• Solar, residential PACE ABS buyer base grows — Green Investing 2018

    Solar and Property Assessed Clean Energy (PACE) market players at IMN’s Green Investing Conference in New York on Wednesday acknowledged the heightened investor participation on securitizations from both asset classes over the last year, but warned issuers to move cautiously as rates rise in 2018.

    • 18 Apr 2018
  • SRI flurry as NWB preps deal and EIB comes in sevens

    After several weeks of focusing on conventional bonds in core currencies, SSAs popped back into the socially responsible investments (SRI) market this week. Nederlandse Waterschapsbank (NWB) is laying the ground for an affordable housing bond in euros, while the European Investment Bank found a solid reception for a Climate Awareness Bond that came in rare seven year dollar form.

    • 18 Apr 2018
  • JP Morgan launches ESG versions of EMBI indices

    JP Morgan has announced a new suite of emerging market bond indices that integrate environmental, social and governance (ESG) factors.

    • 18 Apr 2018
  • S&P to go head to head with MSCI in ESG ratings

    S&P Global Ratings is preparing to launch an ESG Evaluation product, competing directly with socially responsible investment rating firms such as MSCI and Sustainalytics.

    • 17 Apr 2018
  • EIB goes for rare dollar sevens with CAB trade

    The European Investment Bank is set to plug a gap in its dollar Climate Awareness Bond curve after mandating banks on Tuesday for a June 2025 trade, opting for a rare seven year dollar bond.

    • 17 Apr 2018
  • World Bank sells maiden Hong Kong dollar green bond

    The World Bank has raised HK$1bn ($127.39m) from its debut green bond denominated in Hong Kong dollars, making it the first supranational issuer to sell a green deal in the city.

    • 17 Apr 2018
  • M&G seeks social impact with private debt fund

    M&G Investments has announced the public launch of a private debt fund that aims to achieve a positive social or environmental impact, while giving investors a return higher than that of public bonds. Meanwhile, a survey suggests funds of this kind make good returns.

    • 16 Apr 2018
  • Hanover first city to launch green Schuldschein

    Hanover has become the first city to offer a green Schuldschein.

    • 16 Apr 2018
  • BioPharma raises $163.8m in capital raising

    BioPharma Credit, a closed end investment fund that provides debt capital for the life sciences industry, raised $163.8m in a primary share placement on Thursday to fund further investment.

    • 13 Apr 2018
  • Royal London puts faith in Church of England

    Royal London Asset Management was the sole investor in £30m of bonds issued by the Church of England Pensions Board in early April.

    • 13 Apr 2018
  • Daqo New Energy bags $110m from follow-on

    China-based Daqo New Energy Corp, which makes silicon wafers for solar cells, has bagged $110m after pricing its follow-on of American Depository Shares (ADS) at the bottom of guidance.

    • 13 Apr 2018
  • Mosaic prices solar securitization

    Residential solar finance company Mosaic priced its first securitization of 2018 this week. The offering follows the recent departure of the firm's head of capital markets.

    • 12 Apr 2018
  • EIB plans new bond range to promote finance of Sustainable Development Goals

    The European Investment Bank is preparing a new product: Sustainability Bonds, which will complement its Climate Awareness Bonds.

    • 12 Apr 2018
  • SEIA’s capital markets director departs

    Mike Mendelsohn, senior director of capital markets and project finance at the Solar Energy Industry Association (SEIA) left the trade group this month.

    • 12 Apr 2018
  • Line between Russian business and Putin has been erased

    In the past, some investors were able to draw a line dividing the Russian businesses in which they parked their cash from Vladimir Putin’s government, despite what some have called a “feudal” hierarchy in the country. Last week’s US sanctions obliterated that line.

    • 12 Apr 2018
  • Russian capital markets bloodied by fresh sanctions

    The decision by the US Treasury last week to designate a number of Russian oligarchs and companies as sanctioned entities, in an effort to curb the country’s “worldwide malign activity”, has transformed investor sentiment and led to buyers fleeing Russia across debt and equities, write Sam Kerr and Francesca Young.

    • 12 Apr 2018
  • Regulatory activism: how to snitch and make money

    When one investment fund judged that a UK building society’s non-paying legacy capital instrument did not comply with European regulations, it saw an opportunity to make a return.

    • 12 Apr 2018
  • NIB on hunt for sustainability chief

    The Nordic Investment Bank is looking for someone to head its sustainability and mandate evaluation team, a job the supranational is redefining by moving to its treasury department.

    • 12 Apr 2018
  • Adecco on trend with €600m loan tied to sustainability rating

    Adecco, the Swiss temporary staffing company, has become the latest blue chip to use a sustainability-linked loan structure for its main corporate revolving credit facility.

    • 12 Apr 2018
  • Springer Nature lines up €1.2bn-plus IPO on Frankfurt bourse

    Springer Nature, the German publisher of academic journals, has begun investor education for its IPO in Frankfurt.

    • 12 Apr 2018
  • ACS goes with green but still pays a premium

    Spanish civil engineering group ACS sold the first senior green bond by a corporate issuer for more than a month on Thursday, following a European roadshow earlier in the week. Green bonds are often said to offer a pricing benefit to issuers, but the company found it still had to pay a significant new issue premium.

    • 12 Apr 2018
  • Daqo New Energy seeks $112m from follow-on

    Chinese photovoltaics company Daqo New Energy Corp is looking to raise up to $112m from a follow-on offering of American Depository Shares (ADS).

    • 12 Apr 2018
  • Mexican energy play prepping buy-out bond

    Cometa Energía, a group of Mexican energy assets to be acquired by emerging markets private equity firm Actis, is understood to be preparing a bond issue of $907m that will be used to finance the buy-out.

    • 12 Apr 2018
  • Banks prep first Saudi wind farm loans

    Banks are preparing to finance Saudi Arabia’s first utility-scale wind power project, at Dumat Al Jandal in the northern province of Al Jawf.

    • 11 Apr 2018
  • UniCredit sells out of ERG in surprise €118m trade

    UniCredit sold its remaining stake in Italian wind operator ERG for €118m to an eager investor base after markets closed on Tuesday evening.

    • 11 Apr 2018
  • ABN raises €750m with third green FIG deal of the week

    ABN Amro ended a two year absence from the euro senior market on Wednesday, raising a healthy €750m of funding with the third green bond of the week.

    • 11 Apr 2018
  • Green duo fetch contrasting results in choosy market

    Berlin Hyp was only just able to attract sufficient demand for a new green senior unsecured trade on Tuesday, while BNP Paribas enjoyed a much stronger reception for a socially responsible deal of its own.

    • 10 Apr 2018
  • Banks power up to unleash green bond bonanza

    BNP Paribas and Berlin Hyp said on Monday that they were both looking at selling green senior unsecured bonds in the euro market, leaving as many as four financial institutions in the pipeline for new socially responsible deals.

    • 09 Apr 2018
  • PACE activity picks up with Ygrene deal

    Ygrene Energy Fund is in the market with its first Property Assessed Clean Energy (PACE) securitization of 2018, a week after PACEfunding closed a debut deal.

    • 05 Apr 2018
  • Fannie edges forward in conquest of green bond market

    Fannie Mae, the world’s biggest green bond issuer, is negotiating with the administrators of the MSCI Bloomberg Barclays Green Bond Index to get more of its green housing loan securitizations included in the benchmark.

    • 05 Apr 2018
  • PerkinElmer pays premium to cut M&A funding costs

    US health products and services company PerkinElmer priced a €300m corporate bond this week, nearly two years after its debut in the currency. The deal saw good demand as the company paid a spread of 60bp over mid-swaps for the three year notes.

    • 05 Apr 2018
  • France grows Green OAT to €10.8bn, billions more expected

    France tapped its Green OAT on Thursday for the third time, raising €1.096bn.

    • 05 Apr 2018
  • VW Financial Services hits treble as it finally gets round to euros

    Volkswagen Financial Services had been conspicuous by its absence in the euro corporate bond market in the first quarter of 2018. Having been the largest corporate issuer by volume in 2017, the company had used other markets so far this year before selling a new triple tranche deal.

    • 05 Apr 2018
  • ABN welcomes ‘extraordinary’ interest for green roadshow

    ABN Amro is preparing to sell its third green senior unsecured bond, joining Credit Suisse in the pipeline for socially responsible deals.

    • 05 Apr 2018
  • Renovate America makes first Benji loan portfolio sale

    Residential Property Assessed Clean Energy (PACE) provider Renovate America sold $90m of 'Benji' home improvement loans to an undisclosed regional bank on Wednesday. The company also said it has not ruled out securitizing its Benji loans in the future.

