Barclays

Banque Fédérative du Crédit Mutuel (BFCM) added to the sterling market's fast start to the year on Thursday, launching a new preferred senior bond in the currency and awarding investors with a small new issue premium.

Green bond volumes reached a record level in 2019 and market participants think the sector is poised for another blow-out year. Korea South-East Power Co (Kosep) and ReNew Power Private gave a further boost to Asia’s growing green bond market this week, selling $750m of notes between them. Morgan Davis reports.

The European Investment Bank doubled up in capital markets on Wednesday, hitting screens for a fixed rate sterling benchmark and a Sofr-linked floating rate dollar note.

Landesbank Baden-Württemberg (LBBW) became the first issuer of non-preferred senior bonds in green format in sterling this week. The German lender took advantage of favourable market conditions to print in line with other recent sterling issuers.

Investors have been showing a clear preference for subordinated bank bonds in the primary market, with the valuations for more senior asset classes having been squeezed into extraordinarily tight levels in 2020.

Korea South-East Power Co (Kosep) and ReNew Power Private gave a further boost to the growing green bond market on Tuesday.

Three companies from the Greater China region sealed bonds on Tuesday, likely to be the last batch of issuers to tap the debt market before the Chinese New Year break begins. No Asian borrowers launched dollar deals on Wednesday.

Nederlandse Waterschapsbank and the State of Brandenburg took advantage of a lack of euro SSA supply this week to bring well subscribed deals on Tuesday. The Asian Development Bank will be looking to follow with a 10 year euro benchmark on Wednesday.

Banca Monte dei Paschi di Siena was marketing a new senior bond in the euro market on Tuesday, a matter of days after it completed its capital raising plan with a tier two sold at 8%.

All of the dollar debt issuance from Greater China on Monday came from real estate companies, with six borrowers taking about $1.4bn between them.

Nederlandse Waterschapsbank is the only issuer set to come to the euro market on Tuesday, despite the fact that conditions are still favourable.

CPPIB Capital achieved a strong reception from investors for its first sterling bond on Monday with the order book setting a new record as the largest in the currency from a non-UK public sector borrower.