Euro
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The Dutch State Treasury Agency (DSTA) has released initial spread guidance for its inaugural green bond, which will be launched via Dutch Direct Auction (DDA) on Tuesday. -
Latvia was in market on Monday for a tap of a 30 year bond, returning to the line it opened three months ago. The deal enjoyed strong demand, allowing leads to slice 6bp from the spread.
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Russian Rail’s debut green Eurobond last week met with strong demand, but some investors had reservations about buying green bonds from a company owned by the Russian state and used to transport fossil fuels. Antonio Keglevich, UniCredit’s head of sustainability bond origination, responded to the criticism.
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Russian Railways launched the first international green bond from its home country on Thursday, a €500m eight year bond. While many emerging market investors were keen to look at the paper, despite the US considering a new round of Russian sanctions, several green investors disliked the company’s ESG enough to not participate.
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Société de Financement Local (SFIL) has picked banks to sell its first benchmark in euros this year.
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The Dutch government is preparing to issue its first green bond next week, and has introduced a new feature to the market: investors can register as accredited green bond investors to receive preferential allocations.
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Ceske Drahy, the Czech national railway company, hit screens on Thursday announcing a euro benchmark, returning to the bond market for the first time in three years.
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Books for Russian Railways’ eight year euro green bond had breached the €1.4bn mark by lunchtime on Wednesday, allowing leads to tighten pricing. A banker away from the note said the levels offered looked fair.
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Nepi Rockcastle, a Johannesburg- and Amsterdam-listed real estate fund, printed a €500m four year bond on Wednesday. In doing so, it seemed to shake off concerns about the company raised by research firm Viceroy in November, though investors still had questions during the marketing of the bond.
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The Republic of the Philippines returned to the euro bond market on Thursday, after a more than 10 year hiatus.
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NRW.Bank mandated banks on Wednesday for a 10 year euro bond, in what is the agency’s first benchmark since rules were changed to allow the bank to be dissolved by law only.
