Crédit Agricole

The social bond market — though still nascent — is rapidly gaining momentum. Three public sector issuers made their debuts in the market this week, all of which met with enthusiastic approval from Europe’s community of dedicated socially responsible investors.

Rating: Baa2/BBB/BBB

The supply of hybrid bonds continued this week, with an additional feature — both hybrids sold this week were certified as green bonds.

Gazprom this week sold its first euro denominated bond of the year, a €750m seven year, with a new issue premium that a lead manager has estimated at only 0bp-2bp.

Bank of China's Paris branch raised almost $1.5bn across three currencies and tranches on Wednesday, marking the fifth offshore green bond from China this year. Concord New Energy had contrasting success and pulled out of a planned deal.

Cores, Spain’s strategic oil reserves manager, has returned to capital markets for the first time in two years, defying Spain's political turmoil to raise €400m while slashing 7bp from its initial spread.

Russian state owned giant Gazprom released initial price thoughts for a euro seven year bond on Wednesday morning at a level that bankers away from the deal said was around 20bp back of the company’s curve.

Two green issuers from China are wooing buy-side accounts for new bonds, with Concord New Energy Group and Bank of China collecting investor orders from Wednesday morning.

Three issuers launched social bonds on the same day on Tuesday, which is likely a first for the SSA market. They raised a combined €1.5bn across five, seven and 10 years, with two of the deals managing to make dramatic moves in pricing thanks to what one banker called "superb conditions".

CVC and Ardian charged up the leveraged loan deal pipeline with new buyouts of European businesses in Ireland, Greece and Spain this week. A strengthening European economy is likely to attract more, said market participants.

Investors in green corporate bonds had two very different deals offered to them on Tuesday. Spanish utility Iberdrola sold a green hybrid bond, while Toyota Motor Credit Corp, Toyota’s auto finance subsidiary, offered a long 3.5 year green tranche alongside a seven year non-green tranche.

GAC-Sofinco Auto Finance is returning to the Chinese asset backed securities market seeking Rmb4bn ($602.9m) — its first outing since 2014.