BNP Paribas
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Corporate bond issuers are targeting the second half of this week to bring their deals to market. Tuesday’s German Unity Day public holiday is being seen by syndicate managers as having more of an impact on issuance plans than Sunday’s events in Catalonia. -
The IPO of Pirelli, the Italian tyre company, has been priced at €6.50, the bottom of the revised range, valuing the business at €6.5bn.
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China and Luxembourg made their first collaboration in equities on September 28, launching a green stock index. But experts say that while indices such as this are necessary for Chinese green finance to grow, they are not sufficient to ensure its success.
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Lionbridge Capital Co made a triumphant return to the dollar bond market on Thursday, closing a $160m deal it was forced to cancel earlier this year. But the market was not open to all-comers — Nan Hai Corp cancelled a mooted deal.
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Sustainability is a term used liberally and vaguely in the financial world. But it has a precise meaning: living so that we do not make it harder for future generations to live. That principle is violated by today’s economy, including its financial markets. But little by little, the heart of markets — the decisions investors make — is facing up to what it has long repressed. Jon Hay reports.
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The enthusiasm in China for a greener economy — and green financing techniques — now embraces the far-reaching Belt and Road Initiative. Meanwhile, foreign investors are being invited into China’s bond market. But as Noah Sin reports, to unite Chinese and international green finance markets, China will have to close the gap between two views of what is green.
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Asia’s green finance story is not just about China and India. Although the US has threatened to pull out of the Paris Agreement, southeast Asia has reiterated its commitment to sustainability. As Morgan Davis reports, that is beginning to be felt in its financial markets, where countries such as Malaysia, Singapore and Indonesia are exploring ways to foster green financing.
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Volkswagen Leasing brought its second euro corporate bond deal of 2017 on Monday. The €2.25bn dual tranche offering took Volkswagen’s total issuance this year to €17.25bn. This is more than twice as much as General Electric, the next highest issuer by volume.
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Having made euro investors wait three years since its last deal, in 2014, Australian pallet and container provider Brambles finally returned to the single currency market on Tuesday, printing a deal with virtually no new issue premium.
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Automotive finance companies rarely issue corporate bonds with tenors longer than four or five years, due to the assets they need to fund. This week, however, three of them sold five year bonds.
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Public sector borrowers this week smashed through their conventional curves with green bond issues. But there was some debate over whether this marks the start of a trend or is merely the product of scorching conditions in both the euro and dollar markets.
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