to share prices and bond returns if the climate warms by 1.5°C, 2°C, 3°C? You don’t know, and neither does anyone else. But these scenarios are probable. It’s time we worked it out — and a decision before the G20 next weekend could make a huge difference.

    • 04 Jul 2017
  • Stakeholders join forces to promote green finance

    A wide range of institutions have joined forces under the auspices of the European Green Securities Steering Committee (EGSSC) to promote green financing in Europe.

    • 04 Jul 2017
  • Landis & Gyr touts Swiss precision in 100% IPO which could top Sfr2.5bn

    A new Zurich IPO began investor education on Monday, of electric meter maker Landis & Gyr, based in Switzerland. “It’s big,” said a banker on the deal, which may come at about $2.25bn to $2.75bn.

    • 03 Jul 2017
  • Derichebourg family sells 2% stake at top

    On Monday night, the first equity block trade of the week in Europe came in the form of a sale of a 2% stake in Derichebourg, the French rubbish collection, recycling and outsourcing group that has a €1.2bn market cap, by the controlling family.

    • 03 Jul 2017
  • Ico raises €500m with social bond

    Instituto de Crédito Oficial sold its third social bond on Monday, printing €500m of four year paper with what bankers on the trade said was a skinny new issue premium.

    • 03 Jul 2017
  • Investors grab REC's debut, but not for green label

    India’s Rural Electrification Corp found investors more interested in its government links than its bond’s green label when it debuted in the offshore market on Thursday with a $450m deal.

    • 30 Jun 2017
  • Modern Land's green bond finds lacklustre response

    Modern Land (China) Co grabbed $130m from its green bond on Thursday, but the pricing of the notes did not move throughout bookbuilding as investors were less than impressed with the high yield credit.

    • 30 Jun 2017
  • EIB EUR1bn 1.5% Nov 47 green bond

    • 29 Jun 2017
  • EIB hails CAB-iversary in style with 30yr

    The European Investment Bank this week celebrated the 10th anniversary of its printing of the first ever green bond with the longest dated deal in the format from a supranational or agency — and at double its initial size target. The trade is also a further indication that green bonds can trade tighter in secondary than conventional paper.

    • 29 Jun 2017
  • Nordea EUR500m 0.3% Jun 22 green

    • 29 Jun 2017
  • World Bank brings pandemic deal to market to fight outbreaks

    The World Bank has issued an insurance linked securities (ILS) and derivatives offering to aid in the containment of worldwide pandemics, funding the organisation and enabling it to react quickly in the early stages of a major outbreak.

    • 29 Jun 2017
  • Barry Callebaut advances green loan trend

    Barry Callebaut, the Belgian-French chocolate company now headquartered in Switzerland, has joined the growing, but still very new, trend of companies taking out syndicated loans with margins tied to their sustainability performance.

    • 29 Jun 2017
  • 100 CEOs promise real climate risk disclosure

    The drive to get companies to face up to the risk of climate change is gathering momentum. Firms with a combined market capitalisation of about $3.5tr have committed to support the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD), which published its final report on Thursday.

    • 29 Jun 2017
  • Modern Land, REC build demand for green bonds

    Chinese property developer Modern Land (China) Co is making a comeback to the international green bond market, opening books for a short-term trade on Thursday morning.

    • 29 Jun 2017
  • Clean but not green Tauron buoyed by IG support

    Strong support from IG accounts had enabled Polish utility company Tauron Polska Energia to tighten guidance to 165bp, plus or minus 2bp, for its windy but not green 10 year note on Tuesday morning.

    • 28 Jun 2017
  • KDB makes green debut with $300m success

    Korea Development Bank (KDB) added a dash of variety to Asia’s green market on Tuesday with its inaugural $300m deal, finding support from a combination of dedicated green funds, as well as conventional investors. Typical of issuers from South Korea, the policy bank did not pay any new issue premium for its fundraising.

    • 28 Jun 2017
  • Lietuvos Energija markets first green international corporate bond from CEE

    Lietuvos Energija UAB will begin marketing the first international corporate green bond from central and eastern Europe (CEE) on Thursday.

    • 27 Jun 2017
  • Ireda postpones green Masala plans

    The Indian Renewable Energy Development Agency (Ireda) has been forced to hold off on its plans to sell a green Masala bond due to new regulatory approval requirements.

    • 27 Jun 2017
  • KDB plants green shoots with dollar bond

    Korea Development Bank is venturing out to the green financing market, launching a dollar bond at the Asia open on Tuesday.

    • 27 Jun 2017
  • Nordea goes tight on green debut

    Nordea Bank set a final spread of just 18bp over mid-swaps for its first entry into the green senior bond market on Monday, as banks start to step up their use of the format.

    • 26 Jun 2017
  • Lehman ABS alumnus lands at PACE shop

    Sei-Hyong Park, who formerly worked in Lehman Brothers' securitization division, is now at Property Assessed Clean Energy (PACE) platform Renew Financial.

    • 22 Jun 2017
  • Green market doesn't need govvies

    Market participants are clamouring for sovereigns to join France and enter the green bond market. It would likely help the market, but would it help the environment?

    • 22 Jun 2017
  • Sovereigns deaf to clamour for green bonds

    Calls are growing louder for sovereigns to pull their weight and assume a leading role in the development of the green bond market. But, as was demonstrated at panels in Euromoney’s Global Borrowers & Bond Investors Forum this week, many of them are reluctant to take up the SRI baton, write Lewis McLellan and Sharon Kimathi.

    • 22 Jun 2017
  • Spruce closes energy efficiency and solar loan portfolio sale

    Spruce Finance, which finances residential energy efficiency projects and solar installations in the US, sold a $250m loan portfolio to an undisclosed North American bank on June 21.

