• Pandemic bond's failings don't invalidate ILS yet

    The World Bank’s pioneering pandemic bond has failed to recognise what the World Health Organisation has said is the second largest Ebola epidemic ever, which took place in the Democratic Republic of Congo. This is a gross failure, but the jury is still out on the use of these types of instruments' abilities to fund disaster response in the developing world.

    • 22 Oct 2019
  • Cabei to go green for first benchmark with double-A grade

    Central American development bank Cabei’s president told GlobalCapital that the bank will look to issue its first public green bond in around two weeks as it looks to enter the universe of true SSA borrowers with a first US dollar benchmark in seven years.

    • 22 Oct 2019
  • Ico readies social bond return

    Instituto de Crédito Oficial (Ico) held investor calls on Tuesday ahead of its return to the social bond market to complete its funding needs for the year.

    • 22 Oct 2019
  • Rabobank breaks through fair value with seven year green senior

    Coöperatieve Rabobank shrugged off a little price sensitivity on Tuesday to launch a green non-preferred senior bond at a spread that FIG bankers considered to be up to 5bp lower than fair value.

    • 22 Oct 2019
  • DKB to market and sell Blue Social Pfandbrief

    Deutsche Kreditbank (DKB) has mandated leads for a roadshow ahead of a planned €500m Blue Social Pfandbrief that will finance public water and waste management facilities, to be issued under the bank’s existing social bond framework.

    • 22 Oct 2019
  • Zero-E extends IPO process as seller explores dual track

    An IPO of Zero-E, a Spanish renewable energy firm, has been postponed until at least next year as the company's parent ACS explores M&A options, according to sources close to the deal.

    • 22 Oct 2019
  • Barbados wraps restructuring as PM calls for debt resilience

    The prime minister of Barbados told GlobalCapital’s sister publication GlobalMarkets that she hoped more vulnerable nations would adopt natural disaster clauses in their debt documents to protect themselves from climate events.

    • 21 Oct 2019
  • ‘We can deliver on our climate promises’ — Indonesia

    The head of Indonesia’s fiscal policy agency tells GlobalMarkets that his country is determined to hit its pledge to cut carbon emissions by 30% and called on policymakers to put a robust carbon tax back on the political agenda

    • 20 Oct 2019
  • Finance ministers grasp ‘growth story’ of climate action

    Around 50 finance ministers gathered in Washington this weekend to put into action measures to implement the six Helsinki Principles that they agreed on five months ago. It will issue a communique next week that will acknowledge that the world is in the grip of a climate emergency

    • 20 Oct 2019
  • Green New Deal’s first test in Europe is imminent

    The idea of the Green New Deal, a package of policies addressing environmental, social and economic needs together, is spreading around the world and is likely to be on show first in Europe

    • 20 Oct 2019
  • Protecting the heart and lungs of the planet

    One year after the launch of the Clean Oceans Initiative, the European Investment Bank wants to use its success in tackling plastic pollution as a springboard to safeguard the wider blue economy.

    • 20 Oct 2019
  • Central banks ‘need new mindset’ to handle climate change

    The increasingly obvious threat of climate change is leading central banks into new territory, as they begin to analyse the risks it poses to the financial system. It is stretching them intellectually and posing new questions about how they interpret their mandates, and whether they can lead society or must travel at its pace.

    • 19 Oct 2019
  • Make debt climate-resilient, says Barbados PM after restructuring agreement

    As part of a debt restructuring, Barbados has included a natural disaster clause — something its prime minister Mia Mottley hopes will be adopted by other vulnerable nations

    • 19 Oct 2019
  • Banks sign responsibility code but remain deep in fossil fuels

    The World Bank’s chief economist says globalisation has been wrongly blamed for fuelling the rise in inequality but says that unless policymakers cooperate, there is a danger it could turn into a new era of deglobalisation that would hurt the poorest

    • 19 Oct 2019
  • IMF’s carbon tax call ‘not close to what’s needed’

    The calls for a global carbon tax are getting louder but experts say it needs to be much higher than what is currently being recommended to make a difference and help reduce CO2 emissions

    • 19 Oct 2019
  • Sovereign green bonds proliferate, but Uruguay will go a different way

    Uruguay has become the first sovereign issuer to set out plans for a bond that takes a more comprehensive view of the ESG agenda rather than just focusing on the "green" element. A number of EM countries have told GlobalMarkets they are interested in issuing sustainability bonds even as seasoned issuers have moved away from the product

    • 19 Oct 2019
  • Spearheading alignment with the Paris Agreement

    With its push to embrace its role as the European Union’s climate bank, the European Investment Bank is set to play a key part in the alliance of multilateral development banks committed to fight climate change.

