Banks
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Investment grade green loans have flourished this year, despite a decline in volumes in the wider loan market. Codification of green and sustainability linked financing by international loan trade associations has boosted environmental, social and governance (ESG) loan issuance in the developed markets, but the emerging markets have so far struggled to get going. Will that change as interest in green financing grows across CEEMEA?
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The financial institutions bond market reopened following the summer break this week, with many issuers rushing to frontload supply before the European Central Bank’s meeting in September. But the market quickly ran into resistance from investors, as they pushed back against the glut of deals.
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A pair of European agencies placed taps at the long end of the Kangaroo curve this week, printing at the nine and 12 year points. Yields on these notes have fallen compared to previous taps, as the Kangaroo market feels the effects of a global bond rally.
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Lenders unconcerned as recession portents mount — Booking Holdings gets global group for revolver — Pemberton raises €3.2bn more for Europe’s mid-market — Eurotorg re-enters rouble debt market
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UBS replaces EMEA president — Lloyds loses PP agent — Deutsche Bank reorganises treasury team
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BBVA raised $1bn of additional tier one capital in the dollar market on Wednesday, firing the starting gun for what could be a very busy pipeline of issuance in the format this autumn.
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SSA dollar deals printed this week ground tighter in the secondary market on Thursday, despite the notes coming within a hair’s width of US sovereign debt.
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Ulrich Koerner is stepping down as president of Europe, the Middle East and Africa at UBS, to be replaced by Sabine Keller-Busse.