    • 22 Jun 2017
  • European railway issuers on track for green MTNs

    Two European railway operators, Eurofima and SNCF Réseau, plan to sell green bonds through the private placement market in the near future.

    • 22 Jun 2017
  • RATP steams into green market

    Régie Autonome des Transports Parisiens (RATP), the Paris transport authority, printed its inaugural green bond on Thursday, selling a €500m no-grow into a thrice oversubscribed book and pulling the price in 5bp from guidance.

    • 22 Jun 2017
  • China’s push to internationalise debt goes to Luxembourg

    The Luxembourg Stock Exchange (LuxSE) signed an agreement this week with the Shanghai Stock Exchange (SSE) for a green bond index, the latest move by China to boost its green credentials and entice international investors. Morgan Davis reports.

    • 22 Jun 2017
  • Helvetia goes green in bullish Swiss sub-IG

    Swiss management firm Helvetia Environnement Groupe (HEG), a BB- rated debut borrower, raised Sfr75m ($77m) with a five year green bond on Wednesday, in under two hours. A series of sub-investment grade issuers have made an impression on the Swiss market recently — a sign, Swiss bankers believe, of Swiss lenders’ growing ease with lower-rated credits.

    • 22 Jun 2017
  • REC flips on green bond switch

    India’s Rural Electrification Corporation (REC) has mandated banks for a green dollar bond, a first for the company.

    • 22 Jun 2017
  • Green hue spreads over SSAs but sovereigns resist

    Régie Autonome des Transports Parisiens (RATP), the Paris transport authority, is coming to market for a 10 year green bond on Thursday.

    • 21 Jun 2017
  • Moody’s Ghosh calls for ‘sovereign leadership’ in green bonds

    Emerging market governments must lead the way in green bonds to encourage corporates to enter the market around the world, according to Rahul Ghosh, a senior credit officer at Moody’s.

    • 20 Jun 2017
  • Sustainable and Responsible Capital Markets Poll - Vote now

    Follow the VOTE NOW link to have your say in GlobalCapital's inaugural Sustainable and Responsible Capital Markets Poll. You have until Friday 14 July to cast your vote.

    • 20 Jun 2017
  • REC Solar exercises greenshoe, allots $330m loan

    High-end solar panel maker REC Solar has tasted success with its first Asian syndicated loan attracting enough demand for it to raise $330m after exercising a $25m greenshoe.

    • 20 Jun 2017
  • Luxembourg, Shanghai bourses team up for RMB green bond index

    The Luxembourg Stock Exchange (LuxSE) has signed an agreement with the Shanghai Stock Exchange (SSE) to launch a green bond index that will provide synchronous quotes in China and Europe.

    • 20 Jun 2017
  • Greencoat aims for second hit with €250m IPO

    Greencoat Capital, the renewable energy investment manager, started investor education on Monday for a mid-July listing of a new Irish wind farm vehicle on the London and Dublin bourses, hoping to raise €250m.

    • 19 Jun 2017
  • LuxFLAG launches green bond label

    The Luxembourg Financial Labelling Agency launched on Monday a label for green bonds, assuring investors that bonds bearing the stamp meet LuxFLAG’s criteria of quality.

    • 19 Jun 2017
  • Supras cross frontiers in SRI, investor bases and currencies

    Supranational issuers have enjoyed a strong start to 2017, with core currency markets in fine fettle. Wide swap spreads have aided dollar issuance — as have efforts to tap the US investor base — while several borrowers have introduced new strands to their SRI and currency mix. The political outlook is also rosier after Emmanuel Macron won the French presidency, although risks remain in the form of an unconventional US administration and looming Brexit negotiations. GlobalCapital met some of the world’s top tier supranational issuers in May to discuss these topics — and more.

    • 19 Jun 2017
  • GBP set new Social Bond Principles, guide brown issuers

    Enthusiasm for green and social bonds is mounting, and revisions to the Green Bond Principles (GBP) announced this week may give the market a further lift. Many of the same debates still exercise market participants as in the past, but they appear less daunted by these conundrums.

    • 15 Jun 2017
  • TenneT green bond attracts quality bid

    TenneT, the Dutch electricity grid company, brought a €1bn dual tranche green bond issue on Monday that was oversubscribed, but by less than other recent deals. However, the quality of the book helped both tranches perform in the secondary market.

    • 15 Jun 2017
  • EU green finance group considering reg cap cuts

    Cutting regulatory capital charges for green loans is one idea being considered by the EU’s High Level Expert Group on Sustainable Finance, which is due to make its first report on July 18.

    • 15 Jun 2017
  • Trump stance throws doubt on TCFD hopes

    Hopes that the recommendations of the Task Force on Climate-Related Financial Disclosures will be adopted by the G20 have been cast into doubt by the US’s swing away from international action on climate change under President Trump, green finance experts said this week.

    • 15 Jun 2017
  • Corporate market enjoys calm before jumbo storm

    The double whammy of the US Federal Reserve meeting and a public holiday across parts of Europe slammed the brakes on an already slow week of corporate bond issuance on Thursday. However, bankers are confident that the last few weeks of June will go out with a bang rather than a whimper.

    • 15 Jun 2017
  • Three Gorges green bond proves a blowout

    China Three Gorges Corp sealed its inaugural offshore green bond on Wednesday, raising €650m from a seven year deal. The notes were sold at a tight spread, with bankers saying that the “European style” execution was due to strong demand from investors.

    • 15 Jun 2017
  • Three Gorges prints debut euro green bond

    Hydropower company China Three Gorges Corp raised €650m from its inaugural offshore green bond, pricing it inside theoretical fair value. The issuer has a natural need for euros, and its deal, unlike most notes sold in the currency by Mainland issuers, was executed in a “European style” due to strong demand, said bankers.