    • 19 Oct 2019
  • SDCL Energy Efficiency Income Trust completes £100m share sale

    SDCL Energy Efficiency Income Trust, the London-listed fund focused on energy efficiency projects, has raised £100m as it prepares to ramp up its investment activities.

    • 18 Oct 2019
  • CEOs huddle to unlock climate investment

    Faced with an estimated bill of $2.6tr a year to finance meeting the Sustainable Development Goals, the heads of 30 companies have to work together to ease the blockages to greater investment

    • 18 Oct 2019
  • Final Word: Felipe Larraín

    Finance ministers must take decisive action on climate change

    • 18 Oct 2019
  • Chilean Arauco plots sustainability bond

    Celulosa Arauco y Constitución, the Chilean pulp and wood panel producer, is looking to issue what it describes as a “sustainability” bond, as Chile’s focus on environmental topics spreads to the corporate world.

    • 17 Oct 2019
  • EU aims for green taxonomy agreement by December

    EU institutions are set to start final negotiations on draft regulation for the Taxonomy of Sustainable Economic Activities next week. Disagreement over nuclear energy and the amount of power given to the European Parliament might make the discussions thorny.

    • 17 Oct 2019
  • ADB prices aggressively to extend euro green curve

    Asian Development Bank came tight to its curve as it printed its second euro green bond this week — and its largest — following its debut last year.

    • 17 Oct 2019
  • Bel sells first sustainability-linked Euro PP notes

    The Bel Group, the French cheese company behind brands Babybel and The Laughing Cow, has become the first company to issue Euro private placement (Euro PP) notes with sustainability-linked margins, following in the footsteps of the loan market, the Schuldschein market and subsequently the bond market.

    • 17 Oct 2019
  • E.On and Engie sooth jitters over wider spreads

    E.On and Engie pushed ahead with tightly priced deals on Thursday, easing concerns from earlier in the week that ZF Freidrichshafen’s widely priced bonds would create a new level for issuance.

    • 17 Oct 2019
  • ING Poland looks to euros after green covereds

    ING Poland has issued its first covered bond, a deal secured on green assets denominated in zloty. The issuer plans to return early next year with its first euro denominated green covered bond in benchmark size, said chief executive Boda Miroslaw,

    • 17 Oct 2019
  • NordLB's first renewable energy covered

    NordLB Luxembourg Covered Bond Bank has mandated joint leads for a roadshow to market the first renewable energy covered bond to be issued under the country’s new lettres de gage énergies renouvelables legal framework. A trade is expected to follow soon.

    • 17 Oct 2019
  • Covered bond trio pounce on higher yields

    Three covered bond issuers took advantage of a rise in yields, following what seemed a breakthrough in Brexit negotiations, to issue transactions that would not have been well received two weeks ago. Banca Popolare dell’Alto Adige’s debut and Sparkasse Hannover’s sub-benchmark deals delivered positive returns, while demand for a slightly negative-yielding benchmark from Sparebanken Sør Boligkreditt was boosted by its green credentials.

    • 17 Oct 2019
  • Final Word: Henrik Normann, Nordic Investment Bank

    Sustainable finance is not just about green

    • 17 Oct 2019
  • Towards a decarbonised future

    The European Investment Bank has set out a strategy for lending that will support the EU’s goal of decarbonising the economy by financing investments that cut emissions, combat climate change and support alternatives to fossil fuels.

