Banks
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The European Investment Bank launched its new line of Sustainability Awareness Bonds on Thursday, with a €500m issue that found keen demand from investors. The EIB hopes the SABs will influence the debate on classification in the world of sustainable finance, including the European Commission’s new official Taxonomy of sustainable economic activities. -
Banks that deal in Yankees, including Nordea, HSBC and BPCE, raised $16bn in new funding as the market reopened with a bang after the Labor Day holiday.
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Daimler raised £500m when it reopened the sterling corporate bond market two weeks ago following the summer break — and nothing more was seen in the currency until this week, when two deals raised a combined £1.1bn.
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Dutch grid operator Stedin and French utility Suez offered investors more of the same when they tapped into what has been strong demand for longer dated corporate bonds on the same day, but found that appetite is starting to wane.
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The European Investment Bank printed flat to, if not through, its dollar curve on Wednesday, drawing a more than doubly subscribed book and immediately moving tighter in secondaries. That should bode well for other borrowers looking at the currency in the coming weeks, said SSA bankers.
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The European Investment Bank achieved very tight pricing for the launch of its first sustainability bond on Thursday, in a sign that the exhaustive marketing it had done for the €500m deal had succeeded. The EIB sees this new product line as a way to influence market practice in the direction of clear explanation of sustainability goals and indicators.
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The Nordic high yield market has started to price several top rated euro deals that were initially planned to roadshow before the summer break. This time, demand and coupons suggest this could be a better window for the issuers.
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Société Générale is bolstering its corporate finance effort as part of a broader push in its French heartland and beyond, writes David Rothnie.