    • 15 Jun 2017
  • China Three Gorges starts flow of Asian green bonds

    China Three Gorges Corp, the state-owned hydropower company, brought its first euro denominated green bond on Wednesday. The €650m seven year deal came a year after the company issued its first green bond in remnimbi.

    • 14 Jun 2017
  • Three Gorges opts for euros for green debut

    State-owned hydropower company China Three Gorges Corp is marketing its maiden international green bond denominated in euros. The firm raised Rmb6bn ($900m) from an onshore green outing two years ago.

    • 14 Jun 2017
  • Tennet’s €1bn green bond suggests cooler appetite

    Tennet, the Dutch electricity grid company, brought a €1bn dual tranche green bond issue today that was oversubscribed, but by less than has been common, suggesting that demand for corporate bonds may be cooling.

    • 12 Jun 2017
  • Xinyi Solar $195m rights see big oversubscription

    Xinyi Solar Holdings raised HK$1.5bn ($194.5m) from a rights offering after investors flooded into the deal, the company said.

    • 09 Jun 2017
  • India boosts green finance with Ireda listing

    India’s cabinet has approved the IPO of Indian Renewable Energy Development Agency (Ireda), the chief financier of the country’s renewable energy ambitions.

    • 07 Jun 2017
  • Public sector quartet lines up in euros

    Four public sector borrowers will launch euro bonds on Wednesday, having announced deals throughout the curve ahead of this week’s European Central Bank meeting.

    • 06 Jun 2017
  • Three Gorges to go green with euro bond

    China Three Gorges Corp is set to make its debut in the green debt market with a euro offering, and is gauging investor appetite with a week-long roadshow.

    • 05 Jun 2017
  • Innovation is needed in the green bond market

    The market for socially responsible investments is flourishing, but only at the top. Corporate and emerging market borrowing, which the world sorely needs, is still conspicuously scarce. Financial innovation is required to broaden participation.

    • 01 Jun 2017
  • NWB Bank EUR1.5bn 0.25% Jun 24, EUR500m 1.25% Jun 32 affordable housing bond

    • 01 Jun 2017
  • NWB opens way for affordable housing bonds

    The blossoming market for socially responsible investments focussing on social problems, rather than environmental concerns, sprouted a new shoot this week. Nederlandse Waterschapsbank’s affordable housing bond could be the first of many of its type and may open the door for housing associations to sell social bonds.

    • 01 Jun 2017
  • Deutsche Bank eyes budding European PACE market

    Deutsche Bank is looking to get in on the ground floor of the European Property Assessed Clean Energy (PACE) market as the sector opens up across the Atlantic, with sources saying the bank wants to offer its services as a bookrunner for future PACE ABS deals on the continent.

    • 31 May 2017
  • NWB’s affordable housing dual debut a hit; others 'to follow'

    Nederlandse Waterschapsbank’s first ever affordable housing bond raised €2bn across two tranches on Wednesday. One banker on the deal said he was “certain other borrowers will issue more like this”.

    • 31 May 2017
  • Focus turns to SRI as SSA issuance pace slackens

    With many borrowers far ahead of schedule in their funding programmes and ebullient mood of the past month receding, attention is turning to more strategic trades as well as socially responsible issuance.

    • 31 May 2017
  • The green bond market needs innovation to make a difference

    The market for socially responsible investments is flourishing, but only at the top. Corporate and emerging market borrowing, which the world sorely needs, is still conspicuously scarce. Financial innovation is required to broaden participation.

    • 30 May 2017
  • NWB picks duplex structure for affordable housing bond debut

    Nederlandse Waterschapsbank will come to market on Wednesday for its first ever affordable housing bond.

    • 30 May 2017
  • EDC USD500m % Jun 20 green bond

    • 25 May 2017
  • FMO EUR500m 0.125% Jun 23 sustainability bond

    • 25 May 2017
  • KommuneKredit EUR500m 0.75% May 27 green bond

    • 25 May 2017
  • SRI borrowers scoring tight pricing

    With borrowers universally ahead of schedule in their funding programmes but investors hungry for more supply, attention is turning to the market for socially responsible investments. Three agencies hit screens to sell SRI bonds this week, while a fourth is on the road marketing another.

    • 25 May 2017
  • EDC finds green as easy as 1, 2, 3

    Export Development Canada breezed through its first green bond issue of the year on Wednesday, building a book nearly twice subscribed and tightening 2bp from initial price thoughts.

    • 24 May 2017
  • EDC loads up as FMO and KommuneKredit score with SRI bonds

    A pair of agencies launched socially responsible investment deals in euros on Tuesday, while a third picked banks for a dollar trade.

    • 23 May 2017
  • Secondary pricing update: featuring EIB's first ever dual tranche

    Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

    • 19 May 2017
  • Taiwanese banks throw open green door

    Four Taiwanese banks have sold green bonds, reopening the island nation’s market after a debut deal in 2014.

    • 19 May 2017
  • Kommuninvest USD500m 1.875% Jun 21 green bond

    • 18 May 2017
  • Lux SE opens social bond window

    The Luxembourg Stock Exchange (Lux SE) has opened a dedicated window for social and sustainable bonds as a subset of its green exchange.

    • 18 May 2017
  • KfW latest investor to sharpen focus on SRI in portfolio

    KfW has raised the threshold of sustainability it requires as an investor, as part of a growing trend for bond buyers to focus on the impact of their investments.

    • 18 May 2017
  • EIB offers conventional/CAB dollar mix amid swap spread wobbles

    The European Investment Bank is set to take a novel approach to green bond issuance, after mandating for a dual tranche dollar deal — of which only one leg is a Climate Awareness Bond. Like Kommuninvest, which printed a four year dollar green bond on Tuesday, the supranational may have to contend with volatile dollar swap spreads.

