Banks

Green and sustainable finance is going through tumultuous change, as it crashes into the mainstream of capital markets, said speakers at the GlobalCapital Sustainable and Responsible Capital Markets Forum last week. They emphasised the importance of tying financing to credible transition plans.

First Abu Dhabi Bank, the highest rated lender in the Middle East, has mandated bookrunners to lead a perpetual non-call six year additional tier one (AT1) capital issue.

Hipgnosis Songs Fund, the London-listed investment trust focused on music royalties, has returned to the equity capital markets with a new £250m share sale after rapidly deploying the proceeds of its last capital raising in July.

Spanish telecoms group MasMovil is preparing a €720m bond, the second part of the financing for its take-private by Cinven, KKR and Providence Private Equity. Most of the €2.9bn financing came through a loan issue, allocated in July, with the bonds readied following shareholder acceptance for the offer last week.

Ant Group is one step closer to launching its blockbuster dual listing in the Mainland and Hong Kong, after the Shanghai bourse gave its blessing to the Star market leg of the IPO.

US private equity giant Blackstone has sold a chunk of shares in Essel Propack, a tube-packaging and manufacturing company, for Rp18.6bn ($253.7m).

Ming Yuan Cloud Holdings has sealed its Hong Kong listing at the top of the marketed range, netting HK$6.2bn ($796.6m) following a strong turnout from sovereign wealth funds and long-only investors.

Rabobank has issued its largest green bond, a day after publishing a new Sustainable Funding Framework that will enable it to print debt in four different green and social flavours — a structure it hopes will give investors more clarity.

Essentra, the UK maker of plastic and fibre components, has sold £100m of new stock to finance its acquisition of 3C! Packaging in the US, via an accelerated bookbuild.

The Australian Office of Financial Management (AOFM) has announced that it will syndicate a new six year deal next week – marking the first time the sovereign has sold more than three syndications in a single fiscal year.

Nationwide Building Society is buying back £2bn of covered bonds in euros and sterling. UK covered bond issuers are buying back securities as risks increase ahead of the end of the Brexit transition period.

Ukrainian steel and mining company Metinvest was one of several emerging markets issuers to tap bond markets this week. The deal was several times oversubscribed, confirming that investors are still on the hunt for yield and are willing to look to single B rated emerging market credits for that.