    • 17 Oct 2019
  • Germany puts EIB’s climate ambition at risk with push for loopholes

    The EIB’s hopes of becoming Europe’s ‘climate bank’ and its leadership role among multilateral development banks in moving to a cleaner economy are at risk if conservative country shareholders demand further weakening of its new Energy Lending Policy that would ban nearly all fossil fuel lending

    • 17 Oct 2019
  • Multilaterals accused of funding forest destruction

    Multilateral development banks including the International Finance Corporation and those covering Latin America and African have been accused of funding schemes that lead a loss of tree cover despite their environmental pledges

    • 17 Oct 2019
  • China’s Ma calls for action from MDBs on green financing

    Ma Jun, a green activist who also sits on the monetary policy committee of the Chinese central bank, tells GlobalMarkets that multilateral development banks need to focus on risk mitigation, reduce the risk of default on demonstration projects and help local banks deliver more lending if they want to deliver on financing green infrastructure

    • 17 Oct 2019
  • Hong Kong green body eyes GBA boost

    China’s Greater Bay Area has become a focus area for bankers, corporations and regulators. Ma Jun, one of China’s most prominent experts on green financing, thinks it could also become a green hub.

    • 17 Oct 2019
  • IIA sees growth in fixed income and ESG

    The Index Industry Association (IIA) has pointed to growth in the fixed income and environmental, social and corporate governance (ESG) index segments, despite a fall in the overall number of indices globally.

    • 16 Oct 2019
  • SG, Mariner bring new impact securitization structure

    Société Générale has engaged in a $3.4bn synthetic securitization and pledged to reinvest some of the freed-up capital to increase its ‘positive impact finance’ lending. The investor, New York hedge fund Mariner Investment Group, has given it a financial incentive to go even further.

    • 16 Oct 2019
  • Harnessing the financial markets to scale up humanitarian aid

    There are justifiable fears around the humanitarian aid sector using the capital markets but if executed well it will allow charities and development agencies to bring in much more funding.

    • 15 Oct 2019
  • The biggest boom will be the unavoidable one

    Adapting to climate change is going to cost many trillions. Yet so far, only a trickle of money is being put towards it. What is causing this baffling blockage in financial markets, and how can it be unlocked?

    • 15 Oct 2019
  • KfW offers rare positive yield while ADB prints biggest green in euros

    Investors pounced on the opportunity to buy a bond with a positive yield in the euro market by KfW on Tuesday. Elsewhere, the Asian Development Bank drew strong demand to sell its biggest ever green bond in euros following its debut in 2018.

    • 15 Oct 2019
  • What’s wrong with good old green?

    Running in parallel with the rapid growth of the green bond market have been the numerous labels for these bonds. But the abundance of green labels risks confusing investors and diluting an important vehicle to finance projects to clean up the planet.

    • 15 Oct 2019
  • LSE defines new green bond class, consults on transition bonds

    The London Stock Exchange has created a new class of sustainability-themed debt security, through looking at the totality of an issuer’s revenue, and is consulting on creating a segment for transition bonds. It has also designed a label for green equity issuers.

    • 14 Oct 2019
  • Caffil to issue first green public sector covered bond

    Caisse Francaise de Financement Local (Caffil) has mandated leads for a roadshow to present its new green covered bond framework that, unlike its peers, is secured on public sector assets.

    • 14 Oct 2019
  • Investors keen on Créd Ag green senior bond

    Crédit Agricole launched a non-preferred senior bond on Monday in green format, attracting investors who put in over €2.3bn of orders at guidance.

    • 14 Oct 2019
  • EBRD EUR500m 0% Oct 24 green transition bond

    • 11 Oct 2019
  • LSE brands its motley herd green

    What do cardboard boxes, plastic pipes and genetically improved pigs have in common?

    • 11 Oct 2019
  • Enel shows euro funds buy into sustainability coupon ratchet

    Enel, the Italian power and gas company that is the first, and only, issuer of bonds with sustainability-linked coupons, proved this week that the structure appeals to European green-minded investors, by raising €2.5bn at a spread several basis points tighter than it could have achieved with a normal bond. Jon Hay and Mike Turner report.

    • 10 Oct 2019
  • BNG USD1bn 1.5% Oct 24 sustainability bond

    • 10 Oct 2019
  • Sunrun returns with solar ABS offering

    Residential solar finance company Sunrun is preparing a $312.4m deal backed by a portfolio of leases and power purchase agreements, the first time the issuer has tapped the ABS market twice in a one year.

    • 10 Oct 2019
  • CMU gets a makeover — EU proposes revamp and policy shift

    A report commissioned by European Union member states suggests rebranding the Capital Markets Union (CMU) a “Savings and Sustainable Investment Union”. Specific proposals include all large sovereign borrowers issuing green bonds, facilitating IPO access for smaller companies, and a group of select countries readying to harmonise insolvency rules.

