UPM-Kymmene gets blowout debut green demand

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By Mike Turner
12 Nov 2020

The clamour for green bonds was on display in the corporate market on Thursday when UPM-Kymmene, the Finnish pulp and paper company, had its debut green issue more than six times oversubscribed, while a conventional bond for Swedish truck maker Scania found more modest demand.

UPM-Kymmene, rated Baa1/BBB, saw orders for its €750m November 2028 trade hit €5bn by the time the deal was priced 10bp inside guidance at 55bp over mid-swaps.

Meanwhile Scania, rated BBB, launched its €500m no-grow 0% November 2022 from €2bn of demand. The deal was priced at 48bp over ...

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