Europe
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The ball is rolling when it comes to banks printing green deals in subordinated formats, but there are still some lingering questions over whether capital makes the best fit for ESG issuance frameworks. -
Canadian media conglomerate Thomson Reuters has sold £745m of shares in London Stock Exchange Group (LSEG) to settle tax liabilities arising from the UK exchange operator’s acquisition of Refinitiv, the former Thomson Reuters finance and risk business.
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Bond markets have been settling in for a period of higher US Treasury yields since Wednesday when the Federal Reserve confirmed it did not expect to raise rates before 2024. While that made long-dated issuance trickier for SSA issuers, there was hope that emerging market bond issuance will soon resume, even if a bumpy ride lies in wait. Mariam Meskin, Oliver West and Lewis McLellan report.
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National Bank of Canada’s €500m seven year covered bond issued on Thursday, showed that a positive spread to mid-swaps has a greater impact on demand than a positive yield.
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Mounting concerns over rising rates resulted in a fair degree of price sensitivity for a rare 20 year covered bond issued on Tuesday by Bawag, the Austrian lender. But with a little new issue premium, demand was still good.
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The SSA market on Thursday was digesting the result of the previous night’s Federal Reserve meeting. Fed chair Jerome Powell took a dovish stance in spite of high economic growth, and some market participants believe that the strengthening inflation outlook could hurt demand for bonds at the long end of the curve.
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Deutsche Bank and Standard Chartered sold their first green and sustainable bonds in dollars this week, giving US investors a chance pick up supply that would normally be expected to arrive in euros.
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Všeobecná úverova banka (VÚB) issued a €500m five year covered bond on Wednesday at the tightest spread for any issuer from Slovakia.
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Inflated order books are only becoming more prevalent thanks to the European Central Bank’s increased firepower. The way to properly deal with this issue is through a collective effort from every corner of the capital markets.
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