    • 16 May 2017
  • KfW latest investor to sharpen focus on SRI in portfolio

    KfW has raised the threshold of sustainability it requires as an investor, the latest in a growing trend for bond buyers to focus on the impact of their investments.

    • 15 May 2017
  • KfW EUR2bn 0.25% Jun 25 green bond

    • 11 May 2017
  • SRI pipe swells as KfW sets tone

    The SRI bond pipeline for public sector borrowers looks fit to burst, with a string of issuers planning deals and KfW setting a marker with a thumping trade this week.

    • 11 May 2017
  • NWB to hit road for affordable housing bond

    Nederlandse Waterschapsbank will add a new item to SRI investors’ menu, after mandating banks on Wednesday to run a roadshow for a debut affordable housing bond.

    • 10 May 2017
  • KfW scores triple whammy with bumper green bond

    KfW has sold the largest ever new green bond issue from a supranational or European agency, printing flat to its curve with a green deal for the first time and drawing a remarkably high level of Asian investor interest for a euro trade. More SRI issuance is on the way, after Dutch agency FMO announced a sustainability bond roadshow.

    • 09 May 2017
  • Repsol oils way for green bond first

    Spain’s Repsol brought the first ever green bond from an oil major to the market on Tuesday, leaving green investors to pick through the morals of financing a sector that environmentally responsible finance was created to help mitigate.

    • 09 May 2017
  • KfW back in green euros

    KfW is set to bring its first green bond in euros in nearly a year, with the deal coming amid a flurry of conventional trades in the currency. KommuneKredit is also in the SRI pipeline, after running a roadshow to introduce its green bond framework.

    • 08 May 2017
  • BNDES lays green grass for Brazilian issuers

    Brazilian government-owned development bank BNDES sold a long-awaited green bond on Tuesday, with a combination of scarcity value and SRI investor support ensuring tight pricing.

    • 04 May 2017
  • Green must stay in the eye of the beholder

    News that Volvofinans Bank, the finance arm of Volvo Cars, is planning a green bond backed by its loans on hybrid and other non-fossil fuel cars is a welcome sign of the green awareness spreading across the corporate world.

    • 04 May 2017
  • Banc of California eyes commercial PACE market

    Banc of California is eyeing a move into the Property Assessed Clean Energy (Pace) market, looking to provide funding for the growing commercial Pace sector.

    • 04 May 2017
  • Volvofinans hopes to tempt investors with ‘light green’ bond

    Volvofinans Bank is preparing to issue Europe’s second green bond from the automotive sector. While the deal is already attracting interest from investors, its use to finance hybrid and electric cars may not tick the green box for all investors.

    • 04 May 2017
  • BNDES slakes thirst for Brazilian assets with debut green bond

    Brazilian government-owned development bank BNDES sold a long-awaited green bond on Tuesday, achieving tight pricing that bankers put down more to a lack of supply from Brazil’s quasi-sovereign issuers than the green aspect of the deal.

    • 03 May 2017
  • Volvofinansbank prepares green bond debut for electric cars

    Volvofinansbank today announced it would meet investors in Stockholm on Monday May 8 to present a framework for its inaugural green bond. The deal will be one of the few green bonds from the automotive sector.

    • 02 May 2017
  • CS to lead CleanFund's debut commercial PACE ABS

    Credit Suisse has been tapped to lead the first ever commercial Property Assessed Clean Energy (PACE) ABS transaction, a $40m-$75m offering from CleanFund Commercial Capital.

    • 01 May 2017
  • BNDES waits for green opportunity in busy Lat Am pipe

    Brazilian development bank BNDES surprised some bond market bankers by opting not to issue its first ever green bond the day after its roadshow ended. But conditions appear ripe for the deal when it does arrive.

    • 27 Apr 2017
  • A quantum leap for green bonds

    A new $2bn fund to be launched by the IFC and Amundi is the most important step for green bonds in the emerging markets yet.

    • 27 Apr 2017
  • IFC, Amundi crack green bond problem with $2bn fund

    The International Finance Corp and fund manager Amundi have announced plans for a $2bn fund to buy green bonds issued by emerging market banks — one of the most promising moves yet to help the global interest in green bonds actually make a difference to the environment.

    • 27 Apr 2017
  • Time is ripe for PACE, solar ABS to grow investor base, says panel

    Solar and Property Assessed Clean Energy (PACE) experts at the IMN Green Investing Conference on Thursday noted that both markets will see more participation as issuance accelerates and the sectors become more sophisticated.

    • 27 Apr 2017
  • BNDES to join EM green bond club

    The week after the IFC and Amundi announced plans for the largest dedicated green bond fund in emerging markets, Brazilian bank BNDES will meet investors ahead of a potential green debut.

    • 24 Apr 2017
  • Unibail goes beyond green bonds with €650m loan, hopes to do more

    Unibail-Rodamco has signed today its green loan, one of the first syndicated facilities to offer the borrower a pricing benefit if it hits sustainability targets. The loan was increased twice in syndication after being oversubscribed, from €500m to €600m and then to €650m.

    • 21 Apr 2017
  • Green loans sprout as Philips joins Unibail

    Hard on the heels of Unibail-Rodamco’s ground-breaking green loan, believed to be the first large corporate financing to give the borrower a pricing benefit if it hits sustainability targets, Koninklijke Philips, the Dutch health technology group, has signed a similar €1bn loan linked to its sustainability rating, writes Jon Hay.

    • 20 Apr 2017
  • Anti-PACE bills could inflict serious wounds - panel

    Property Assessed Clean Energy (PACE) industry experts warned that anti-PACE bills introduced by congressional lawmakers this month could "inflict serious wounds" on a multi-billion dollar industry if passed in their current form.

