Europe
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The palette of socially responsible investment bonds is expanding. Two borrowers made SRI debuts this week with a social inclusion bond and a sustainability bond, while a third has announced its intention to follow suit. -
Bankers are pleased that the first IPO season of 2017 has passed without any major problems, but the next window, in May and June, promises to be far more challenging, with all the uncertainty surrounding the French election. It could cause the flow of IPOs to stutter, but a positive outcome could also provide some upside.
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Russian borrowers are wasting no time in dealing with $7.3bn of their corporate bonds about to come due.
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Yorkshire Building Society defied concerns around the UK’s decision to leave the European Union this week, issuing a well oversubscribed covered bond that was very broadly distributed and that priced almost flat to its curve.
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FMS Wertmanagement took advantage of the dearth of supply in short dated euro paper to score an extremely tight price for its €1.5bn November 2020 benchmark on Thursday.
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Spain’s BBVA paid next to no new issue premium for €1.5bn of new funding this week, picking its moment to return to a very healthy market for floating rate notes.
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KommuneKredit is set to hit the road for its debut green bond, after mandating banks on Thursday.
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Lloyds Bank has arranged for Unibail-Rodamco, the French-Dutch property company, what it believes is the first syndicated loan that gives the borrower cheaper funding if it hits environmental targets.
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Many international banks have yet to hear from Intesa Sanpaolo, more than a month after it announced plans to syndicate its €5.2bn loan to Qatar Investment Authority and Glencore for the takeover of a 19.5% stake in Rosneft, the Russian oil company.
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L-Bank shattered its sterling size record on Wednesday, exceeding the expectations of even its leads with a £500m five year deal.
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Shares in Tullow Oil, the Anglo-Irish oil and gas drilling company, closed 5.5% higher on Thursday on an adjusted basis, after they began trading ex-rights before its £607m rights issue.