    • 04 Apr 2018
  • Central banks crowd to climate risk gathering

    The new central banks’ Network for Greening the Financial System will hold its first full scale gathering in Amsterdam on Friday, to begin its work of helping central banks and financial supervisors cope with an issue for which there is no precedent — how to keep the financial system stable when the climate is changing.

    • 04 Apr 2018
  • Qualitas Medical tries again for IPO after Asia expansion

    Malaysia's Qualitas Medical is marketing its S$100m ($77m) IPO in Singapore at a deep discount to other healthcare names, picking the city-state as the listing venue to highlight its regional ambitions.

    • 04 Apr 2018
  • Mosaic readies new solar loan securitization

    Solar finance company Mosaic is preparing to issue its first securitization of 2018.

    • 03 Apr 2018
  • UK must join the race to the top in green finance

    The UK's political and financial classes are battered and tossed by Brexit. All the more reason why they should keep their sights on what will ultimately be a bigger issue: how to make finance sustainable.

    • 03 Apr 2018
  • Tenaga’s UK wind arm powers up sterling refi

    Tenaga Wind Ventures UK has signed a £120m loan facility arranged by BayernLB, as the UK renewable energy arm of Malaysian utility Tenaga Nasional looks to refinance the debt-powered acquisition of two companies.

    • 03 Apr 2018
  • Caffil, LBP and PBB move towards ESG covered bond issuance

    Caisse Française de Financement Local (Caffil) plans to issue its first social covered bond this year and, along with La Banque Postable (LBP), it is considering a debut green deal in 2019. Deutsche Pfandbriefbank (PBB) has green assets to fund but is biding its time. These issuers and other key market participants spoke of their sustainable finance plans in the Crédit Agricole CIB covered bond roundtable.

    • 03 Apr 2018
  • PACEfunding closes debut securitization

    PACEfunding, a California-based residential Property Assessed Clean Energy (PACE) finance firm, closed its debut securitization this week. The company has plans to launch a second offering later this year.

    • 29 Mar 2018
  • Tesla bond loophole puts Gigafactory in the spotlight

    With Moody’s analysts predicting last week that Tesla would need a $2bn capital injection, high yield analysts have pointed to the company’s Gigafactory as a likely source of collateral, as the flagship facility was excluded from the firm’s covenant package in its last deal.

    • 29 Mar 2018
  • SGX proposes dual-class share safeguards in final consultation

    The Singapore Exchange is at the final consultation stage for dual-class share listings, seeking feedback on safeguards against entrenchment risks, according to a document released on Wednesday.

    • 29 Mar 2018
  • NDRC, Hong Kong strengthen economic relationship

    China’s National Development and Reform Commission (NDRC) and Hong Kong have signed an economic partnership agreement, solidifying Hong Kong’s role in the Mainland’s international fundraising activity.

    • 29 Mar 2018
  • UK finance goes green: inquiry proposes radical reform and green Gilt

    The UK’s Green Finance Taskforce has come up with strong recommendations for how the country should green its financial system, including issuing a big sovereign green bond, writes Jon Hay.

    • 28 Mar 2018
  • Heavily shorted Tesla bonds and shares tumble after Moody’s downgrade

    Moody’s Investors Service downgraded Tesla on Tuesday, citing the company’s liquidity challenges as it struggles to ramp up production of its Model 3 electric car. The move caused the company’s shares — the most heavily shorted US stock — as well as its high yield debt to slump.

    • 28 Mar 2018
  • Supras turn to niche MTNs for green funds

    Two supranational borrowers used niche currency private placements this week to raise cash for their green projects.

    • 28 Mar 2018
  • Investors welcome Elysium’s refi deal

    This week, Elysium Healthcare successfully refinanced the loan that backed its leveraged buyout by BC Partners, getting a bigger size and better pricing three months after the original deal was met with a lukewarm reception from investors.

    • 28 Mar 2018
  • GSK’s ratings under pressure with Novartis purchase

    UK drug maker GlaxoSmithKline agreed to buy Novartis’ 36.5% stake in the pair's consumer healthcare joint venture just days after backing out of an acquisition for a similar Pfizer unit. But analysts disagree whether GSK’s ratings are being stretched to breaking point despite the new trade being far smaller.

    • 28 Mar 2018
  • New World points way towards green loans

    The Asian green loan market is finally starting to take shape, with a handful of borrowers approaching banks for fundraising. It’s still early days but there are huge opportunities for growth. Rashmi Kumar reports.

    • 28 Mar 2018
  • Luxembourg, Shanghai ready green bond collaboration

    International investors will be getting a more transparent look at China’s domestic green bonds, following a new initiative from the Luxembourg Stock Exchange (LuxSE) and the Shanghai Clearing House.

    • 28 Mar 2018
  • With bank green fund open, IFC turns to sovs, corps

    The International Finance Corp hopes to stimulate green bond issuance by governments and companies — as well as the banks it already works with — through advising issuers and a new investment fund.

    • 27 Mar 2018
  • Olam grows $500m sustainability-linked club loan

    Singaporean agricultural company Olam International has raised a three year sustainability-linked $500m revolving club loan, the first of its kind in Asia.

    • 27 Mar 2018
  • Sunlands Online Education prices IPO low to raise $150m

    China-based Sunlands Online Education Group has bagged $149.5m from its US IPO after pricing the deal at the bottom of guidance.

    • 26 Mar 2018
  • Green finance has no bounds

    The first green loans from Asia have finally emerged. It is about time. For the sustainable financing market to move to the next level in the region, it is crucial that borrowers, bankers and regulators stop limiting their attention only to the bond market.

    • 26 Mar 2018
  • Jingneng Clean Energy makes debut with $220m green loan

    Beijing Jingneng Clean Energy has launched a $220m green loan into syndication, the first of its kind for the company.

    • 23 Mar 2018
  • Iberdrola EUR700m 2.625% Perp NC 6 year

    • 22 Mar 2018
  • CEB EUR500m 0.375% Mar 25 social inclusion bond

    • 22 Mar 2018
  • Uber closes successful self-driven deal in hot US lev loan market

    Uber blazed a trail in the leveraged finance market this week, brushing off a fatal car crash involving one of its self-driven cars to close a bigger than expected self-syndicated leveraged loan at a spread inside of the initial price range.

    • 22 Mar 2018
  • Social inclusion bond prints in clear field

    The euro market was all but deserted this week, but one borrower broke the silence, hitting screens for a socially responsible investment bond on Tuesday.

    • 22 Mar 2018
  • Danone joins social club and achieves tight pricing

    French food company Danone received a strong response on Monday when it sold its inaugural social bond, the first from a corporate issuer since the social bond principles were set out by the International Capital Market Association in June 2017.

    • 22 Mar 2018
  • Iberdrola forced to sell second green hybrid at bargain yield

    Spanish utility Iberdrola had significant success with its debut green hybrid bond in November when it received €3.2bn of orders. However, its second such bond failed to tighten from initial price thoughts when it was issued this week.

    • 22 Mar 2018
  • Housing associations keep sterling PPs buoyant

    Watford Community Housing has raised £200m from a mixture of loan facilities and private debt. Housing association transactions have been “keeping PP agents busy” in a quieter month in the sterling private placement market.

    • 22 Mar 2018
  • Green loans get guidelines from LMA

    The Loan Market Association (LMA) has launched standardised guidelines for green loans, a move that bankers say is a significant step forward in expanding the nascent market.

    • 21 Mar 2018
  • Green bonds are a catalyst for wider action, say issuers

    Funding officials said green bonds had stimulated other sustainability work across their organisations at the Climate Bonds Initiative conference in London on Tuesday.

    • 21 Mar 2018
  • NWD makes old loan green, sets up new framework

    Hong Kong-listed New World Development has converted a loan signed in March 2016 into a green loan, a first of its kind for the company and in line with its plan to promote sustainability across its business.

    • 21 Mar 2018
  • Secrecy is not an option

    A panel on gender parity in the workplace, hosted by Women’s Energy Network (WEN) last Wednesday in New York, pulled no punches in demanding that Wall Street stop hiding behind a culture that uses settlements to deal with sexual misconduct.

    • 20 Mar 2018
  • CEB prints on the curve with second social inclusion bond

    The Council of Europe Development Bank returned to the market for socially responsible investments on Tuesday, printing a seven year “social inclusion” bond.

    • 20 Mar 2018
  • Beijing Capital paints the town green with $600m deal

    Beijing Capital Group debuted in the green bond market on Monday with a $600m-equivalent deal featuring dollars and offshore renminbi (CNH), finding enough buy-side support to tighten pricing by over 20bp on both the tranches.

