Crédit Agricole
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Oversea-Chinese Banking Corporation Limited (OCBC) will become the third Singaporean borrower to issue a euro-denominated covered bond this year and is expected to open order books for its debut deal on Tuesday. The deal is going to be a rare five year, so it is likely to get good execution. -
If there was ever an idea whose time has come, it is green securitization. Action to green the economy is super-urgent, and progress so far has been worryingly slow.
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The revival of banks using securitization to free up regulatory capital could open new possibilities for accelerating the financing of a greener economy, as a ground-breaking deal demonstrated this week, write Jon Hay and David Bell.
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Export-Import Bank of China managed to achieve the lowest spread for a euro bond from a Chinese name this year with its three year in the currency, part of a $3bn-equivalent Reg S deal.
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Covered bonds issued this week by Axa Bank and Lansforsakringar Hypotek (LF Hyp) were priced at — or inside — fair value, partly reflecting a technical squeeze that was aggravated by the European Central Bank’s move to step up purchases in the secondary market.
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Export-Import Bank of China made a strong comeback to the Asia debt market on Tuesday with a $3bn equivalent three tranche dual-currency Reg S deal. Its three year euro bond achieved the lowest spread in the currency from a Chinese name this year.
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Multilateral development banks will focus more on providing credit enhancement and support to help small, emerging market borrowers bring their green bonds to market, according to the head of climate change at the European Investment Bank. Meanwhile, a French region visited the green market on Tuesday.
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The European Stability Mechanism returned to stellar form this week, hitting the sweet spot for euro demand and exceeding its first quarter funding target. Bpifrance Financement will look to follow up the supranational’s success on Wednesday.
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Indian film maker and distributor Eros International has launched its maiden dollar bond with books building quickly during the Asia morning, as it competes with Export-Import Bank of China.
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The European Stability Mechanism has nipped in ahead of a European Central Bank Governing Council meeting later this week to mandate banks for a 10 year euro benchmark. Other euro supply this week could come from Région Île-de-France, which held a global investor call on Monday for a green and sustainability bond.