    • 10 Oct 2019
  • Investors slake thirst as Pepsi goes green

    Dollar market stalwart PepsiCo took centre stage in an otherwise subdued week for new US bond issuance, as it pleased investors with its green debut.

    • 10 Oct 2019
  • EBRD and Ireland go head to head for green euros

    The European Bank for Reconstruction and Development and Ireland faced off in the euro green bond market on Thursday.

    • 10 Oct 2019
  • UK pension funds spur supras to sell sterling green

    The sterling SSA green bond market is going from strength to strength, buoyed by new legislation requiring pension funds to disclose their environmental, social and governance strategies.

    • 10 Oct 2019
  • CMU is dead, long live the CMU

    The branding may be on the way out, but there are plenty of reasons to be encouraged about the potential for real progress in the next phase of the Capital Markets Union.

    • 10 Oct 2019
  • IMF urges ESG reform to unlock green bond investment

    Regulators must tighten the rules and standardise definitions surrounding sustainable financial assets such as green bonds to attract demand from investors worried by greenwashing, the International Monetary Fund (IMF) has warned.

    • 10 Oct 2019
  • People moves in brief

    UBS names levfin head — Mizuho finds four high yield bankers — Fintech firm Nivaura gives role to ex-HSBC syndicator

    • 10 Oct 2019
  • IDA wins blow-out for euro debut, eyes $10bn-$15bn programme

    The International Development Association made a huge splash this week with its first euro benchmark. The supranational is aiming to carve out a large and diversified funding programme consisting of various currencies and private placements.

    • 10 Oct 2019
  • Credit Suisse spying affair shows European banking has a succession crisis

    One of the lessons from the Credit Suisse spy scandal is that there is a dearth of talent capable of leading Europe’s banks through their most challenging period. A succession crisis looms, writes David Rothnie.

    • 10 Oct 2019
  • Trading hits the million mark in Nasdaq ESG futures

    Trading in Nasdaq’s Stockholm ESG equity index futures has surpassed 1m contracts in the year since their launch, as investors clamour for sustainable investment tools.

    • 10 Oct 2019
  • ADB goes for double with dollars and green sterling

    Asian Development Bank hit the market twice on Thursday, grabbing $3bn of five year paper and selling its debut green bond — a £250m seven year trade.

    • 10 Oct 2019
  • Hedged solar in Texas opens door to world of options

    Sponsors that are bullish on the project finance market for solar assets in Texas have begun to explore contract structures that preserve more potential upside in their hedges while still providing comfort to lenders and tax equity investors.

    • 10 Oct 2019
  • Triton accused of ‘unsavoury panoply of self-dealing’ in Galapagos

    Triton Partners and secured bondholders enforced a share pledge over German heat exchanger company Galapagos, selling the company itself back to Triton, and leaving unsecured bondholders facing an empty shell. But the unsecured bondholders won’t go down without a fight, with Signal Capital Partners filing a lawsuit in New York seeking to tear up the sale.

    • 09 Oct 2019
  • EBRD and ADB prepping green debuts

    Two supranationals are on screens for ESG firsts. The European Bank for Reconstruction and Development (EBRD) has announced its first green transition bond, while the Asian Development Bank (ADB) is preparing its first foray into the green bond market in sterling, capitalising on strong appetite from UK pension funds.

    • 09 Oct 2019
  • Enel introduces new CO2 trigger on first sustainability-linked bond in euros

    Enel, the Italian electricity and gas company, held investor calls today for its first trial of its new sustainability-linked bond structure in euros, likely to be launched tomorrow. The deal has a more complex structure than the $1.5bn bond with which Enel introduced this technique to the bond market for the first time in early September, in that it contains tranches with different triggers.

    • 09 Oct 2019
  • EFSF chooses threes as Ireland looks for green tap

    The European Financial Stability Facility (EFSF) is preparing its first benchmark of the fourth quarter and Ireland has picked the banks to lead the first tap of its sovereign green bond.

    • 09 Oct 2019
  • IDA pays up versus World Bank for euro debut

    The International Development Association (IDA) priced its debut euro benchmark around 5bp wider than its sister issuer, the World Bank, according to the leads.

    • 09 Oct 2019
  • Euro PP Charter adds ESG questionnaire

    Five years after its creation, the Euro PP Charter, an industry guidance document for the Euro private placement market, has been updated to reflect progress in, among other things, environmental, social and governance procedures.