    • 20 Mar 2018
  • NYSERDA pivots to ABS after Trump scraps energy bond scheme

    The New York State Energy Research and Development Authority (NYSERDA) issued a debut residential solar ABS last week to finance its Green Jobs–Green New York (GJGNY) programme, three months after the municipal green bond scheme it previously used for financing was scrapped.

    • 19 Mar 2018
  • CEB mandates for social inclusion bond

    The Council of Europe Development Bank’s long awaited social inclusion bond will come to market on Tuesday, following a two week roadshow.

    • 19 Mar 2018
  • Social bond achieves much tighter print than green bond

    Two new SRI corporate bonds were priced on Monday, but with very different results. Iberdrola’s green hybrid bond failed to tighten from initial price thoughts, while Danone’s debut social bond had to pay just 2bp of premium.

    • 19 Mar 2018
  • BoE’s Carney: cryptocurrencies are not a threat, for now

    The governor of the Bank of England, Mark Carney, has warned his international colleagues that while “crypto-assets do not pose risks to financial stability” now, this could change should the asset class become more “interconnected” with the regulated financial system.

    • 19 Mar 2018
  • IFC, Amundi close ground-breaking EM bank green bond fund at $1.4bn

    Senior executives of the International Finance Corp and Amundi will gather in Paris on Friday afternoon for the official signing of Amundi Planet — Emerging Green One: the innovative fund the organisations set up to invest in green bonds issued by emerging market banks. The fund is already closed and listed on the Luxembourg Stock Exchange.

    • 15 Mar 2018
  • Crédit Ag sheds EM loan risk to IFC, makes social loan promise

    The International Finance Corp and Crédit Agricole CIB have engaged in their second synthetic risk transfer (SRT) transaction. It continues the work both institutions have been doing to interweave such deals with socially responsible purposes.

    • 15 Mar 2018
  • Volkswagen Immobilien launches first green SSD of 2018

    Volkswagen’s real estate arm launched a debut green Schuldschein on Wednesday, the first of the year.

    • 15 Mar 2018
  • E.On’s leverage likely to rise in Innogy acquisition

    E.On is expected to re-lever its balance sheet to support its new, more pedestrian business mix after its acquisition of Innogy is completed in 2019, according to analysts at Bernstein.

    • 15 Mar 2018
  • EBRD taps zloty for first ‘health’ bond

    The European Bank for Reconstruction and Development (EBRD) has introduced a new theme to the market for socially responsible investments, printing a “health bond” in Polish zloty on Tuesday.

    • 15 Mar 2018
  • Siemens Health books close, just below middle of range

    Books closed on the IPO of Siemens Healthineers, the healthcare technology division of Siemens, on Thursday lunchtime, with the base deal valued at €3.65bn and the company at €28bn.

    • 15 Mar 2018
  • EBRD taps zloty for first ‘health’ bond

    The European Bank for Reconstruction and Development (EBRD) has introduced a new theme to market for socially responsible investments, printing a “health bond” in Polish zloty.

    • 14 Mar 2018
  • Qatar raises €506m from Veolia clean-up

    A clean-up trade in shares of Veolia Environnement, the French environmental services company, by Qatari Diar, an arm of Qatar’s sovereign wealth fund, failed to clear on Monday night, leaving Société Générale long the stock.

    • 14 Mar 2018
  • Investors swallow largest corporate bond deal of 2018 for Sanofi

    Sanofi, the French pharmaceutical company, priced on Wednesday the largest corporate bond deal so far in 2018, an €8bn six-tranche deal. The company regularly uses a multi-tranche approach to the market, but this was its largest deal so far in any currency.

    • 14 Mar 2018
  • Healthineers to price in bottom half, for a €28bn valuation

    The IPO of Siemens Healthineers, the healthcare technology division of Siemens, is covered throughout its revised price range, according to a banker involved in the transaction.

    • 14 Mar 2018
  • Chinese issuers venture into euro market

    China’s Tianjin Rail Transit Group Co (TRT) and Chengdu Xingcheng Investment Group Co both dipped into the euro market on Tuesday, with the former printing a green bond.

    • 14 Mar 2018
  • PACEfunding taps Natixis for debut ABS

    PACEfunding, a California-based residential Property Assessed Clean Energy (PACE) finance firm, has mandated Natixis to lead its first ever securitization.

    • 13 Mar 2018
  • Paprec plants refi green in recovering HY

    Bankers and investors said that a new deal from Paprec Group, the French waste recycler, showed that the supply of refinancing deals still had legs and could boost overall issuance volumes in the high yield market. Paprec's deal was also green, but did anyone care?

    • 13 Mar 2018
  • Boqi Environmental goes low to seal HK$605m IPO

    China Boqi Environmental Holdings has raised HK$605.2m ($77.2m) after pricing its IPO at the bottom of guidance, according to a source close to the deal.

    • 12 Mar 2018
  • Rapid advance in greening financial system as savers get a voice

    Brussels has moved even faster than green finance experts hoped to bring forward its Sustainable Finance Action Plan, a document stuffed with measures to change the way financial markets operate and make them better fitted for the fight against climate change.

    • 08 Mar 2018
  • EU green finance plan: what’s going to happen

    The European Commission’s Sustainable Finance Action Plan, announced on March 8, involves no less than 10 different workstreams, covering a wide range of the ideas put forward by the High Level Expert Group on Sustainable Finance, which held a one year inquiry for the European Commission during 2017.

    • 08 Mar 2018
  • Wunder Capital looking at C&I solar ABS launch in 2019

    Wunder Capital, a Colorado-based commercial and industrial (C&I) solar shop, plans to launch the industry’s first C&I solar securitization in 2019.

    • 08 Mar 2018
  • Land NRW breaks size record with sustainability bond

    The German State of North-Rhine Westphalia came to market this week with its fourth sustainability bond. The bond is the issuer’s largest ever, narrowly outstripping several €2bn bonds at €2.025bn.

    • 08 Mar 2018
  • Land NRW EUR2.025bn 0.95% Mar 28 sustainability bond

    • 08 Mar 2018
  • Prologis sells first green bond from logistics Reit

    Prologis, the US-based warehouse Reit group, recently became the first issuer from its sector to issue a green bond, when it sold a €300m 10 year deal.

    • 08 Mar 2018
  • Big pharma: CVS sells major debt dose as bankers pin hopes on M&A

    CVS Health printed the third-biggest bond deal of all time as it funded its $67.5bn acquisition of Aetna. Bankers hope that a revival in M&A activity will provide a shot in the arm for supply.

    • 08 Mar 2018
  • John Laing to raise £210m to fund US and Asian pipeline

    John Laing Group, the UK infrastructure projects company, this week unveiled plans for a £210m rights issue to take advantage of a “growing pipeline of opportunities”.

    • 08 Mar 2018
  • BioPharma Credit to raise $300m to fund more investment

    BioPharma Credit, a closed end investment fund that provides debt capital for the life sciences industry, is to raise $300m through a primary placement of new shares to fund further investments.

    • 08 Mar 2018
  • Temasek trims Celltrion stake in $1bn block duo

    Temasek Holdings made a splash in the block market this week, raising W1.07tr ($1bn) with a pair of overnight trades in South Korean pharmaceutical company Celltrion and its distribution arm Celltrion Healthcare — an approach that was in line with the Singapore sovereign wealth fund’s strategy to rebalance its portfolio. Jonathan Breen reports.

    • 08 Mar 2018
  • BRI bonds: new rules fall short on perks and clarity

    Regulators in China have finally published issuance guidelines for Belt and Road bonds. But the rules still do not clearly define which bonds qualify, and fail to address issuers’ concerns on capital repatriation and borrowing costs.

    • 08 Mar 2018
  • Credit Suisse eyes renewable energy with debut green trade

    Credit Suisse is planning to issue its first ever green bond, with the proceeds earmarked for financing sustainable energy projects and climate action initiatives.

    • 07 Mar 2018
  • The top three sustainable banks, according to Oekom

    GlobalCapital can reveal the three most sustainable banks, as picked by Oekom Research in its 2018 Corporate Responsibility Review, which has not yet been published.

    • 07 Mar 2018
  • Temasek unit trims Celltrion holdings in $1bn block duo

    Singapore sovereign wealth fund Temasek Holdings has raised W1.07tr ($1bn) after offloading stock in South Korean pharmaceutical company Celltrion and its distribution arm Celltrion Healthcare in a pair of overnight block sales.

