Europe
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Berlin Hyp AG (BHH) has mandated joint leads for its third deal of the year, and the shortest maturing covered bond issued in euros from a eurozone bank in 2018. The appealing tenor and lack of guidance on deal size raises the possibility of a larger than usual transaction size. -
The proportion of green covered bonds in the market could rise substantially as regulators push for greener finance and banks focus increasingly on financing of green assets, according to a report published this week by Standard & Poor’s.
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Novo Banco looked set to be able to place a tier two bond after announcing exchange offers from senior bondholders on Friday. But the Portuguese lender is beleaguered by investor protests as it seeks to complete a crucial stage on its path to becoming a normal bank. Jasper Cox reports.
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Guarantor: Federal State of North Rhine‑Westphalia
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France plans to forge ahead with tapping its debut Green OAT rather than introducing new SRI lines, despite some investors calling for a shorter dated alternative. Craig McGlashan and Lewis McLellan report.
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Sovereign, supranational and agency borrowers were out in force this week, but the second busiest week of the year for euro funding was notable for the lack of price tension on many deals.
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Municipality Finance grabbed the opportunity of being the only SSA dollar issuer this week to bring a very strong trade, paving the way for other borrowers to tap the currency.
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There was a smattering of sterling deals from public sector borrowers this week, as the biggest issuer in the currency — the UK Debt Management Office — provided details for its next syndication.
