Barclays
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A pair of supranationals helped bolster Hong Kong’s green bond ambitions with some SRI deals this week. -
Public sector bankers lined up to laud a new SSA borrower this week, as the International Development Association (IDA) surpassed expectations on its bond debut. Now, many are eager to see the its next move, with many anticipating a Washington supranational with greater currency flexibility, writes Craig McGlashan.
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Digital advertising firm Yell added a new sub-benchmark deal to an otherwise lacklustre sterling high yield bond pipeline this week. The market is lagging more than £1bn ($1.4bn) behind 2017’s first quarter volumes.
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Two banks have poached members of BNP Paribas’ emerging markets sales and trading team.
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The sterling corporate bond market has been less busy year to date than it was in 2017. However, the property sector has continued to be one of the largest contributors of supply and, on Thursday, Grainger added its name to the list of issuers from the industry.
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Indonesia’s Star Energy Geothermal raised $580m from its debut green bond this week, selling a deal that also had some of the hallmarks of a project finance deal — a rare combination in Asia’s credit market. But the deal hit several speed bumps along the way. Morgan Davis reports.
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Barclays Africa Group made full use of the positive momentum that followed fellow South African bank FirstRand’s dollar tier two to price its own deal with a lower yield, despite investors initially asking for a pick up over FirstRand.
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After several weeks of focusing on conventional bonds in core currencies, SSAs popped back into the socially responsible investments (SRI) market this week. Nederlandse Waterschapsbank (NWB) is laying the ground for an affordable housing bond in euros, while the European Investment Bank found a solid reception for a Climate Awareness Bond that came in rare seven year dollar form.
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Barclays Africa was on track to make it two South African tier two bonds in a week on Wednesday, and began pricing by offering a pick-up to rival FirstRand.
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The EMEA IPO market is fully underway again after the Easter break, with bankers fresh from the Courchevel ski slopes or St Tropez sunbeds to provide investors with some fresh IPO powder. But high volumes means buyers have the ability to be selective.
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Indonesia’s Star Energy Geothermal (Wayang Windu) put together its first green bond on Tuesday after weeks of courting investors. Its $580m deal was meant to have a similar reception as the blow-out project finance trade from Paiton Energy Co in 2017, but the more difficult market backdrop posed a challenge.
