Europe
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Gore Street Energy Storage Fund, the London-listed closed end investment fund focused on energy storage assets, has tapped equity capital markets for £135m to finance the company’s burgeoning pipeline of around 1.3gw of investment opportunities. -
Jumbo, a privately owned supermarket chain with stores in Belgium and the Netherlands, has closed a debut Schuldschein at €200m, according to market sources. New deals are proving popular, as low levels of deal flow cannot slake investors' thirst for assets.
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Bank of America sold a floating rate note over the Bloomberg short-term bank yield index rather than Sofr this week, as Morgan Stanley added to the post earnings rush in dollars.
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Emerging markets bond buyers and issuers are regaining confidence as US Treasury volatility falls, with issuance in CEEMEA and Latin America having picked up in recent days and a pipeline building.
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Covered bond bankers were optimistic about the outlook for green issuance after the European Commission published the EU Taxonomy Climate Delegated Act, which as far as real estate is concerned, is broadly in line with the recommendations set out by its technical expert group, current industry standards and a draft circulated earlier this week.
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The European Commission has torn up the standard SSA fee structure, pushing through its own lower syndication fees for deals under the €800bn Next Generation EU funding programme. The controversial move comes as the borrower opens applications for primary dealerships. Lewis McLellan reports.
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The European Banking Authority has warned issuers against rushing into the sustainability-linked bond market, as it works on deciding whether the structures conflict with eligibility criteria for capital and other loss-absorbing instruments. Despite the warning, market participants are pushing hard to make sure banks are able to issue SLBs in any format, writes Tyler Davies.
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Aareal Bank and Deutsche Pfandbriefbank (PBB) issued highly successful Sonia linked Pfandbriefe this week, doubling the supply seen so far this year.
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Bpifrance will be holding calls with investors next week to introduce its new green bond framework ahead of a debut deal in the format with the proceeds to be focused on renewable energy projects.
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Equity investors continued to show strong demand for follow-on primary deals this week with high take-ups in capital raises for Spain’s Cellnex and UK food and beverage outlet operator SSP.