    • 07 Mar 2018
  • Siemens Health covered on first day as gentle range works

    The IPO of Siemens Healthineers was covered on day one of its bookbuild on Tuesday after its parent, Siemens, set a price range designed to please potential investors in the IPO of its medical technology division.

    • 07 Mar 2018
  • NYSERDA debuts resi solar loan ABS

    The New York State Energy Research and Development Authority (NYSERDA) is marketing a debut $18.5m securitization backed by payments on residential solar loans.

    • 06 Mar 2018
  • Provisions, meet politics: Italy and the ECB’s NPL plan

    The European Central Bank’s plans to press on with non-performing loan (NPL) reduction may be necessary, but in the wake of the Italian election, they could be the spark to ignite a political firestorm.

    • 06 Mar 2018
  • Land NRW gets largest ever deal with sustainability bond

    The State of North Rhine Westphalia broke its size record with a sustainability bond on Tuesday, printing €2.025bn and cutting 2bp from guidance to offer a skinny new issue premium.

    • 06 Mar 2018
  • China should push green bond issuers offshore

    China may be one of the world’s largest green bond markets, but its issuer base offshore has only seen limited growth. The market regulator may want to pick up cues from the development of its domestic green debt market to boost international issuance.

    • 06 Mar 2018
  • Biotech chapter unlikely to float cornerstones’ boat

    In the new Clawback, columnist Philippe Espinasse analyses the impact of Hong Kong’s new rules around cornerstone investors in biotechnology companies.

    • 06 Mar 2018
  • Land NRW readies sustainability deal as CEB hits the road

    The SRI market is in full swing. Two borrowers are set to come to market on Tuesday, while a third is going on the road to promote its return to the format.

    • 05 Mar 2018
  • Portsmouth Uni debuts in PP market

    The University of Portsmouth entered capital markets for the first time on Monday, issuing some £100m worth of privately placed bonds. The south coast institution follows many other UK universities in choosing to issue private placement notes, as well as public bonds, to lock in long term funding at low rates.

    • 05 Mar 2018
  • EU green finance Action Plan revealed: action on many fronts

    The European Commission plans to move ahead fast with a wide range of actions to green financial markets, according to a leaked draft of its Action Plan on Sustainable Finance, seen by GlobalCapital.

    • 02 Mar 2018
  • EU ministers, MEPs dislike plans for green capital advantage

    The EU institutions are not likely to introduce lower bank capital requirements for green assets, judging by the response of politicians and lawmakers so far.

    • 02 Mar 2018
  • Prologis first logistics Reit to issue green bond

    On Thursday, Prologis, the US-based warehouse Reit group, became the first issuer from its sector to issue a green bond, when it sold a €300m 10 year deal.

    • 02 Mar 2018
  • Sovereign green to spread after Belgium issues, HK commits

    Hopes that green bonds will become an established segment of the sovereign bond market rose this week when Belgium launched its first one to an enthusiastic reception and Hong Kong’s government set out plans for a HK$100bn ($12.8bn) green bond programme.

    • 01 Mar 2018
  • Sovereign cryptocurrencies on the rise

    In the wake of Venezuela’s launch of petro, an oil-backed digital currency under the control of the nation’s central bank, a host of sovereign cryptocurrency products have emerged. For some nations, it is a ploy to circumvent sanctions but, for others, it could provide an important piece of future infrastructure for blockchain based settlement.

    • 01 Mar 2018
  • Sovereign cryptocurrencies on the rise

    Governments and central banks around the world are announcing plans for state run cryptocurrencies. While some developing countries are keen to do so to circumvent international sanctions, cryptocurrencies from developed countries could form a major part of blockchain settlement infrastructure.

    • 01 Mar 2018
  • Blackstone underwrites Swedish developer's Skr1bn rights issue

    D Carnegie & Co, Sweden's largest listed residential property developer, is raising capital through a rights issue to expand is investment and development opportunities.

    • 01 Mar 2018
  • Modern Land builds $350m HY green bond

    Modern Land (China) Co sold its third green dollar bond on Tuesday, as it remains the only Chinese green issuer from the high yield property sector.

    • 01 Mar 2018
  • Central banks go long for Belgian green OLO

    Belgium achieved one of its tightest new issue premiums for years with its inaugural green bond, as green-minded investors from across Europe — and at central banks — piled into the deal on Monday.

    • 28 Feb 2018
  • Chinese property bonds on fire as issuers rake in $1.2bn

    Four of the six deals in the primary market in Asia on Tuesday were from Chinese real estate companies. But despite the inevitable competitive dynamics between the trades, Modern Land (China) Co, Yuzhou Properties Company, Guorui Properties and Tahoe Group Co were all able to meet their targets.

    • 28 Feb 2018
  • CleanFund nears launch of debut commercial PACE ABS

    CleanFund Commercial Capital is on track to issue its debut commercial Property Assessed Clean Energy (PACE) securitization in either April or May, according to sources at the SFIG conference at Las Vegas.

    • 28 Feb 2018
  • Indonesian rubber company sells first corporate sustainability bond

    The Tropical Landscapes Finance Facility (TLFF) secured $95m from Asia’s first corporate sustainability bond on Monday.

    • 27 Feb 2018
  • Indonesia’s green sukuk needs a harder look

    The Republic of Indonesia’s maiden green sukuk last week was a landmark for green finance, becoming the first green sovereign issue in Asia, and one of just a handful globally. Indonesia deserves to be lauded for its efforts, but it’s too soon to judge the country by its one green financing exercise — especially as the nation is far from environmentally friendly.

    • 27 Feb 2018
  • Belgium makes ‘impressive’ GrOLO debut

    The Kingdom of Belgium hit the market on Monday with its long awaited first green OLO. The sovereign received strong demand for the deal, tightening its spread by 3bp and pulling in a book of €12.7bn.

    • 26 Feb 2018
  • Mapfre cuts loan costs with green label

    Spanish insurance firm Mapfre has amended and extended a €1bn syndicated loan, adding two years to the maturity and a sustainable financing element that could lower the cost.

    • 26 Feb 2018
  • Belgium’s green debut set for next week

    The Kingdom of Belgium’s first green bond will be launched next week following a two week roadshow.

    • 23 Feb 2018
  • Indonesia’s landmark green bond wakes up market

    The Government of the Republic of Indonesia raised $1.25bn on Thursday in the first green sukuk from a sovereign, paving the way for more green issuance from Asian countries.

    • 23 Feb 2018
  • PACE lien delinquencies lower than property taxes, says DBRS

    A study by DBRS, published this week, shows that residential Property Assessed Clean Energy (PACE) loan delinquency rates have been consistently lower than those on residential property taxes, dispelling some of the uncertainty up around borrower repayments in the budding sector.

    • 22 Feb 2018
  • Evidence builds of tighter green bond pricing

    A new study of green bond pricing has stopped short of saying that green bond issuers can generally expect to get tighter new issue premiums. But the report’s lead author did say: “Green bond buyers can’t expect to receive a new issue premium — that is itself quite a bold statement.”

    • 22 Feb 2018
  • Ence brings €160m CB at ‘fair’ terms after stock run-up

    Ence, the Spanish biomass energy company, finalised a €160m equity-linked bond on Thursday to fund the voluntary redemption of an earlier straight bond.

    • 22 Feb 2018
  • Indonesia sukuk gives fillip to nascent green market

    The Government of the Republic of Indonesia’s green sukuk is a game changer for the region, giving a boost to a green sovereign bond market that has so far had scant issuance globally.

    • 22 Feb 2018
  • Military action in Syria weighs on Akbank trade

    A Turkish military strike in Syria on Tuesday hit investor appetite for Akbank’s subordinated tier two offering, with the raid causing several accounts not to come into the book at all, according to a lead manager.

    • 21 Feb 2018
  • Amundi to take top spot in sustainability ratings

    Oekom Research, the sustainability ratings agency, has given only 7% of the asset managers and securities brokerages it assessed a prime rating, in an unpublished report seen by GlobalCapital.

    • 20 Feb 2018
  • IRFC has 'fingers crossed' for $250m 10 year loan

    Indian Railway Finance Corp has approached offshore lenders for a financing of up to $250m-equivalent in Japanese yen. But the company may struggle to generate demand from maturity-shy Japanese lenders, said a banker familiar with the deal.

    • 20 Feb 2018
  • Peru stock exchange plots green bond initiative

    The UK Embassy in Peru and Bolsa de Valores de Lima (BVL), the Lima Stock Exchange, have launched plans for what would be the first green bond market in South America, following a similar initiative in Mexico.

