Currencies
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Germany’s long promised green debut is set to come to market this week in what is turning out to be a hectic one for the green bond market. -
Rentenbank plans to issue its first green bond in the middle of September, after two weeks of meetings and calls with investors. Treasurer Stefan Goebel said he was not too concerned by the impending wave of supply from the European Commission.
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Property company HongKong Land has converted a HK$1bn ($129m) revolving credit facility received from DBS this February into a sustainability-linked loan.
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International Finance Corp sold the first Kauri bond in more than two months on Thursday, while in the Kangaroo market a pair of European agencies tapped a pocket of demand further down the curve.
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Crédit Agricole’s Swiss subsidiary sold its first structured covered bond in Swiss francs on Wednesday. The bond was issued under a new programme that differentiates it from covered bonds issued by its parent bank under French law in the Swiss market.
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Municipality Finance will be holding a series of investor calls next week as it looks to issue its inaugural social bond following the publication of a framework earlier this year.
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The primary euro public sector bond market continued its busy week on Thursday with KfW and KommuneKredit issuing new 10 and 20 year deals, respectively.
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Korea Expressway Corp made its debut in the Kangaroo market this week, taking A$450m ($324.6m) from a dual tranche deal.
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After KfW mandated banks on Wednesday to join the 10 year euro flurry, the question on the minds of market participants is at what level the Germany agency will choose to start at with such a wide differential between relative and fair value.
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The State of North Rhine-Westphalia and Nederlandse Waterschapsbank rebooted the long of the euro SSA curve on Wednesday with well subscribed deals and minimal new issue premiums.