    • 19 Apr 2017
  • Banks at risk from drought, reveals groundbreaking research

    A glimpse of the future has arrived with the publication of a report modelling the credit risk banks face from drought. The effect on loan portfolios could be severe — and the research illustrates the new kinds of risk management banks will have to do as the world’s climate becomes more volatile.

    • 13 Apr 2017
  • AfDB mulls green bond Uridashi

    The African Development Bank could join the Asian Development Bank in printing green bonds in the Uridashi market, while the World Bank is looking at SRI opportunities in Singapore.

    • 12 Apr 2017
  • Singapore's green bond opportunity

    Singapore’s green bond market officially opened last week, with CDL Properties pricing a S$100m ($71.3m) two year, raising hopes that more issuers from the country will follow suit. But Singapore needs to encourage them.

    • 10 Apr 2017
  • Congress takes aim at PACE finance

    Congressional lawmakers last week proposed legislation targeting the Property Assessed Clean Energy (PACE) program for homeowners, a measure they say is aimed at protecting consumers from predatory lending.

    • 07 Apr 2017
  • Singapore green bond market open for business

    CDL Properties has made a splash in the Singapore dollar debt market, selling the country’s first green bond, a S$100m ($71.3m) two year deal.

    • 07 Apr 2017
  • CEB EUR500m 0.125% Apr 24 social inclusion bond

    • 06 Apr 2017
  • Madrid EUR700m 0.747% Apr 22 sustainability bond

    • 06 Apr 2017
  • New names flourish as SRI market rapidly diversifies

    The palette of socially responsible investment bonds is expanding. Two borrowers made SRI debuts this week with a social inclusion bond and a sustainability bond, while a third has announced its intention to follow suit.

    • 06 Apr 2017
  • Ygrene, Renovate deals heat up PACE pipeline

    The Property Assessed Clean Energy (PACE) ABS pipeline, which saw a flurry of activity towards the end of last year but has been quiet so far in 2017, has come alive, with Renovate America and Ygrene Energy marketing new deals.

    • 06 Apr 2017
  • KommuneKredit picks banks for green debut

    KommuneKredit is set to hit the road for its debut green bond, after mandating banks on Thursday.

    • 06 Apr 2017
  • Unibail and Lloyds claim first loan with green pricing benefit

    Lloyds Bank has arranged for Unibail-Rodamco, the French-Dutch property company, what it believes is the first syndicated loan that gives the borrower cheaper funding if it hits environmental targets.

    • 06 Apr 2017
  • CDL Properties launches first Singapore green bond

    CDL Properties has thrown open the doors for the Singapore green bond market, launching its deal on Thursday, just two weeks after the country announced a grant scheme for socially responsible issuers.

    • 06 Apr 2017
  • Residential PACE lender hires former GSE bigwig

    Paige Wisdom, the former chief enterprise risk officer at Freddie Mac, has joined residential Property Assessed Clean Energy (PACE) lender Renovate America as chief financial officer.

    • 04 Apr 2017
  • Madrid and CEB land in blooming SRI market

    A pair of European borrowers debuted socially responsible investment bonds on Monday, raising a combined €1.2bn, with one able to tighten its price by several basis points.

    • 03 Apr 2017
  • Eurofima makes SRI debut, green bond could follow

    Eurofima sold its first socially responsible investment (SRI) note on March 30, raising $100m with a 10 year MTN. Michele Montefiori, head of capital markets at Eurofima, is keen to follow up with a green bond.

    • 03 Apr 2017
  • Corporate hybrids back on menu as investors feast

    Telia and Tennet broke 2017’s euro corporate hybrid fast by bringing trades within a day of each other. Bankers said investors will have the chance to gorge themselves as plenty more issuers are lining up after the success of this week’s deals.

    • 30 Mar 2017
  • Madrid and CEB lining up for SRI

    A flurry of activity in the market for socially responsible investments shows no sign of letting up, with two borrowers set to make their debut next week and two more waiting in the wings.

    • 30 Mar 2017
  • Hybrids revived as Tennet brings first in green

    Corporate hybrid bonds are emerging from hibernation blinking into the spring sunshine this week as Tennet brought the second benchmark sized transaction of the week following fallow months. But syndicate bankers are split over how long the revival will last.

    • 29 Mar 2017
  • CBA goes large as Aussies lead climate bond charge

    Commonwealth Bank of Australia (CBA) sold one of the largest climate bonds an Australian bank has ever sold in the domestic market this week, as the nation’s lenders ramp up issuance in the format.

    • 29 Mar 2017
  • Madrid lines up sustainability debut

    The Autonomous Community of Madrid has announced that it will sell its first ever sustainability bond, joining the flock of borrowers landing in the socially responsible investment (SRI) market as the first quarter of 2017 draws to a close.

    • 28 Mar 2017
  • Ico eyes social bond hat-trick

    Instituto de Crédito Oficial looks set to print its third social bond later this year, which could break with its previous two offerings and come in the dollar market.

    • 28 Mar 2017
  • ADB to bring green bonds to Uridashi market

    Asian Development Bank will issue its first green bonds in the Uridashi market in May, with Daiwa Securities as dealer.

    • 28 Mar 2017
  • NBAD finds buyers for first Gulf green bond

    National Bank of Abu Dhabi (NBAD) priced the Gulf’s first ever green bond 7bp inside initial price thoughts on Monday.

    • 28 Mar 2017
  • NBAD revives dollar green deal after six month hibernation

    National Bank of Abu Dhabi (NBAD) has emerged with pricing for the Gulf’s first green bond, more than six months after meeting investors to market the note.