    • 20 Feb 2018
  • World Bank lands in Swedish kronor for sustainable bond

    The World Bank has raised Skr1.2bn ($150.2m) with a five year sustainable bond, following up a $350m private placement sold to Folksam Group last week.

    • 19 Feb 2018
  • Siemens Health brings trophy IPO to wary market

    Siemens has begun the IPO process for the highly anticipated spin-off of its health division, Siemens Healthineers, by releasing its intention to float document.

    • 19 Feb 2018
  • Madrid scores with SRI bond, coaching others on tactics

    The Autonomous Community of Madrid this week made a triumphant second visit to the socially responsible investment (SRI) market as it printed a deal double the size of its debut last year. Further issuance from the borrower — in conventional and SRI format — is likely to come soon, although in private placement (PP) format. But there may be further SRI issuance from some of Madrid’s Spanish peers.

    • 15 Feb 2018
  • Madrid EUR1bn 1.773% Apr 28 sustainable bond

    • 15 Feb 2018
  • World Bank SDG bond marks SRI broadening

    The World Bank’s Sustainable Development Goal (SDG) themed bond could mark a sea change as socially responsible investors broaden their focus from environmental issues to the wider universe of sustainable assets, particularly focused on the UN’s SDGs.

    • 15 Feb 2018
  • Investors slam banks for superficial approach to climate risk

    A group of more than 100 investors managing nearly $2tr in assets said in a report this week that banks had put up only ‘skin deep’ efforts to capture the risks and opportunities associated with climate change.

    • 15 Feb 2018
  • ANZ raises €750m as interest in sustainable bonds begins to grow

    ANZ sold what it said was the first issue of a bond aligned to UN Sustainable Development Goals (SDGs) in euros this week, raising €750m of new funding.

    • 15 Feb 2018
  • Climate risk is worth stressing about

    Central banks have been tweaking and improving their stress testing models in recent years. But these schemes are already long overdue using a climate risk scenario.

    • 15 Feb 2018
  • ANZ seals maiden sustainable bond

    ANZ raised €750m this week from its first bond aligned with the UN sustainable development goals (SDGs), marking only the second such deal globally.

    • 15 Feb 2018
  • Ganfeng Lithium seeks greenlight for HK IPO

    Ganfeng Lithium Co, the world’s largest producer of lithium metals, has filed a draft IPO prospectus with the Hong Kong Stock Exchange.

    • 15 Feb 2018
  • World Bank deal heads SDG bond trend

    The World Bank’s Sustainable Development Goal (SDG) themed bond could mark a sea change as socially responsible investors broaden their focus from environmental issues to the wider universe of sustainable assets, particularly focussed on the UN's SDGs.

    • 14 Feb 2018
  • SDG themed bonds ‘growing in prominence’

    Bonds targeting the United Nation’s Sustainable Development Goals (SDG) are set to become a bigger part of the socially responsible investment universe, according to one investor.

    • 14 Feb 2018
  • ANZ goes for size with debut sustainable bond

    ANZ equalled a record €750m deal size with its first ever sustainable bond on Wednesday, as bankers said that the market was wide open for deals in more defensive formats.

    • 14 Feb 2018
  • Tax reform presents obstacle for residential PACE ABS

    A trio of changes in the recently signed US tax reform package could lead to shrinking origination volumes of residential Property Assessed Clean Energy (PACE) liens, and speed up prepayments on existing PACE securitizations, analysts at Morningstar Credit Ratings cautioned this week.

    • 13 Feb 2018
  • Madrid scores ‘excellent’ result with second SRI visit

    The Autonomous Community of Madrid on Tuesday printed its largest ever sustainable bond — and its biggest bond of any kind in three years — with a trade that was double the size of its SRI debut last year. Bankers away from the trade hailed the “excellent” result, with one saying it was “probably as good a result as the issuer could have hoped for”.

    • 13 Feb 2018
  • ANZ eyes euros for debut sustainable bond

    ANZ is lining up its first issue of a bond aligned to the UN Sustainable Development Goals (SDGs), following its debut green transaction in 2015.

    • 13 Feb 2018
  • Universities target 'patient' investors to buy into innovation

    The worlds of academic research and finance are increasingly merging, as “patient capitalists” look to invest in university spin-outs for social impact and returns — and some equity investors and SRI funds are taking note.

    • 13 Feb 2018
  • Madrid to revisit sustainable market

    The Autonomous Community of Madrid is prepping its second ever sustainable benchmark, after mandating banks on Monday.

    • 12 Feb 2018
  • ECBC launches EeMAP public consultation

    The European Covered Bond Council (ECBC) has launched a consultation seeking market feedback on draft guidelines for a standardised European energy efficient mortgage.

    • 12 Feb 2018
  • Fannie Mae’s surge makes green MBS a big market

    Fannie Mae has quietly become a powerhouse in green securitization. In 2017 it issued $27.6bn of green mortgage-backed securities, dwarfing all other issuance ever.

    • 11 Feb 2018
  • Umicore raises €891.5m despite difficult markets

    Umicore, the Belgian materials technology and recycling group listed on Euronext Brussels, braved volatile equity markets on Thursday to raise €891.5m of new equity.

    • 09 Feb 2018
  • Unifin continues microfinance run in tough conditions

    Mexican non-bank lender Unifin made its second bond market outing of the year on Thursday with a senior unsecured deal that came at the wide end of initial price thoughts.

    • 08 Feb 2018
  • Belgium’s Green OLO to fund rail transport

    Rail travel will be the centrepiece of the Belgian government’s green bonds, the framework for which was revealed on Thursday morning at meetings in Brussels.

    • 08 Feb 2018
  • US RMBS to escape downgrades from hurricane impact, says Fitch

    Regions in the US hit by hurricanes in August and September are recovering at a rate that will likely spare residential mortgage bonds from downgrades, said Fitch Ratings on Thursday.

    • 08 Feb 2018
  • RusHydro opens Eurorouble bond market to take Rb20bn

    RusHydro, the Russian hydroelectric power generator, issued the first local currency Eurobond of 2018 with a three year note on Thursday. Bond bankers said that internationally cleared local currency bonds would gain increasing traction this year.

    • 08 Feb 2018
  • Italo shareholders pushed management to dump IPO for higher PE offer

    Italian high speed train operator Italo pulled its IPO on Wednesday night, the day before the syndicate was due to release a price range, of €1.5bn to €1.6bn, in order to take a €1.98bn offer from New-York based private equity firm Global Infrastructure Partners.

    • 08 Feb 2018
  • Novartis suffers no equity hangover for long bonds

    A plunge in global stock prices at the start of the week only closed the European investment grade corporate bond market for a day before Novartis attracted €6.5bn of combined demand for a triple tranche offering.

    • 08 Feb 2018
  • Shaken but not deterred: Lat Am quake cover drives largest World Bank cat bond

    The World Bank has priced $1.36bn of catastrophe bonds to provide earthquake protection to Mexico, Chile, Colombia and Peru, despite bondholders losing their principal on Mexico’s last cat bond after a quake in September.

    • 08 Feb 2018
  • Aster DM prepares float, ICICI Sec listing approved

    Aster DM Healthcare is finally set to launch its Rp9.8bn ($152.7m) IPO, having once again scaled back the deal size and changed the syndicate.

    • 08 Feb 2018
  • Banks sit out of 'quiet' Norwegian krone market

    Supply of new debt in the Norweigan krone market has been 'much scarcer' at the start of 2018 than in previous years, with banks already well funded and with asset managers still awaiting a spike in green bond issuance.

    • 07 Feb 2018
  • CEB ready for social spring, NRW preps sustainability

    The Council of Europe Development Bank (CEB) is planning to bring its second ever social inclusion bond in the spring, and has outlined to GlobalCapital the expected currency and tenor. The State of North Rhine-Westphalia also looks set to bring an SRI bond, after mandating banks on Wednesday for a roadshow.

    • 07 Feb 2018
  • JinkoSolar launches $100 ADS fundraising

    JinkoSolar Holding Co set out plans to raise $100m on Wednesday, after opening the order book for a follow-on offering of American Depository Shares alongside a private placement of the shares, according to a deal term sheet.

    • 07 Feb 2018
  • The HLEG’s report: L’union fait la force

    In the week Belgium announces its first green bond roadshow, the national motto (Eendracht maakt macht in Dutch) aptly captures the real importance of the European Commission’s new roadmap on sustainable finance, which lays out a panoply of actions Europe could take to green its financial system. That is: unity makes strength.