    • 09 Oct 2019
  • SRI expert preps development finance comeback

    A climate and sustainable finance expert is set to leave SEB to return to the world of development finance.

    • 09 Oct 2019
  • Transition bonds could ‘broaden’ green market

    A recent innovation in the green bond market — the transition bond — could help expand the issuer base, according to Credit Suisse’s head of environmental, social and governance strategy. But an investor said the standard of green bonds needed to be maintained.

    • 09 Oct 2019
  • Green sterling leads way in scorching SSAs

    The SSA market is on fire this week, with a series of large deals from borrowers all across the SSA spectrum, with green sterling deals enjoying a particularly hot streak.

    • 09 Oct 2019
  • Afreximbank pitches deal as 'epicentre' of African trade

    The African Export Bank (Afexrimbank) has filed initial paperwork before a potential float on the London Stock Exchange.

    • 09 Oct 2019
  • IADB supports Lat Am green covereds, despite woes

    The Inter-American Development Bank has published a report promoting the use of covered bonds as a funding tool for green developments in Latin America and the Caribbean. But it remains to be seen whether risk-averse covered bond investors are ready to take the plunge into emerging markets — particularly given regulatory hurdles in the swaps market.

    • 09 Oct 2019
  • The EIB should be Europe’s development hub — for now

    European politicians may be tempted to make a show by founding a new development bank. That would be a mistake. Results are what matter, not branding. To supercharge development and climate finance, the EU should choose the simplest and fastest option.

    • 08 Oct 2019
  • Capital Four unveils CLO debut with ESG slant

    Danish sub-investment grade boutique Capital Four has unveiled its long-rumoured CLO debut, a €359m deal with ESG investment criteria, an increasingly popular approach in European CLO structures.

    • 08 Oct 2019
  • Shinhan Bank goes for green with debut euro bond

    South Korea's Shinhan Bank has taken its first step into the euro bond market, raising €500m of green funding on the back of €650m of demand.

    • 08 Oct 2019
  • Alpha Trains rolls into US PP market for euros

    Alpha Trains, the rolling stock leasing firm headquartered in Luxembourg, has sold €200m of US private placements.

    • 08 Oct 2019
  • ‘Net short’ clause might fail, but win anyway

    Clauses to stop investors who are ‘net short’ a particular credit influencing any restructuring or default are becoming more common, with buyout debt for Bain Capital’s Kantar spinout and Blackstone’s Merlin take-private including the new terms. These may not be watertight, but that doesn’t matter — the point is to make it awkward for investors taking this approach.

    • 08 Oct 2019
  • EU ministers mull three ways to solve 'fragmentation' of EIB and EBRD

    EU finance ministers have been presented with three options for how to realign the European Investment Bank and European Bank for Reconstruction and Development. This could lead to the emergence of a new capital markets issuer.

    • 08 Oct 2019
  • IADB picks sterling sustainable development bond debut

    The torrent of ESG supply shows no sign of slowing. Inter-American Development Bank’s debut sustainable development bond is set to come to market on Tuesday in sterling, alongside a sustainability bond from Bank Nederlandse Gemeenten.

    • 07 Oct 2019
  • Enel follows sustainability bond with matching loan

    Enel has followed up its ground-breaking sustainability-linked bond, issued in early September, by signing its first revolving credit line with a similar format. The Italian electricity and gas company is doubling down on its commitment to increasing its renewable generation capacity by the end of 2021.

    • 07 Oct 2019
  • Sweden’s DMO: bond will be ‘dark green’

    Sweden’s consideration of whether to issue a green bond has been careful and thorough, stretching over nearly three years and considering several objections. The Riksgälden (Swedish National Debt Office) is now determined to go ahead with a deal in 2020. Here, the Riksgälden answers GlobalCapital’s questions about its thinking.

    • 04 Oct 2019
  • Linde makes investment in UK hydrogen firm ITM

    Linde, the multinational industrial gas company, is making a strategic equity investment in ITM Power, the UK hydrogen machine manufacturer, as part of a fundraising plan worth up to £58.2m.

    • 04 Oct 2019
  • Adani Green returns for dollars with IG rating

    Investors gobbled up Adani Green Energy’s rare Indian project-linked bond on Thursday, seizing the opportunity to buy non-Chinese paper. The company’s transaction was also helped along by its new investment grade rating.