    • 27 Mar 2017
  • MAS to offer grants for green bond issuers

    The Monetary Authority of Singapore aims to boost the green bond market by introducing a grant scheme this year to incentivise socially responsible issuers.

    • 24 Mar 2017
  • Fresh greens as TSKB brings T2 but success limited

    Turkiye Sinai Kalkinma Bankasi (TSKB) brought new flavour to the SRI bond market this week with the first ever sustainable subordinated tier two, but the deal fell short of being a major milestone as many investors who follow green bonds are not able to buy such paper. Virginia Furness reports.

    • 23 Mar 2017
  • SNCF Réseau EUR1bn 1.875% Mar 34 green bond

    • 23 Mar 2017
  • IFC USD500m 1.75% Mar 20 social bond

    • 23 Mar 2017
  • IFC’s social bond alone at bouncing dollar market party

    Only one SSA issuer took advantage of strong conditions in the dollar market this week. Bankers said that there could be more supply next week, though most issuers are so well-funded that deals are likely to remain thin on the ground.

    • 23 Mar 2017
  • Asian interest sparks Kangaroo activity

    Japanese investors on the hunt for European SSA credit drove a flurry of long dated Australian dollar deals on Wednesday.

    • 23 Mar 2017
  • IFC considers green Kangaroo bond

    The International Finance Corp could use the Kangaroo market to expand its burgeoning green bond programme.

    • 23 Mar 2017
  • PBoC, EIB work on framework to boost green finance

    The People’s Bank of China and the European Investment Bank (EIB) have launched an initiative to develop a framework to support green finance and will publish their findings in a white paper later this year.

    • 23 Mar 2017
  • TSKB sustainable tier two trades up on the break

    Turkey’s Turkiye Sinai Kalkinma Bankasi (TSKB) printed the first ever Basel III compliant sustainable tier two on Tuesday.

    • 22 Mar 2017
  • SSAs turn green as quarter winds up

    With public sector borrowers having reached advanced stages in their annual funding programmes as the first quarter comes to a close, focus is shifting to socially responsible bonds.

    • 22 Mar 2017
  • SRI spectacular: CEB to debut, SNCF mandates and IFC goes large

    The socially responsible bond pipeline ballooned on Tuesday, with a European supranational announcing a roadshow for a debut issue, a French agency mandating for a deal and a Washington supranational pricing a social bond in benchmark size for the first time.

    • 21 Mar 2017
  • Tennet hits road as IG volumes set to hold up

    Bankers expect this week to be similar in volume to last week in the corporate market, with Teleperformance, rated BBB- by S&P, and Tennet, rated A3/A-, due to begin roadshows.

    • 20 Mar 2017
  • Socially responsible week ahead

    A pair of public sector borrowers are set to bring socially responsible bonds this week, with one aiming at the dollar short end and the other at the long end of the euro curve.

    • 20 Mar 2017
  • SNCF Réseau to revisit green market

    SNCF Réseau is set to bring its second green bond after mandating banks for a Reg S euro benchmark deal on Friday.

    • 17 Mar 2017
  • Tennet readies green hybrid first

    Dutch national energy company Tennet is preparing to sell the first ever green hybrid capital bond in a deal that bankers unanimously said will fly, but the mandate has sparked calls that the vanilla green market should become larger before the green product base becomes more varied, writes Michael Turner.

    • 16 Mar 2017
  • World Bank attracts rich mix with Kanga tap

    World Bank proved its popularity in the Australian dollar bond market on Tuesday, selling a combination of medium and long dated debt for A$800m ($605.4m) to a wide variety of investors.

    • 16 Mar 2017
  • Queensland debuts green bond

    Queensland Treasury Corp on Wednesday became the second Australian sub-sovereign government to issue a green bond.

    • 15 Mar 2017
  • EIB returns to long end for green tap

    The European Investment Bank has tapped its longest green line, adding €500m to the November 2037 Climate Awareness Bond.

    • 14 Mar 2017
  • Green securitization: an answer to several prayers

    If there was ever an idea whose time has come, it is green securitization. Action to green the economy is super-urgent, and progress so far has been worryingly slow.

    • 10 Mar 2017
  • CréditAg's $3bn capital deal starts green ABS race

    The revival of banks using securitization to free up regulatory capital could open new possibilities for accelerating the financing of a greener economy, as a ground-breaking deal demonstrated this week, write Jon Hay and David Bell.

    • 09 Mar 2017
  • Innovative issuers taking next green steps

    The World Bank has sold a new class of equity-linked bonds that can be added to the blossoming selection of socially responsible investments. Elsewhere, other supranationals are moving to focus on supporting emerging market green issuance.

    • 09 Mar 2017
  • World Bank brings equity-linked innovation to SRI

    The World Bank has sold a new class of equity-linked bonds that can be added to the burgeoning selection of socially responsible investments.

    • 09 Mar 2017
  • Development banks to ramp up EM SRI bond support

    Multilateral development banks will focus more on providing credit enhancement and support to help small, emerging market borrowers bring their green bonds to market, according to the head of climate change at the European Investment Bank. Meanwhile, a French region visited the green market on Tuesday.

    • 07 Mar 2017
  • Crédit Ag frees capital for $2bn of green loans

    The world of green finance has intersected with that of synthetic securitization for what may be the first time, in a $3bn risk transfer deal that could show a way to free up banks’ balance sheets to expand green lending.

    • 06 Mar 2017
  • Banks ignoring risks to shipping loans from climate reforms

    Shipping loans are already a problem asset class for many banks, but lenders are risking further problems by failing to do proper due diligence on how the shipping fleet will cope with decarbonisation, experts believe.