    • 06 Feb 2018
  • Mixed messages in the debate over green capital relief

    Authors of last week’s HLEG sustainable finance report seem unsure whether they want green capital relief or not — while the European Banking Federation (EBF) seems unsure about why.

    • 06 Feb 2018
  • MLP Care IPO prices, shareholders will make up shortfall

    MLP Care, the Turkish company that owns the Medical Park chain of private hospitals, priced its IPO on Tuesday after extending the bookbuild and slashing the price range.

    • 06 Feb 2018
  • Talk is cheap, but no longer effective in hindering Russia

    Last week’s chatter in the bond markets about the US applying a new round of sanctions on Russia served to highlight how little investors feel threatened by this kind of talk. Now the US has to take action to affect Russia.

    • 06 Feb 2018
  • Belgium's green bond roadshow appears on schedule

    The Belgian Debt Agency announced on Monday that it would issue its first green OLO in the near future, after a roadshow that begins on Thursday February 8. This fulfils a plan announced by prime minister Charles Michel at the One Planet Summit in December.

    • 05 Feb 2018
  • Drug manufacturer AGP guns for $25m Pakistan IPO

    Pakistan-based pharmaceutical company AGP is set to launch bookbuilding for a Prp2.8bn ($25.2m) offer-for-sale on the country’s stock exchange this week, according to a statement by financial services company JS Global Capital.

    • 05 Feb 2018
  • Aster DM Healthcare rejigs IPO size, syndicate yet again

    Aster DM Healthcare is set to launch its Rp9.8bn ($152.7m) IPO in India next week, after only its latest attempt to scale back the deal size and change the syndicate group.

    • 05 Feb 2018
  • Cogo seals $595m rights, Ganfeng Lithium seeks nod for HK IPO

    China Overseas Grand Oceans Group (Cogo) has raised HK$4.7bn ($595.2m) from a rights issue of over a billion new shares, despite the deal being undersubscribed by shareholders.

    • 05 Feb 2018
  • RusHydro returns to eurorouble market

    RusHydro, the Russian hydroelectric power generator, will meet investors next week for a Eurorouble bond.

    • 02 Feb 2018
  • Green capital relief off the agenda… for now

    The European Commission's High Level Expert Group report on Sustainable Finance this week stopped short of advocating that banks should be able to hold less capital against green assets, but the idea still has political legs.

    • 01 Feb 2018
  • Buyers line up to get behind wheel of first Tesla auto ABS

    Tesla’s first outing in the securitization market was greeted with much fanfare from investors, with the electric car maker pricing its deal on Thursday to huge demand.

    • 01 Feb 2018
  • HLEG pushes stricter EU green bond label

    The European Commission's High Level Expert Group on Sustainable Finance has put a high priority on green bonds, proposing a new EU standard, to be put in place this year, which could be more stringent than current market practice.

    • 01 Feb 2018
  • EU law to steer markets to green future

    Europe’s financial system turned a corner this week, as the European Commission declared it would introduce legislation to redirect markets towards sustainability and equip them to face the threat of climate change, writes Jon Hay.

    • 01 Feb 2018
  • Wellcome looks to next century with latest long sterling deal

    The two 100 year corporate bonds previously sold in the sterling market had received excellent responses and, when London-based charity the Wellcome Trust became the latest member of the century club this week, it proved that investors' demand for ultra long bonds is far from satisfied.

    • 01 Feb 2018
  • Poland builds confidence in green as sovereigns queue

    The Republic of Poland exceeded its own and its leads’ hopes when it issued its second green bond this week. Piotr Nowak, undersecretary of state at Poland's finance ministry, told GlobalCapital that with 41% of green accounts participating, the sovereign had succeeded in diversifying its investor base.

    • 01 Feb 2018
  • Balls of steel, or crystal?

    The Wellcome Trust charity is a fine institution. The medical research it has funded will benefit the world for many years. This week it helped fund that work by selling a £750m 100 year bond. The investors who bought it probably have a warm glow inside knowing they have helped the cause. But is it responsible to buy bonds that will redeem in 2118?

    • 01 Feb 2018
  • KfW seeks green currency diversity

    KfW is taking steps to diversify its green bond issuance away from euros and dollars. Taking advantage of strong demand for sustainable investment in Sweden, it sold its largest ever green Swedish krona bond.

    • 01 Feb 2018
  • Can M Grass overcome its local government cooking the books?

    A green construction company in the Chinese region of Inner Mongolia has expressed interest in selling a dollar green bond. But the deal will have to overcome damning revelations that the local government released false economic data.

    • 01 Feb 2018
  • Sea change at CFPB casts shadow over 'underbanked'

    A change in the direction of the Consumer Financial Protection Bureau (CFPB) announced this month was singled out by participants on a Wednesday panel hosted by LendIt as a worrying development for consumers not served by traditional financial services.

    • 31 Jan 2018
  • IFC invests using new local currency facility

    The International Finance Corp (IFC) this week announced an investment in CFAFr5bn ($9m) of 12 year bonds issued by the West African Economic and Monetary Union’s Caisse Régionale de Refinancement Hypothécaire (CRRH), a regional mortgage refinancing company. The transaction took advantage of a new local currency facility, which became operational in December 2017, that allows the IFC to hedge foreign exchange risks in CFA francs. A 15 year bond is expected from CRRH later this year.

    • 31 Jan 2018
  • Iberdrola cuts funding cost with €5.3bn green loan

    Iberdrola, the Spanish electricity company, has amended and extended €5.3bn-equivalent of green loans, in what it claims is the largest sustainable finance transaction ever. It has locked in its best bank facility terms for more than a decade.

    • 31 Jan 2018
  • Sterling investors give warm Wellcome to 100 year

    The two previous 100 year corporate bonds sold in the sterling market had received excellent responses and on Wednesday London-based charity the Wellcome Trust joined the century club, proving that investors' demand for ultra long bonds is far from satisfied.

    • 31 Jan 2018
  • Poland’s second green bond wins hefty book

    The Republic of Poland has set final terms for its €1bn 8.5 year green bond, with books over €3.4bn at the last market update. A banker away from the deal called the final level tight.

    • 31 Jan 2018
  • HLEG report offers blueprint of sustainable finance system

    Europe has a good chance of being able to make a real start on greening its financial system, according to members of the High Level Expert Group on Sustainable Finance, which delivered its report to the European Commission on Wednesday.

    • 31 Jan 2018
  • Indiabulls sells first social Masala bond

    Indiabulls Housing Finance brought the first social offshore rupee bond to the market on Tuesday, raising Rp3.15bn ($49.48m) through a private placement.

    • 31 Jan 2018
  • Sanofi swoops on Ablynx as M&A spree up

    French pharmaceutical company Sanofi has announced its second multi-billion euro takeover this month, offering to buy Belgian biotech company Ablynx for €3.9bn in cash.

    • 30 Jan 2018
  • Poland back for green funding

    The Republic of Poland, which issued the world’s first sovereign green bond, has returned for another bite of the apple, naming leads for a new issue.

    • 30 Jan 2018
  • Deloitte report expected as Popular bondholders back ‘foul play’ probe

    A group of bondholders that lost money after Banco Popular failed last year have applied to join a criminal investigation into the bank’s collapse. The move comes ahead of the Single Resolution Board’s (SRB) expected publication of the valuation report that accompanied its resolution decision.

    • 30 Jan 2018
  • Wellcome Trust readies itself to join 100 club

    London-based charity the Wellcome Trust, which funds biomedical research, announced on Tuesday that it plans to become just the third issuer to sell a 100 year sterling bond. The Aaa/AAA rated charity met with investors on Tuesday morning and plans to issue the bonds as early as Wednesday.

    • 30 Jan 2018
  • PACEfunding to issue debut residential PACE deal

    PACEfunding, a California-based residential Property Assessed Clean Energy (PACE) finance firm, is looking to drum up interest at next month’s SFIG conference at Las Vegas for its debut securitization.

    • 29 Jan 2018
  • Central banks’ new green network broadens focus to environment

    The first meeting of the Central Banks’ and Supervisors’ Network for Greening the Financial System has broadened the emphasis of the group’s work from a focus on climate change to one on climate and the environment.

    • 29 Jan 2018
  • EU needs official Green Bond Standard, HLEG to advise

    The European Commission is being advised to set up a comprehensive Sustainability Taxonomy by 2020 to guide investment decisions towards a greener economy, and to develop an official EU Green Bond Standard. These are key recommendations of its High Level Expert Group on Sustainable Finance, according to a leaked draft copy of its report seen by GlobalCapital.

