Europe
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Acin says that data its platform collects to help banks identify where they are failing to mitigate operational risks could also give them leverage when talking to regulators about capital requirements. -
A structure developed in the loan market, in which a company’s financing margin can be lowered during the life of the deal if it improves its environmental, social and governance credentials, has crossed over into the Schuldschein market. That raises the possibility it could make the leap to the bond market, write Silas Brown and Jon Hay.
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Royal Bank of Canada’s €1.25bn seven year issued on Wednesday dropped more orders than any covered bond has in years, ending up as one of the least subscribed deals of its size since 2011. The transaction starkly illustrated that the balance of power has shifted in favour of investors and offered a salutary lesson for ambitious issuers, writes Bill Thornhill.
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Emmerson eyes $230m project financing - NCC refis amid deal drought - Deufol cuts margins with loan refi - Ires Reit activates acquisition accordion - Ukraine's Kronospan receives EBRD-led loan, but MHP funding remains uncertain
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Bond market alpha types may find it galling when the fusty old loan market can teach them an innovative new structure. And yet, that may be about to happen.
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With equities in green, Thursday was a fair sailing day for corporate bond issues in Europe, and five issuers took advantage, including two French names and two Swedish. Demand was strong and terms tight.
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A pair of French agencies hit screens with new SRI notes this week. On Wednesday, Caisse des Dépôts et Consignations came to market with its debut sustainable bond, the first under a new green, social and sustainable framework. And on Thursday, Régie Autonome des Transports Parisiens steamed in with its second ever green bond.
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Greece's Piraeus Bank said on Thursday that it would issue a tier two bond with a 10 year non-call five maturity, after announcing last year that it was waiting for the "right timing" to make good on capital strengthening plans agreed with the European Central Bank.
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Finance for climate-related projects in emerging and developing countries provided by the world’s five largest multilateral development banks (MDBs) hit an all-time record of $43.1bn in 2018.
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A trio of Spanish banks hit the euro market this week, led by a popular offering of non-preferred senior bonds from CaixaBank.
