Banks

Masdar, a Middle Eastern renewable energy company headquartered in the United Arab Emirates, has launched the region’s first green revolving credit facility, in a bid to fulfil sustainability goals and investments into clean technology.

Japan’s Sumitomo Mitsui was one of two benchmark issuers in dollars in a week cut short by holidays, as markets were battered by volatility ahead of the start of US bank earnings season.

Pledges by leading banks to pull back from financing “dirty” projects such as coal will be meaningless unless governments step in with regulations to prevent other investors taking their place, a senior banker has said.

Sonangol, the Angolan national oil and gas company, has mandated Standard Chartered to arrange a term loan after a two year absence from the market.

Conagra Brands became the biggest high-grade casualty of market volatility when it pulled a multi-billion M&A financing on Thursday.

One of Europe’s major electricity producers, Portugal’s EDP, sold its first green bond on Tuesday, aligning its fundraising with the company’s green principles. Meanwhile, Dutch airport owner and operator Royal Schiphol Group announced plans for its debut green bond. Both followed French vehicle leasing company ALD’s inaugural green bond.

CPI Property Group

Agence Française de Développement got over the line with a 16 year euro benchmark on Thursday, but was unable to tighten the spread from guidance and paid a new issue premium of around 5bp.

Sumitomo Mitsui Banking Corporation (SMBC) has mandated leads to roadshow the first ever Japanese covered bond. The RMBS-backed deal is expected to appeal to a broad universe of traditional investors and will set the tone for Japanese megabanks and other borrowers in what could be a rich supply vein for covered bond investors.

Kommunalbanken showed “the resilience of the dollar SSA market” as it printed a $1.5bn October 2021 Reg S/144A benchmark around its secondary level amid global market volatility on Thursday, said SSA bankers away from the deal.

CPI Property Group, which owns real estate in Berlin and Central and Eastern Europe, printed a €600m 3.5 year senior bond on Wednesday, riding high on the back of a recent ratings upgrade to consolidate and refinance its debt. After a successful trade, CPI’s chief financial officer, ex-Deutsche Bank CEEMEA banker David Greenbaum, is setting his sights on Swiss francs and Pro-Bonds.

Dafa Properties Group raised HK$840m ($107.2m) when it priced a Hong Kong IPO a few cents above the middle of the marketed range this week.