    • 29 Jan 2018
  • EIF securitizations funnel structural funds to SMEs

    The European Investment Fund has completed a programme of synthetic securitizations in Italy, offering capital relief to five of the country’s lenders in return for cheaper lending in southern Italy.

    • 26 Jan 2018
  • Grameen Koota paves way for $236m India listing

    CreditAccess Grameen filed a draft prospectus for its IPO in India on Wednesday, aiming to raise around Rp15bn ($236m), according to a banker on the trade.

    • 26 Jan 2018
  • Market buys into Mexico microfinance with Unifin perp

    Mexican non-bank lender Unifin printed $250m of perpetual subordinated notes on Wednesday after bankers were pleasantly surprised by the strong participation from large institutional accounts, despite the small size of the deal.

    • 25 Jan 2018
  • Spabol sets green template for resi covered bond mart

    Norway's SpareBank 1 Boligkreditt this week issued the first covered bond secured solely on energy-efficient green residential homes. The transaction not only provides a solid template for other Norwegian borrowers, but may well lay the groundwork for covered bond and RMBS issuers throughout Europe.

    • 25 Jan 2018
  • SSA trio tap hot Swedish krona mart

    Demand for SRI bonds and favourable basis swaps are boosting the Swedish krona market for SSAs, despite concerns late last year that the Swedish central bank’s tightening monetary policy and the krona’s appreciation against the dollar could stifle issuance. The European Investment Bank, Nordic Investment Bank and African Development Bank all came at the long end of the krona curve this week.

    • 25 Jan 2018
  • Equity investors still calm about Turkish war risks

    Equity investors seem to be shrugging off the geopolitical tension surrounding Turkey, which is fortunate for a pipeline of Turkish IPOs, but there are risks if relations with the US worsen further, writes Sam Kerr.

    • 25 Jan 2018
  • Indonesia preps Asia's first green sovereign bond

    The Republic of Indonesia is meeting investors around the world to market what will be Asia's first sovereign green debt sale.

    • 25 Jan 2018
  • Investors hope social returns will make bond yields look better

    So far this year, the European corporate bond market has been an issuer’s market without many issuers. Or perhaps, the feeling that this January has been quiet is a measure of how used market participants have become to a torrent of deals.

    • 24 Jan 2018
  • Cat bond law brings glimmer of clarity amid Brexit fog

    As London waits to see the Brexit deal that emerges for the UK’s financial services industry, one small part of the sector has quietly received a big legal boost.

    • 23 Jan 2018
  • Eight central banks form network to green the financial system

    Representatives of eight central banks including those of France, China, Mexico and the UK are meeting in Paris this week for the first time, as part of a new initiative to share best practice on how to make the financial system greener.

    • 23 Jan 2018
  • SSAs don't need Davos platitudes on green issuance

    UBS’s heads of ultra high net worth wealth management argued, in a Davos-themed special, about the importance of enticing private capital to buy the sustainable bonds of multilateral development banks (MDBs). There are plenty of ways investors can encourage sustainability, but buying more MDB bonds ranks pretty low.

    • 23 Jan 2018
  • Italo offers unique European high speed rail play in IPO

    Italo, the private Italian operator of high speed trains founded by a former chairman of Ferrari, has announced its intention to float on Borsa Italiana, offering investors a “unique” opportunity to play the high speed rail market in Europe, according to a banker involved.

    • 23 Jan 2018
  • Healthcare provider Capio takes bank loan to A&E

    Swedish healthcare company Capio has given its revolving credit facility a shot in the arm by amending and extending it, increasing it by 45% to €343m-equivalent and extending its maturity by 2.5 years.

    • 23 Jan 2018
  • UCB extends RCF to back of debt queue

    UCB, the Belgian pharmaceutical company, has amended and extended its €1bn revolving credit facility early, pushing the maturity of its only commercial bank loan to the far end of its debt profile.

    • 23 Jan 2018
  • SpareBank 1 leads way with first wholly green residential covered bond

    Norway's SpareBank 1 Boligkreditt has issued the first covered bond secured solely on energy-efficient green homes. The €1bn transaction was priced almost flat to fair value and placed with a newly diversified group of investors.

    • 23 Jan 2018
  • NAB’s RMBS to offer direct green/non-green price comparison

    The forthcoming mortgage securitization by National Australia Bank, which includes a green tranche, will be one of the first times any issuer has issued green and normal bonds at the same time that are identical in almost every other way. As such, it will offer a rare insight into pricing.

    • 23 Jan 2018
  • Indonesia sets sights on first Asian sovereign green bond

    The Republic of Indonesia has mandated banks for a green dollar sukuk sale, marking the region’s first sovereign green issuance.

    • 23 Jan 2018
  • Big loan tickets up for grabs as Sanofi sets sights on Bioverativ

    Investment grade loans bankers are ready to stump up big tickets for bridge loans, and deals are coming their way. Sanofi, the French pharmaceutical group, is readying an $11.6bn debt-financed acquisition of Bioverativ, the blood disorder treatment company, and banks are set to launch at least one other M&A loan into syndication this week. Michael Turner reports.

    • 22 Jan 2018
  • Alloheim launches €600m lev loan for Nordic buyout

    The German private nursing care group Alloheim Senioren-Residenzen is out with a new leveraged loan offering to fund its buyout by Nordic Capital. This loan is among the first deals to be lined up to close in February, as hopes build of a surge of merger and acquisition driven borrowing.

    • 19 Jan 2018
  • SK Biopharma sends RFP for US listing

    South Korean firm SK Biopharmaceuticals Co has sent a request for proposals to foreign banks and securities firms as it looks for candidates to lead its IPO, according to a source familiar with the matter.

    • 19 Jan 2018
  • Sparebank eyes green covered as Luxembourg plans law

    Sparebank 1 Boligkreditt has mandated lead managers for a roadshow to market its first green covered bond. The move coincided with proposals from lawmakers in Luxembourg for a green covered bond framework.

    • 18 Jan 2018
  • MUFG talks to investors about green senior

    Mitsubishi UFJ Financial Group is the latest Japanese bank to market a green bond in euros, with a five year senior trade. Proceeds are earmarked for renewable energy projects.

    • 18 Jan 2018
  • Sustainable bond supply gives boost to Swedish krona market

    A growing enthusiasm behind sustainable debt issuance has been adding to supply volumes in Swedish krona market in 2018, with the European Investment Bank tapping a Climate Awareness Bond this week.

    • 18 Jan 2018
  • Luxembourg proposes first green covered bond law

    The finance ministry in Luxembourg has published a draft covered bond law to finance renewable energy infrastructure loans. But there could be limited demand to use the framework, and much depends on new European rules coming later this year.

    • 18 Jan 2018
  • Bond market revival gives second chance to debut issuers

    A receptive market and generous pricing worked in favour of China’s Concord New Energy Group and Indonesia’s Sawit Sumbermas Sarana (SSMS) this week, as both managed to pull off debut dollar bonds two months after failed attempts. Morgan Davis reports.

    • 18 Jan 2018
  • Dermapharm Holding kicks off first German flotation of 2018

    Dermapharm Holding, the German pharmaceuticals company, has begun investor education for the first IPO on the Frankfurt Stock Exchange this year.

    • 18 Jan 2018
  • Dwr Cymru opens taps on corporate sterling market

    Dwr Cymru Welsh Water reopened the investment grade sterling corporate bond market on Wednesday with a £300m bond that came bang in the middle of the maturity range marketed during the issuer's roadshow.

    • 17 Jan 2018
  • Second time’s the charm: Concord, SSMS find success

    China’s Concord New Energy Group and Indonesia’s Sawit Sumbermas Sarana (SSMS) sold their first dollar bonds on Tuesday, successfully completing transactions that were stymied just two months ago.

    • 17 Jan 2018
  • Concord New Energy makes second attempt at dollar bond

    China’s Concord New Energy Group is hoping for second time lucky in the dollar bond market, opening books for a new green deal on Tuesday, about two months after a failed attempt.

    • 16 Jan 2018
  • BPCE reruns client-directed social Samurai

    Groupe BPCE issued ¥116.1bn ($1.04bn) of Samurai notes this week across six tranches, two of which were social bonds. But unlike with many socially responsible deals, the proceeds will go to clients rather than financing projects directly.

    • 15 Jan 2018
  • Chao says ciao to Singapore as IFC replaces Powell

    The International Finance Corp has appointed a new head of funding, following the departure of Ben Powell last October.

    • 15 Jan 2018
  • Swedish report recommends cash for green bond issuers

    Green bond issuers could be encouraged with a payment from the government if the bond finances a reduction in carbon dioxide emissions, according to a report for the Swedish government this week.

