Banks
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Europe’s corporate bond market hosted a debut sustainability-linked bond and two multi-part trades this week, despite overall issuance winding down as earnings season gets under way. -
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Spanish electrical utility Iberdrola issued sustainability-linked debt this week with a key performance indicator linked to the theme of social equality. This growing trend in the loan market is expected to make the leap to corporate bonds, pushing investors to put more focus on a company’s entire ESG performance, rather than the narrow KPIs of one deal.
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Canadian Imperial Bank of Commerce returned to the euro covered bond market for its first deal since March 2020, issuing a highly subscribed €1bn eight year flat to fair value this week. At the same time Laurentian Bank said that its programme had received regulatory approval.
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Aeroporti di Roma made its debut in the sustainability-linked bond market on Thursday, with a structure that allows for several shades of performance, rather than the simple flat rate 25bp coupon step-up usually used.
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HSBC has named a senior Wells Fargo banker as its new head of global banking for Europe, replacing the departing Philippe Henry.
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Bpifrance will be holding calls with investors next week to introduce its new green bond framework ahead of a debut deal in the format with the proceeds to be focused on renewable energy projects.
