Crédit Agricole
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Syndicate bankers are scrambling to make sense of the covered bond market, where sentiment has been changeable in recent weeks. Amid volatility and small issuance windows, sustainable bonds have proven a safe strategy to ensure successful deals. -
The 15 year tenor is the flavour of the week in the SSA market. Three issuers have mandated for deals at the tenor so far, following on from NRW.Bank’s successful trip to the maturity on Tuesday.
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Crédit Agricole has appointed Mariano Goldfischer, formerly in charge of global syndicate, to be head of global markets for the UK.
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NRW.Bank signalled to the market that there is demand at 15 years with its inaugural social bond on Tuesday. Following the deal two other European issuers, Bank Nederlandse Gemeenten and Portugal, mandated for deals of their own in the tenor.
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Berlin Hyp left ‘a little bit on the table’ with its new green covered bond on Tuesday. The trade was followed by deal announcements from Kookmin Bank and Sparebank Vest Boligkreditt, both looking to issue in sustainable format.
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Mercialys, the BBB rated French shopping centre owner, launched a sub-benchmark bond with an eye-catching yield on Tuesday, wider than a simultaneous deal by Fiat Chrysler, which is crossover-rated. Syndicate bankers said trying to be precise about pricing and sentiment this week was more difficult than it had been for months.
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NN Bank unveiled plans on Monday to issue its first covered bond from its newly published soft-bullet programme. At the same time, Berlin Hyp has mandated lead managers for the sale of a new green covered bond.
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Agence France Locale is set to sell its first ever sustainability bond, setting up virtual meetings with investors this week. Another debut issuer, NRW.Bank, has just announced details of its inaugural social bond.
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Agence Française de Développement hit the market twice this week, taking advantage of the absence of competing supply to pick up cash in euros and dollars. Thibaut Makarovsky, head of funding and market operations at the agency, discussed the deals with GlobalCapital.
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Bank of China sold its first ever bond out of its Djibouti branch on Monday, as Chinese issuers pour into capital markets to make up for time lost to the coronavirus pandemic.
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Lagfin, a vehicle that manages the investments of the billionaire Garavoglia family, has issued a €330m bond exchangeable into iconic Italian drinks maker Campari, as part of a move to shift the historic company’s domicile to the Netherlands.
