Europe

Industrial and Commercial Bank of China (London) has closed its first green loan, a $370m dual currency facility, a year after issuing its debut green bond.

Royal Bank of Canada on Thursday became the first international bank to issue a five year Sonia linked covered bond, a trade that delivered competitive pricing and sizeable funding.

HSBC has finalised its new corporate broking line-up, after a review conducted by its chief financial officer Ewen Stevenson. It has hired Morgan Stanley and Bank of America Merrill Lynch as brokers, replacing Goldman Sachs and Credit Suisse.

In the latest dimension of global central banks’ interest in sustainability, the Bank for International Settlements has established a dollar green bond fund for central banks' foreign currency reserves. The aim is to let them incorporate environmental criteria into reserve management without overly damaging the liquidity and value of their reserves.

Adani Transmission, the Indian power grid company, is marketing a debut US private placement, according to several market participants, who are watching the potential deal closely to see if it could spark a return for Indian names in the sector — a decade after it was burnt by a deal gone awry.

Abanca Corporación Bancaria returned to the euro bond market on Thursday for its second tier two of the year. The Spanish lender was able to tighten pricing for its €300m deal by 50bp, helped by an order book that was nearly four times subscribed.

Russia’s State Transport Leasing Co, also known as GTLK, printed a $550m Reg S bond on Wednesday from a book of more than $1.3bn, with a surprisingly high proportion of US offshore demand.

Montenegro came to market on Thursday for its first ever 10 year bond. Demand for the euro deal proved strong enough for the issuer to raise €500m and allowed the leads to set the yield roughly flat to fair value.

AIB Group has become the first bank in Ireland to develop a green bond framework and has mandated ING for a roadshow to promote it. The framework aims to support lending for energy-efficient buildings and other projects that promote the transition to a low carbon economy.

Instituto de Crédito Oficial has selected its new head of capital markets, to replace Rodrigo Robledo, who left earlier this month, GlobalCapital can reveal.

Crédit Mutuel Arkéa has become the third European bank in 10 days to sell its first social bond, weighing into an under-serviced part of the market for socially responsible investors.

Kazakhstan printed a €1.15bn dual tranche bond on Wednesday from a book of more than €3bn at its peak, at levels that lead managers said were 6bp inside the curve for the seven year and 4bp inside for the 15 year. Bankers away from the deal saw fair value differently but conceded that there could be different views on the calculation.