    • 04 Oct 2019
  • Innovent Bio pockets HK$2.4bn from top-up

    Chinese biotechnology firm Innovent Biologics has raised HK$2.39bn ($304.3m) after selling a chunk of stock through a top-up placement.

    • 04 Oct 2019
  • Sweden sets date for green bond debut at last

    Sweden has mandated SEB as structuring adviser on its debut green bond, to be issued in 2020. The announcement on Thursday morning for the first time puts a definite date on when Sweden will issue. The process of considering the idea has already taken nearly three years.

    • 03 Oct 2019
  • Quarles: stablecoins, market fragmentation threaten stability

    Randal Quarles, the head of global regulator the Financial Stability Board, warned on Thursday that cryptocurrencies and increasing fragmentation of financial markets carried the greatest threats to market stability.

    • 03 Oct 2019
  • EIB USD1bn 1.625% Oct 29 Climate Awareness Bond

    • 03 Oct 2019
  • Supervisor sceptical about greening insurer capital requirements

    The European Insurance and Occupational Pensions Authority (EIOPA) has told the European Commission that capital requirements for insurers should not be tweaked to encourage sustainability, nor calculated using a longer time frame to better incorporate the effects of climate change. Instead, it suggests analysis, stress tests and disclosure of risks.

    • 03 Oct 2019
  • People moves in brief

    MUFG hires derivs head from HSBC — ex-Stan Chart chief to chair ICG — DCM banker goes to sustainable finance centre

    • 03 Oct 2019
  • EIB completes currency sextet with dollar CAB

    The European Investment Bank pulled in over $3.8bn of demand for its first 10 year dollar benchmark in over a year, despite sharing screens with the supranational’s debut €STR-linked transaction. BNG is set to follow suit at five years with a sustainability bond.

    • 03 Oct 2019
  • Norwegian covered bond trio going green

    Sparebanken Sør Boligkreditt will become the fourth Norwegian bank to issue a green covered bond after mandating leads for a roadshow on Thursday. It follows the first green covered bond by Norway’s SR Boligkreditt and a vanilla deal from Møre Boligkreditt issued this week.

    • 03 Oct 2019
  • Italy to issue green, seek deficit exemption

    Italy's new finance minister, Roberto Gualtieri, has said Italy "would like to issue green bonds" to finance investment in greening its economy. The Treasury has begun working on the project.

    • 03 Oct 2019
  • Ireland to syndicate green tap, Belgium to auction one

    Belgium and Ireland are looking at increasing the size of their green bonds in the fourth quarter. For Ireland it would be the first tap of its green bond since it was issued in October 2018.

    • 03 Oct 2019
  • Santander hits green with blowout pref senior

    Banco Santander hit screens this week to sell its first green bond. The deal attracted orders more than five times its €1bn size.

    • 03 Oct 2019
  • CME the latest to bring ESG-aligned contracts

    CME Group has launched a new range of environmental, social and governance-aligned US equity index futures.

    • 03 Oct 2019
  • Red Eléctrica lines up green bond meetings

    Red Eléctrica de España, Spain's electricity grid operator, and Alstom, the French maker of railway rolling stock, have announced roadshows, after a fallow week for new euro issuance.

    • 03 Oct 2019
  • CFTC settles for $25m with pair of bookies over FX option allegations

    The US Commodity Futures Trading Commission has ordered interdealer brokers BGC Financial LP and GFI Securities LLC to pay $25m to settle allegations of FX options market fraud.

    • 03 Oct 2019
  • Acquisitive Sonnedix returns to loans

    The UK’s Sonnedix has signed €189m of non-recourse financing, with the independent solar power producer financing an acquisition of 55 MW of generational capacity in northern France.

    • 03 Oct 2019
  • Sør Boligkreditt to become fourth Norwegian green covered bond issuer

    Sparebanken Sør Boligkreditt will become the fourth Norwegian bank to issue a green covered bond and has mandated leads for a roadshow following publication of its green and sustainability framework.

    • 03 Oct 2019
  • Danske Bank finds Vest best fit for sustainability job

    KommuneKredit’s senior funding and investor relations manager Lasse Vest has left the Danish agency for Danske Bank.

    • 03 Oct 2019
  • Adani Green preps 20 year dollar bond

    Adani Green Energy was out with a 20 year bond on Thursday, giving investors the option to buy a dollar deal from Asia in an otherwise quiet primary market.

