Euro
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Rentenbank made an impressive entry to the green benchmark bond market this week with its biggest ever order book in euros by overall size and number of accounts. Head of funding Leopold Olma, who has spent 20 years with the German development agency’s funding team, called it the “ultimate transaction”.
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The Dutch State Treasury Agency has revised down its 2020 borrowing programme as a result of a better improvement than expected in its cash deficit.
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Sovereign green bonds are becoming almost commonplace in Europe, but not all are convinced. Slovakia has no intention to enter the market, saying it is a costly exercise that “would not help anyone”.
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Rentenbank impressed SSA bankers on Tuesday as rolled out its debut benchmark green bond. The deal is expected to pay no new issue premium at the final spread.
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Altice France is marketing a €900m equivalent eight year bond across dollars and euros, coming hot on the heels of Friday’s announcement that Patrick Drahi, the billionaire owner of the telecoms group, was trying to take Altice Europe private.
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China National Chemical Corp (ChemChina) made a splash in the bond market this week with a dual currency five-tranche deal that raised close to $3bn.
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Rentenbank is moving forward with its plans to issue a debut euro green benchmark bond following a series of investor meetings over the past few weeks.
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Nissan Motor made its debut in the European bond market on Friday with a €2bn deal that investors would have liked larger and differently shaped, just a day after it had issued its first ever foreign currency bond, for $8bn.
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Spain is looking to follow hot on the heels of the soaring demand Italy attracted this week with its own syndicated bond which could come as soon as next week in what is likely to be a busy one for new issues ahead of the European Union’s re-entry as a jumbo borrower, according to SSA bankers.
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