Europe

The Green Bond Principles could be adapted to include clarification on the types of assets eligible for financing from the market, according to a sustainability consultant at Vigeo Eiris. The topic has grown in importance after France’s debut sovereign green bond last week included intangible assets among its use of proceeds.

SSA bankers are gearing themselves up for another round of dollar supply next week after the currency’s record breaking January. Buoyant conditions even allowed one issuer to bring a bulky benchmark, despite this week’s public holidays in Asia.

Many market commentators have commented that 2017 will be the year of political risk. Uncertainty around Brexit, Donald Trump’s inaugural year as US president and a series of elections in continental Europe make conditions ripe for bouts of volatility.

Siberian Coal Energy Company (SUEK) is set to test demand among banks for lending to Russia and their willingness to deal with the coal industry, given many lenders have rules prohibiting further investments in the sector.

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The relentless rise in French government bond yields this year has started to disrupt demand for French covered bonds, a trend which will hold until at least May when the country’s presidential elections are over.

The European IPO market is getting busier, with several deals launched this week, and another close to being priced.

French agency Caisse des Dépôts et Consignations is set to follow its sovereign by bringing a debut green bond syndication in 2017, after hiring banks on Thursday to run a roadshow for the potential trade.

Commitments are due by February 13 on a loan backing Mid Europa Partners’ acquisition of Romanian retail chain Profi Rom Food, as banks aim to close the deal by the end of the month.

Bankers and debt advisers in the European high yield market believe more US companies could bring reverse Yankee bonds to Europe, as uncertainty surrounding new economic and trade policies in the US hampers their home market.

Akbank made a bullish return to the international syndicated loan market this week, going beyond its usual one year tenor refinancing, despite the recent difficulties Turkish borrowers have faced in obtaining longer dated loans. But the deal confirms that pricing levels have changed markedly in the past six months, said bankers.

Parkdean Resorts accelerated commitments on its £575m ($722m) buyout seven year term loan ‘B’ this week alongside several issuers who came to reprice sterling deals, as more cash pours into non-CLO investment accounts.