BNP Paribas
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The UK electricity operator National Grid has raised a multi-export credit agency (ECA) covered loan, which also adheres to the Loan Market Association’s Green Loan Principles. -
Castle Peak Power Co, a Hong Kong power generator, sealed a $350m energy transition bond on Monday. It was one of just a handful of these bonds sold in the world, and the second from Asia.
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Hong Kong power generator Castle Peak Power Co began marketing an energy transition bond on Monday morning, marking just the second transition bond to be sold in Asia.
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Hotel and casino operator Wynn Macau followed its gaming peers into the dollar bond market last Friday, but weaker market sentiment meant the borrower failed to tighten guidance on its $750m deal.
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Transition bonds were the hot idea of 2019 in green finance circles, appearing to offer a way to expand themed bonds to a much wider range of issuers. But the product has struggled to gain momentum. This week’s deal from Snam, the Italian gas grid company, confirmed that it has an audience, among both issuers and investors.
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Asian Infrastructure Investment Bank took home Rmb3bn ($424m) from its debut Panda bond on Thursday, at a price that was well below levels of its comparables. Senior officials at the Beijing-based supranational bank told GlobalCapital China that it wasn’t all smooth sailing, but the deal shows the potential of the renminbi debt market.
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Chinese property developer Sinic Holdings (Group) Co launched a two year dollar bond on Thursday after receiving international credit ratings this week for the first time.
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Thai Oil Public Co managed to raise $1bn from a dual-tranche bond by the ‘skin of its teeth’ on Thursday, tightening price guidance twice during bookbuilding to find the right groups of investors.
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Europe's corporate bond investors are clamouring for issuers to print higher risk bonds with borrowers proving happy to oblige, as money pumped into the market by the European Central Bank crushes spreads on top-rated, short and medium-dated debt ever tighter, and despite a clear display of pessimism from the US Federal Reserve on Wednesday. Mike Turner reports.
