Banks
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Rabobank has developed a bilateral loan facility with a margin linked to food waste, in an attempt to homogenise parts of the otherwise bespoke sustainability-linked loan market, but not everyone is convinced that there will be much use for a one size fits all approach to KPIs. -
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France became the latest European sovereign bond issuer to confront the problem of inflated orders with the sale of its second green OAT via syndication on Tuesday. But instead of bringing the spread in to price extremely tight like Italy and Spain did earlier in the year, France instead attempted to control the sale process by engaging with investors to persuade them not to put in excessive tickets in the first place. Burhan Khadbai reports.
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Russian Railways ventured into the Swiss franc market this week to sell the first hybrid corporate bond in over two years, a sign of a maturing Swissie market, according to local market participants.
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BPCE and HSBC paid a small concession to access the sterling senior market this week, but both were happy to do so. The French firm targeted diversification, while HSBC went for size.
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The FIG market enjoyed its busiest week of the year so far but not all trades are working as investors shun tightly priced deals, particularly those at the long end.
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Europe’s high grade corporate bond market had a more relaxed pace on Thursday, though two issuers brought seven year green bonds: Italian railway company Ferrovie dello Stato and Neste, the unrated Finnish oil refiner which is transitioning to produce biofuels.