    • 03 Oct 2019
  • Germany has four green bond options, will not relax deficit

    Germany is considering four options for its first green or sustainable bond issue, which is likely to come next year. But this will not mean an increase in borrowing — Germany will finance its climate change investments with taxes.

    • 02 Oct 2019
  • EIB wins impressive book in 10 year CAB

    The European Investment Bank pulled in over $3.8bn of demand for its first 10 year dollar benchmark in over a year, despite sharing screens with the supranational’s debut €STR-linked transaction. BNG is set to follow suit at five years with a sustainability bond.

    • 02 Oct 2019
  • Eurex adds ESG options

    Eurex is to expand its range of sustainability derivatives further with the launch of ESG (environmental, social and governance) options.

    • 02 Oct 2019
  • South West Water switches loan from Libor to Sonia

    The UK’s South West Water has amended the margin on a loan to be priced as a spread against Sonia just days after the Bank of England said the loan market needs to do more to prepare for the cessation of Libor.

    • 02 Oct 2019
  • Neoen tests reception for ESG assets with debut €200m convert

    Neoen, the French renewable energy company, returned to the capital markets on Wednesday, following its popular €697m IPO in October last year, with a debut €200m convertible bond due in 2024.

    • 02 Oct 2019
  • Keep transition and sustainable bonds separate

    Financing a dirty industry to clean up serves a different purpose to keeping a portfolio pure, and appeals to investors with different theories about the economy and the world. It's time for markets to start making the distinction.

    • 01 Oct 2019
  • Italy to issue green bonds, seek deficit exemption for Green New Deal

    Italy's new finance minister, Roberto Gualtieri, has said Italy "would like to issue green bonds" to finance investment in greening its economy. Meanwhile, the Treasury has given a mandate for a new inflation-linked bond.

    • 01 Oct 2019
  • EIB goes green with rare trip to dollar long end

    The European Investment Bank hit screens with a $1bn no-grow global 10 year Climate Awareness Bond on Tuesday. The issuer has not printed a 10 year dollar benchmark since May 2017.

    • 01 Oct 2019
  • Sustainability loans risk becoming profit chasing by another name

    Enterprising borrowers are getting creative with green loan targets, so they are better suited to their businesses. While the idea of a company giving itself a financial incentive to boost its sustainability is a good one, the goals companies are setting for themselves are not dissimilar from what they should be doing anyway.

    • 01 Oct 2019
  • Investors swell to SR Boligkreditt’s inaugural green covered bond

    SR Boligkreditt attracted robust demand for its first green covered bond on Tuesday, enabling the bonds to be priced with a minimal concession.

    • 01 Oct 2019
  • Teekay preps ‘green bond’ to fund new oil tanker fleet

    Teekay Shuttle Tankers has mandated a $150m “green bond” to fund new oil tankers built to the firm’s “e-shuttle” standards. The deal raises questions about the logic of using green-branded debt instruments to fund fossil fuel extraction.

    • 01 Oct 2019
  • No evidence of Thiam involvement in spying, says CS

    An investigation initiated by Credit Suisse has found no indication that chief executive Tidjane Thiam approved the observation of its former employee Iqbal Khan. Chief operating officer Pierre-Olivier Bouée has resigned after he declared that he alone requested the surveillance.

    • 01 Oct 2019

All International Bonds

Rank Lead Manager Amount $b No of issues Share %
  • Last updated
  • Today
1 JPMorgan 333.40 1519 8.47%
2 Citi 306.98 1309 7.80%
3 Bank of America Merrill Lynch 260.85 1100 6.62%
4 Barclays 237.42 978 6.03%
5 HSBC 193.34 1069 4.91%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $b No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 38.62 175 7.25%
2 Credit Agricole CIB 36.89 155 6.92%
3 JPMorgan 29.35 74 5.51%
4 Bank of America Merrill Lynch 24.91 70 4.68%
5 UniCredit 24.62 134 4.62%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $b No of issues Share %
  • Last updated
  • Today
1 JPMorgan 9.98 67 9.68%
2 Morgan Stanley 9.41 44 9.13%
3 Goldman Sachs 8.72 45 8.46%
4 Citi 6.91 54 6.70%
5 UBS 5.28 29 5.12%