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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.

Africa Finance Corporation (AFC), the pan-African development finance institution, has held investor calls ahead of its first green bond issue that Swiss franc bankers expect to launch next week.

Swedish debt purchaser Intrum sold a tap of its 4.875% 2025 unsecured notes on Wednesday, intending to use the funds to part-pay its revolving credit facility. With a strong backdrop, and plenty of RCF drawings still outstanding, the company increased the deal by €50m during syndication.

Hamburg Commercial Bank is getting ready to issue a new tier two capital bond with an unusual five year tenor, as part of its efforts to reconnect with investors following its privatisation in 2018.

Industrial and Commercial Bank of China raised a smaller than planned $2.9bn from its additional tier one outing, buffeted by a surge in supply this week and a softer market backdrop. Alice Huang reports.

Data centre operator Aligned has closed a $1bn sustainability-linked debt financing, marking the arrival in this industry of a green finance tool that is growing in popularity.

Beijing Construction Engineering Group has returned to the debt market for a $350m term loan.

Tensions between the US and China dealt a blow to state-owned utility firm China Three Gorges Corp’s $1bn bond outing, which fell short of the lead banks’ pricing expectations.

Times China Holdings raised $350m from a 5.5 year bond on Tuesday as a way to get ahead of its 2021 dollar maturities.

Instone Real Estate, the German residential property developer, has found strong support for its €182m rights issue, which it announced in August to fund an acceleration of its growth strategy.

Munich Re was able to attract €5.7bn of orders for a new tier two on Tuesday, its first in green format. The issuer printed the deal through fair value using the momentum gained through the books.

HSBC Holdings is issuing a new senior bond while offering to buy back some of its existing securities, less a month after completing a very similar liability management exercise in the dollar market.