Currencies

Green bonds have always offered borrowers more than just a way to feel good about themselves

Some market participants saw just 1bp of new issue premium in the deal

Borrowers benefit from scarcity value and lack of competing supply

Portuguese lender hopes to emulate the success of peers’ recent blowout sales

Fair value is seen around high-20bp with more than 10bp of pick-up versus KfW

Deal priced flat to fair value as UK asset mangers likely buyers

High grade corporate bond market maintains its strong run

‘Difficult to argue against this trade’, said one lead

◆ Danish bank raises €800m from two short dated tranches priced through FV ◆ Conducting refi across capital stack as it also prepares covered bond in Swedish kronor ◆ Orix to tap euro and Aussie markets

'Safer' public sector cover pools avoid tricky commercial real estate exposure discussions

Investors offered high grade euro mandates from newcomer Epiroc and Portugal's Ren

◆ ¥50bn Euroyen is issuer's first public bond in currency for five years ◆ Wide range of investors buys what was the biggest foreign issuer in yen ◆ Pricing wider than euros, tighter than dollars