    • 03 Mar 2017
  • Renew to tap Natixis for April PACE deal

    Residential and commercial Property Assessed Clean Energy (PACE) lender Renew Financial will hit the ABS market in April with a new deal, and will tap Natixis to lead the transaction, sources tell GlobalCapital.

    • 02 Mar 2017
  • Sub-sovereigns bloom in SRI market flurry

    The market for socially responsible investment (SRI) bonds is enjoying a burst of activity, as sub-sovereign borrowers from both sides of the Atlantic hit screens in green.

    • 02 Mar 2017
  • Trump speech fails to tarnish stellar SSA conditions

    Market participants have grown used to US president Donald Trump’s ability to shift markets and induce volatility with only 140 characters, but Tuesday’s address to Congress appears to have been digested without spoiling the mood in SSAs.

    • 01 Mar 2017
  • PACE appetite goes global, say SFIG speakers

    The Property Assessed Clean Energy (PACE) ABS sector is getting attention from a broader group of investors outside the US, as frequent issuance of the energy efficiency bonds brings the asset class into the mainstream.

    • 01 Mar 2017
  • Commercial solar lenders plot growth

    There is plenty of room for growth in commercial solar securitization, SFIG Vegas attendees heard on Tuesday, and lenders need capital markets access to fund it. But lack of scale in the market is a key hurdle, creating a ‘catch 22’ situation.

    • 01 Mar 2017
  • SRI bonds in bloom for sub-sovereigns

    Sustainability bonds are the flavour of the week for regional issuers, as the State of North Rhine-Westphalia smashed the size record for sub-sovereign SRI bonds on Tuesday and Île-de-France hit screens to announce its own socially responsible investment bond.

    • 28 Feb 2017
  • Land NRW’s long-awaited sustainability bond hits screens

    The State of North Rhine Westphalia will sell its third sustainability bond on Tuesday, following a pan-European roadshow.

    • 27 Feb 2017
  • Banks financing high carbon companies risk ruin, report warns

    Shareholders and bondholders should pressurise banks to clean up their acts on climate change, sustainable finance experts said this week.

    • 23 Feb 2017
  • CDC EUR500m 0.2% Mar 22 green bond

    • 23 Feb 2017
  • Bank of England to grill banks on climate risks

    The Bank of England plans to start later this year examining more closely the banking sector’s exposure to risk from climate change. That means banks will have to start telling the regulator more about the risks they face and how they manage them.

    • 23 Feb 2017
  • Quebec takes orders for debut green bond

    The Province of Quebec is set to follow its neighbour Ontario into green bond issuance, opening books for the inaugural bond on Thursday.

    • 23 Feb 2017
  • Green credentials aid CDC’s debut

    Caisse des Dépôts et Consignations (CDC) picked a tricky week for its first euro syndication in many years but, thanks to the deal’s green aspect, the trade went off without a hitch.

    • 22 Feb 2017
  • Quebec hits road for debut green bond

    The Province of Quebec is set to follow its neighbour Ontario into green bond issuance, after hiring banks to run a roadshow for a potential deal in its home currency.

    • 22 Feb 2017
  • Green mortgages can grow without regulatory help

    Proponents of “green mortgage loans”, lent against energy efficient homes, argue they are less likely to default and deserve a lower risk weighting than conventional mortgage lending. But it’s a long shot, and there are plenty of other ways to promote the market.

    • 21 Feb 2017
  • Renovate America, Greenworks partner for commercial PACE financing

    Residential Property Assessed Clean Energy (PACE) platform Renovate America is teaming up with commercial PACE finance firm Greenworks Lending to expand in commercial PACE lending.

    • 13 Feb 2017
  • SSAs lining up sustainability bonds

    The pipeline of environmental and social governance bonds is filling up with European public sector borrowers. Two are set to put on green bond roadshows in the weeks to come while a third is planning its social bond debut this year.

    • 09 Feb 2017
  • Madrid to go social in 2017

    The Autonomous Community of Madrid intends to become the first Spanish region to issue a bond for the socially responsible investment market.

    • 09 Feb 2017
  • India targets green bond development

    The Indian Green Bonds Market Development Council, a public-private initiative, launched its 2017 programme on Tuesday to build the country's green debt market to meet national climate objectives.

    • 08 Feb 2017
  • Neerg Energy powers up green bond with unique structure

    India’s Neerg Energy sold a $475m green bond on Monday — the second green dollar transaction from Asia this year. The deal introduced a new structure to the market, but investors’ concerns were allayed by the issuer’s robust credit story.

    • 07 Feb 2017
  • Climate impacts are here, get ready for 3C warming, warns Cicero

    Cicero, the climate research institute at Oslo University, has produced a report to help investors work out where they face risks from climate change, with red, orange and yellow flags for the severity and immediacy of threats.

    • 03 Feb 2017
  • High hopes as EU starts green finance push

    Green finance leaders are hoping the European Union will come up with concrete initiatives to help the market, after its new official body on the subject met for the first time last week.

    • 02 Feb 2017
  • Call for Green Bond Principles to clarify eligible assets

    The Green Bond Principles could be adapted to include clarification on the types of assets eligible for financing from the market, according to a sustainability consultant at Vigeo Eiris. The topic has grown in importance after France’s debut sovereign green bond last week included intangible assets among its use of proceeds.

    • 02 Feb 2017
  • CDC to hit road for debut green bond

    French agency Caisse des Dépôts et Consignations is set to follow its sovereign by bringing a debut green bond syndication in 2017, after hiring banks on Thursday to run a roadshow for the potential trade.

    • 02 Feb 2017
  • Land NRW lines up sustainability bond

    The State of North Rhine-Westphalia announced on Monday that it will hold a roadshow for its third sustainability bond.

