Banks
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University College London has issued the first public ESG-labelled bond from the UK’s higher education sector, which it priced flat to fair value. But bankers say that while the demand is there, a lack of supply means deals like this are going to be a rarity. -
HICL Infrastructure and JLEN Environmental Assets, two London-listed infrastructure funds, this week signed ESG-linked loans that use Sonia instead of Libor. But loans bankers are still worried about the large number of deals that have not moved away from Libor, which falls out of use on December 31.
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University College London has issued the first public ESG-labelled bond from the UK’s higher education sector, which it priced flat to fair value.
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ESG trades were again the dominant format in Europe’s high grade corporate bond market on Thursday, with railway product maker Wabtec Transport and property developer Citycon printing green debt.
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European banks made the most of an improving tone in the euro market this week, piling on top of one another to access funding in a small but supportive window.
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Portuguese insurance company Fidelidade is looking to sell a tier two bond this week, three years after first exploring the idea of issuing a subordinated debt instrument.
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Santander and Barclays ended multi-year absences from the Swiss franc market to land a pair of senior deals flat to euros this week as funding diversification trumped arbitrage considerations.
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Days after it sold a private placement, Mamoura Diversified Global Holding returned to the bond market on Thursday for a dollar dual trancher. The syndication will include a Formosa tranche.
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Crédit Agricole issued a callable Samurai bond this week that will reset to a spread over the local government bond curve, as the yen market transitions away from Libor ahead of its cessation later this year.
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French banks and foreign rivals are slugging it out in France’s corporate finance boom, where proximity to the government is an advantage, writes David Rothnie.
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Nordic Capital, the Swedish private equity firm, has signed a sustainability-linked revolving credit facility, as ESG finance continues to make inroads into private equity.