    • 12 Jan 2018
  • Sparebank 1 set for green covered, Luxembourg plans green law

    Sparebank 1 Boligkreditt has mandated lead managers for a roadshow to market it first green covered bond. The news comes amid German press articles suggesting lawmakers in Luxembourg are set to propose a green covered bond framework. BayernLB is also lining up a vanilla 10 year Pfandbrief for execution on Monday.

    • 12 Jan 2018
  • Green and social to drive revamped DZ Bank in DCM

    DZ Bank has overhauled its debt capital markets operation and plans to use its sustainable finance credentials to push for more international business, especially in SSAs and covered bonds.

    • 11 Jan 2018
  • Swedish state green bond a ‘golden egg’, says minister

    Expectations that Sweden will issue a sovereign green bond have risen, as a government inquiry this week recommended the idea.

    • 11 Jan 2018
  • European cat bond market poised to grow as UK ILS law passes

    Something is brewing in the catastrophe bond market. Last month the UK government passed a law allowing the creation of insurance-linked security (ILS) vehicles, paving the way for the first ever transaction. More issuance is expected, while more insurers around Europe are expected to consider catastrophe bonds, reports Jasper Cox.

    • 11 Jan 2018
  • IBRD gets C$1bn for sustainable dev amid niche spree

    World Bank issued a rare benchmark Canadian dollar bond this week, raising C$1bn ($802m) with a sustainable development deal in a strong week for niche currency sales from SSA borrowers that also included several Australian and New Zealand dollar deals.

    • 11 Jan 2018
  • Engie EUR1bn 1.5% Perp NC Apr 2023

    • 11 Jan 2018
  • Green demand grows as Enel drops second bond

    Italian electricity supplier Enel sold its second green bond on Tuesday, repeating the timing of its first such offering in 2017, which it also sold in the second week of the year. The latest deal was the same size, but priced tighter and won a larger order book, despite having a longer maturity.

    • 11 Jan 2018
  • Hybrids find new low as Engie goes with green variation

    Multi-tranche and green bond issuance returned to the investment grade corporate bond market on Tuesday, leaving just the hybrid asset class untouched in 2018. That didn’t last long, as Engie and Aroundtown launched new hybrid deals on Wednesday morning, one of which set new lows for coupons and spreads.

    • 11 Jan 2018
  • Agricole puts green banker in Asia

    Crédit Agricole has moved one of its sustainable banking specialists to Asia, hoping to capitalise on what it expects to be a growing market for green bonds.

    • 11 Jan 2018
  • PE firm claims new model for small green projects

    The transition to a greener economy is likely to involve not just changes in the kinds of technology used, but also in scale. Smaller, local installations will become much more important — but these pose financing challenges.

    • 10 Jan 2018
  • Brunello Cucinelli sells block to raise funds for charity

    Brunello Cucinelli, the Italian luxury goods entrepreneur, sold a 6% stake in the fashion brand named after himself through a block trade on Tuesday night, to raise money to spend on charitable projects.

    • 10 Jan 2018
  • Engie green offering breaks Danone’s records as hybrids return

    On Tuesday multi-tranche and green bond issuance returned to the investment grade corporate bond market, leaving just the hybrid asset class untouched in 2018. That didn’t last long, as Engie and Aroundtown launched new hybrid deals on Wednesday morning, one of which set new lows for the product's coupon and spread levels.

    • 10 Jan 2018
  • US private placements to get green bug

    The trend for green debt issuance is set to touch the US private placement (PP) market this year, bringing yet another segment of the debt capital markets within its ambit.

    • 10 Jan 2018
  • NAB to become second green RMBS issuer

    National Australia Bank has mandated its own investment bank to lead a potential mortgage securitization that could include a green tranche, making it only the second issuer of green residential mortgage-backed securities.

    • 10 Jan 2018
  • European equities benefit from China's Blue Sky thinking

    European stock markets have enjoyed a solid start to 2018, led by a metals and commodities rally that has been strengthening since the beginning of autumn. But the market must consider whether the good times are organic or due to temporary measures in China.

    • 09 Jan 2018
  • Green demand grows as Enel drops number two

    Italian electricity supplier Enel sold its second green bond on Tuesday, repeating the timing of its first such offering in 2017, which it also sold in the second week of the year. The latest deal was the same size, but priced tighter and won a larger order book, despite printing with a longer maturity.

    • 09 Jan 2018
  • Turkish private hospital group launches IPO

    MLP Sağlık Hizmetler, also known as MLP Care, the largest private healthcare provider in Turkey, has begun investor education for its flotation on Borsa Istanbul, in which it hopes to raise about TL500m ($133m) of primary proceeds.

    • 08 Jan 2018
  • Sovereigns could star in growing Nordic green bond market

    Bankers expect further fast growth in Nordic green bond issuance in 2018, including a good chance of sovereign deals, with Sweden a leading candidate.

    • 05 Jan 2018
  • EIB and Rentenbank make active start with green Aussie deals

    With a new climate awareness bond from the European Investment Bank and the announcements of green taps from EIB and Rentenbank, it was a busy week of sustainable bond issuance in the Australian dollar market.

    • 04 Jan 2018
  • Asia opens year with green bond after record-breaking 2017

    Will 2018 be yet another record year for Asia’s green bond market? The signs were good this week. Swire Properties chose the format for the region’s first dollar bond of the year. Addison Gong reports.

    • 04 Jan 2018
  • Editor's overview: Green finance — everyone is doing it

    Green finance, once a niche experiment, has become central to capital markets. This is just the beginning. The market still needs to find its true role, but private sector interest and public support are snowballing. By Jon Hay.

    • 03 Jan 2018
  • Securitization: Green opportunities appear as PACE accelerates

    Europe lags behind the US in green securitizations, but efforts buoyed by pro-ABS regulations — and an initiative to kick-start the Property Assessed Clean Energy (PACE) market in Spain — could soon change that. Meanwhile in the US, ABS participants are hyping the emergence of a robust secondary market for residential PACE bonds, in addition to increasing momentum in commercial PACE ABS, after a maiden transaction hit last September. Sasha Padbidri and Sam Kerr report.

    • 03 Jan 2018
  • RBC Capital Markets Roundtable: Canada’s borrowers in good shape to take on tricky 2018

    Canadian public sector issuers had a barnstorming year in the international debt markets in 2017, propelled by a strong economic performance by Canada and many of its provinces. But challenges loom — uncertainty over Canada’s trade relationship with the US, geopolitical instability and changing global monetary policy are just three of many concerns that borrowers, bankers and investors in Canada’s public sector bond markets will have to deal with this year. GlobalCapital met key market participants in Toronto in November to discuss the key issues.

    • 03 Jan 2018
  • Swire Properties kicks off 2018 supply with green bond

    Swire Properties is set to become Asia ex-Japan's first issuer of international bonds in the new year, opening books for a 10 year dollar green deal on Wednesday morning.

    • 03 Jan 2018
  • Covéa windstorm trade a first for European cat bond market

    Covéa Mutual Insurance Group has issued its debut catastrophe bond, a four year €90m deal to protect its French subsidiaries against losses from European windstorms.

    • 02 Jan 2018
  • Active start for Aussie dollars

    Three issuers have been active in the Australian dollar market so far this week, including two borrowers targeting deals in socially responsible formats.

    • 02 Jan 2018
  • France to set out 2018 green bond scope in coming weeks

    Agence France Trésor is about to finish deciding the scope of eligible green projects that could be funded by its green OAT issuance in 2018, and will announce this to the market by mid-January.

    • 02 Jan 2018
  • Swire Properties eyes new green bond

    Hong Kong’s Swire Properties is gearing up to become one of the first offshore bond issuers of the year, taking feedback from the market for a potential dollar-denominated green deal.

    • 02 Jan 2018

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 132,006.56 495 7.94%
2 JPMorgan 122,596.38 503 7.38%
3 Bank of America Merrill Lynch 111,238.13 368 6.69%
4 Barclays 97,579.41 341 5.87%
5 Goldman Sachs 96,170.56 267 5.79%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 20,423.32 23 9.53%
2 SG Corporate & Investment Banking 14,215.71 38 6.63%
3 Deutsche Bank 13,118.70 35 6.12%
4 Bank of America Merrill Lynch 12,117.87 27 5.65%
5 Citi 11,366.88 31 5.30%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 5,620.72 26 10.21%
2 JPMorgan 4,354.18 22 7.91%
3 Citi 4,099.79 22 7.45%
4 Deutsche Bank 4,050.74 23 7.36%
5 UBS 2,368.08 8 4.30%