Crédit Agricole

The green bond theme is picking up steam with banks, as Deutsche Pfandbriefbank looks to become the next in a growing group of banks to issue socially responsible investment (SRI) bonds.

Dexia Crédit Local hit the market on Wednesday with a three year senior bond guaranteed by Belgium, France and Luxembourg, following on the heels of Caisse Centrale du Crédit Immobilier de France’s successful €1bn GG senior on Tuesday.

ArcelorMittal is an archetypal crossover credit, having been downgraded from investment grade to Ba1/BB+/BB+. The steelmaker’s ratings from Moody’s and Standard & Poor’s are on negative outlook.

The green bond theme is picking up steam with banks, as Deutsche Pfandbriefbank looks to become the next in a growing group of banks to issue socially responsible investment (SRI) bonds.

Swiss commodity trader Mercuria Energy Trading has roared past its refinancing target to sign a $2.65bn syndicated loan.

Aluminum manufacturer China Hongqiao successfully closed a dollar transaction on Thursday after having previously made two failed attempts to debut in the market. However this around, Hongqiao was well received by investors and the issue was 15 times subscribed.

The covered bond market had one of its busiest weeks this year as six borrowers from five countries raised €5bn. With outright yields continuing to decline, and investors scrambling to hit return targets, supply was slanted to the long end, where more yield was on offer. Even so, several deals offered coupons that set new lows.

Barclays is set to issue £2.27bn equivalent of CRD IV-compliant additional tier one securities after completing its offer to exchange old-style tier one bonds on Friday, bringing the bank’s total outstanding volume of new-style AT1 to more than half its £7bn target.

Aluminium manufacturer China Hongqiao, opened books for its international debut on Thursday, with a three year dollar bond that is considered groundbreaking because of the rarity of the sector.

Credit Suisse and ING both hit the senior market with new issues on Tuesday drawing hefty order books for euro deals. While Credit Suisse offered a juicy premium to guarantee success, ING was able to gather almost as many orders at what bankers away from the deal saw as a tight level.

China Hongqiao Group is looking to make its international bond debut with a proposed Reg S dollar issue.

Goodman Hong Kong Logistics made its dollar debut on Thursday with a $400m 10 year bond. Met with a strong reception from investors, the issuer had increased the size of the transaction from its original target to accommodate the demand.