Europe

The growth of corporate issuance in the green bond market is a compelling trend in modern capital markets. While this growth will continue, market entrants must pay heed to the market’s unique demands, say Antonio Keglevich, head of green bond origination, and Robert Vielhaber, green bond analyst at UniCredit

European Investment Bank has launched its first equity index-linked bond dedicated exclusively to renewable energy and energy efficiency projects as the Climate Bond Initiative begins a public consultation on a proposed standard for water bonds.

SKF, the Swedish ball bearing maker, won a €2.2bn order book today (Tuesday) for a €500m no-grow bond, issued to partly fund a tender offer for older notes.

BMW has kept its bond issuance going apace in the past fortnight, since it returned to the market for the first time after the Volkswagen emissions cheating scandal.

A list of 27 Russian banks and corporates have set up the Analytical Credit Rating Agency, and staffed it with some of the biggest names in the Russian capital markets. But while Russia needs a domestic ratings agency more than ever, its biggest challenge will be establishing credibility.

OTE, the Hellenic Telecommunications Organisation, held an investor call on Tuesday November 24 for what could be the first Greek corporate bond issue in euros this year.

The Italian bank has mandated leads for a 10 year benchmark and its second deal this year.

Groupe Fnac, the French book, music and electronics retailer, has signed €865m of loans for its €615m acquisition of Darty, the London and Paris-listed French electricals retailer.

Aegon Bank was raised €750m for its debut covered bond. The five year conditional pass through (CPT) offered a fair pick-up to where Dutch national champions would have priced, and the level of other Dutch CPTs, and the issue drew a moderately oversubscribed book.

BayernLB issued a well oversubscribed Pfandbrief on Tuesday and priced somewhat tighter, and with a longer maturity, than other recently issued German covered bonds. The pricing showed that German investors can still just about demonstrate differentiation between credits, despite low yields and tight spreads across the board.

New Europe Property Investments (Nepi) successfully priced a euro-denominated debut deal more than a year after first approaching investors in Europe.

Lloyds is set to exchange two old tier two instruments for new longer dated debt as it shifts towards holding company issuance in the wake of regulators' new emphasis on loss absorbing capital.