Crédit Agricole
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Signs emerged in the SSA market this week that not all SRI bonds are equally worthwhile as far as investors are concerned, particularly when market conditions are not ideal. A series of bonds with a green label went through with little difficulty but a pair of social bonds were undersubscribed. Craig McGlashan reports. -
Japan Tobacco took the rare step of issuing corporate bonds in three different currencies on the same day when it sold its debut euro and sterling bond deals alongside a pair of dollar tranches this week. The unusual move proved to be a successful one however, with each tranche at least three times subscribed.
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French electricity grid operator Réseau de Transport d’Électricité this week took the record for the largest order book for a new 20 year corporate bond in style when it received €5.5bn of orders. The size of the demand was more than double the €2.3bn book, which had given the record to French tyre manufacturer Michelin three weeks before.
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Dollar investors gave public sector issuers something to think about on Wednesday, as a pair of SRI bonds had very different receptions. One aggressively priced deal struggled to reach full subscription while another offering some concession grew by a half. World Bank is up next in the currency, though in conventional format, and bankers believe the trade will indicate the market’s direction.
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The National Bank of Oman hit screens on Tuesday, raising $500m of five year paper in a market still hungry for more Middle Eastern supply.
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China National Building Material (CNBM) is considering changing the guarantor of its $160m debut offshore borrowing in a bid to cut pricing.
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Cassa Depositi e Prestiti on Tuesday brought the first syndicated SSA supply from Italy since a large sell-off in BTPs began in May — and investors appeared happy with the risk, allowing tightened pricing and a well-oversubscribed book. The sustainability bond came amid a flurry of SRI deals.
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The Inter-American Development Bank mandated banks on Tuesday for its second benchmark social bond.
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Korian, the French operator of care homes for the elderly, has raised €60m via a tap of the popular €240m perpetual hybrid convertible bond it issued in June 2017.
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National Bank of Oman will sell a new five year benchmark on Tuesday, following a tender offer completed on Monday.
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Japanese issuers are not frequently seen in the European corporate bond markets, but this week could have two companies going head to head with benchmark euro transactions. Japan Tobacco will sell its first new issues in Europe, while Toyota is better known to investors on the continent.