    • 30 Jan 2017
  • France sets new green standard as Trump threatens market future

    A record breaking green bond debut from France rained €7bn of liquidity over an investor base parched of sovereign supply in the format, bringing new promise to the sector. But while other governments will be encouraged into the market, some worry that US president Donald Trump could stunt the market's growth, writes Craig McGlashan.

    • 26 Jan 2017
  • France EUR7bn 1.75% Jun 39 green

    • 26 Jan 2017
  • Trump ‘could hurt green bond growth’

    Donald Trump’s policies could potentially damage the growth of the green bond market, funding officials have warned, as the new US president pursues an agenda focused on industry and manufacturing rather than environmental issues.

    • 26 Jan 2017
  • Biggest green bang for the buck is not the GrOAT

    France’s €7bn green OAT is a cert for the awards ceremonies. But are investors in it really helping the environment?

    • 26 Jan 2017
  • Jain Irrigation waters green market with debut $200m

    India’s Jain Irrigation Systems sold its maiden international deal on Wednesday, taking $200m from Asia’s first green bond of the year. Finding comparables was a big challenge given the issuer’s focus on irrigation for agriculture, with the leads juggling feedback from investors to find the right price. Rashmi Kumar reports.

    • 26 Jan 2017
  • Jain Irrigation sows India’s first green bond of 2017

    India is set to welcome its first international green bond of the year, as Jain Irrigation Systems opened books for an up to $250m transaction.

    • 25 Jan 2017
  • CAF raises $70m with third water bond

    South American development bank Corporación Andina de Fomento (CAF) sold R$220.2m ($69.46m) of Brazilian real-denominated Uridashi notes on Tuesday in its first deal in the currency.

    • 25 Jan 2017
  • MidAmerican Energy thickens green bond flow from US utilities

    MidAmerican Energy joined the growing ranks of US utility companies that have issued green bonds with an $850m dual tranche offering on Monday that was four times subscribed.

    • 24 Jan 2017
  • US renewables yieldco Pattern prices debut high yield bond

    Pattern Energy, a US renewables roll-up, priced its debut high yield bond on Friday, after the $350m offering had been marketed to investors last week.

    • 24 Jan 2017
  • The green milestone: France beats wildest hopes with great big GrOAT

    France surpassed the expectations of even the most passionate supporters of the green bond market on Tuesday, selling comfortably the largest ever print in the format. Socially responsible investment (SRI) experts believe the deal makes it almost certain that other sovereign issuers will add green bonds to their funding mix.

    • 24 Jan 2017
  • Neerg Energy eyes secured green bond

    Neerg Energy is set to become the second Indian corporate to sell a dollar green bond, having hired six firms to arrange meetings with global accounts on Tuesday.

    • 24 Jan 2017
  • AFT picks spot in curve for first French sovereign green bond

    The Agence France Trésor has announced the maturity date for the first ever French sovereign green bond, which could be priced this week.

    • 23 Jan 2017
  • US yieldco plans maiden green high yield offering

    Pattern Energy Group is planning to print its first corporate bond this week with a $350m high yield offering that will primarily finance acquisitions of wind power projects from its developer-sponsor, Pattern Development.

    • 19 Jan 2017
  • SRI calendar shapes up as agency plans debut issue

    The socially responsible investment market for public sector bond issuers is shaping up for another busy year, with one agency planning a debut print in the next few months.

    • 12 Jan 2017
  • KommuneKredit to go green in second quarter

    KommuneKredit is planning to sell its first green bond, aiming to bring the deal to market in the second quarter of 2017.

    • 11 Jan 2017
  • Ignorance on climate is still rife

    Everyone in debt capital markets has heard of green bonds, and most in the financial world accept that sustainability and greenness are Good Things. But for all the grand commitments and PR initiatives, understanding of the issues is still as hazy as a Beijing smog.

    • 10 Jan 2017
  • German solar company raises €30m certified green loan

    MEP Werke, a German rooftop solar panel company, launched the first tranche of a green debt issuance programme on Tuesday, taking a €30m green loan from Delta Lloyd Asset Management.

    • 10 Jan 2017
  • After laying seeds, Enel issues green bond

    Following a non-deal roadshow in December, Italian electricity and gas distributor Enel sold investors a €1.25bn seven year deal on Monday as it made its debut in the green bond market.

    • 09 Jan 2017
  • Sorry Poland, a GrOAT matters more

    Poland may have won the race to bring the first ever sovereign green bond. But it was not the one investors were looking for — instead, France’s upcoming green benchmark will be the real milestone.

    • 05 Jan 2017
  • France to bring sovereign liquidity to green

    The potential volume of green bond issues is set to reach the very top of what is possible in the bond market, as the French sovereign this week announced the start of a roadshow for its debut green bond later this month.

    • 05 Jan 2017
  • France turns green for '17

    France has wasted little of 2017 in getting its green bond to market having missed the chance to be the first sovereign to print in the format when Poland brought a deal at the end of last year. It announced on Tuesday the six banks that will run the trade.

    • 03 Jan 2017

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 317,691.74 1201 8.90%
2 JPMorgan 291,227.96 1326 8.16%
3 Bank of America Merrill Lynch 285,088.11 991 7.99%
4 Goldman Sachs 217,749.25 714 6.10%
5 Barclays 209,291.80 811 5.87%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 32,320.82 147 6.67%
2 Deutsche Bank 32,259.50 104 6.66%
3 Bank of America Merrill Lynch 28,890.43 85 5.96%
4 BNP Paribas 25,663.29 144 5.30%
5 Credit Agricole CIB 22,617.86 130 4.67%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 18,160.85 71 9.15%
2 Morgan Stanley 15,215.44 76 7.67%
3 UBS 14,195.29 55 7.15%
4 Citi 14,014.57 86 7.06%
5 Goldman Sachs 12,113.98 67 6.10%