Europe
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A pair of supranationals helped bolster Hong Kong’s green bond ambitions with some SRI deals this week. -
Two pieces of news this week highlight how environmental, social and governance (ESG) investing is conquering the capital markets. But both carry a risk of intellectual laziness.
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KommuneKredit took a novel approach to its sterling issuance on Tuesday, adding a switch operation to print its largest ever new issue in the currency. Bankers believe other issuers may use the tactic. Meanwhile, Bank Nederlandse Gemeenten (BNG) received less interest in a sterling trade of its own.
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KfW drew its largest ever benchmark book this week while visiting the seven year tenor, a part of the euro curve that has been red hot for issuers for several weeks and that SSA bankers still has plenty to offer borrowers next week. The European Financial Stability Facility (EFSF) is lining up a deal for next week, although bankers are suggesting it looks at the long end.
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The UK’s Financial Conduct Authority wrote to CEOs on Thursday, asking them to make sure the details of fixed income shares are understood by investors.
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Additional tier one (AT1) issuers are entering into a refinancing market far faster than anyone had expected, as banks get in well ahead of time to replace the earliest trades printed in the format. Tyler Davies reports.
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Banco BPM and Banca IFIS found success in the senior unsecured market this week, despite an uncertain political backdrop in Italy after parties prolonged talks to form a new government.
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EPIF Infrastructure, a European energy infrastructure utility, raised €750m with its market debut on Thursday.
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With the shock of the latest round of Russian sanctions receding a little, EM investors are already seeking out the opportunities that last week’s volatility created. Even one holder of the sanctioned and problematic Rusal debt said he has increased his exposure to Sberbank.
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Tryg Forsikring, a Danish insurance firm, came to the market on Thursday with a restricted tier one (RT1) bond in Swedish kronor. The majority of RT1s issued since 2016 have been in Nordic currencies.
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After selling €4.6bn of loans in March, Unilever Spreads unveiled the €1bn high yield bond portion of its leveraged buyout funding package on Wednesday. But as well as jumbo deals, other borrowers with smaller offerings are also vying for investor attention.
