Crédit Agricole
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BPER Banca, the Modena-based banking group, has unveiled the terms for a €800m rights issue to fund an acquisition of hundreds of branches across northern Italy from Intesa Sanpaolo. -
Investment grade companies are filtering into the euro bond market in the run-up to the last quarter of the year, including Informa, the UK publishing and exhibition company, which wants to swap its private placements for public bonds.
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Two CEEMEA issuers, Egypt and Hungary's Mol, are in the market this week to raise funding. According to experts, issuers are eager to get their funding in before expected geopolitical and coronavirus-related volatility impacts markets.
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French semiconductor maker Soitec has returned to the equity-linked debt market with a new €325m five year convertible bond, after a rally in its share price since March.
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The Arab Republic of Egypt has mandated banks to arrange its debut green bond, which will be the first sovereign green bond from the Middle East and North Africa. The deal, according to bankers, has been in the works for over a year and has been delayed by the Covid-19 pandemic.
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Swedish Export Credit Corporation took full advantage of the quiet SSA market to print a three year dollar benchmark on Wednesday. Ontario Teachers Finance Trust is set to follow on Thursday.
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China Merchants Bank raised $700m from a dual-tranche transaction on Tuesday, marketed by two different overseas branches with two different structures. But the issuer ran into negative market sentiment that dented appetite for the deal.
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CCB Leasing’s plans to raise $500m were scuppered after markets tanked and investor sentiment took a hit on Monday. The Chinese firm was forced to adjust its expectations for a smaller $300m bond.
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Green and sustainable finance is going through tumultuous change, as it crashes into the mainstream of capital markets, said speakers at the GlobalCapital Sustainable and Responsible Capital Markets Forum last week. They emphasised the importance of tying financing to credible transition plans.
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Banks and insurance companies were falling over one another to issue green bonds this week, with deal arrangers seeing ESG labels as near infallible ways of bringing pricing through fair value, write Tyler Davies and David Freitas.
