Europe
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Richard Boardman has joined RBC Capital Markets to help the bank provide capital and asset-liability management (ALM) solutions to financial institutions. -
Enel, the Italian power and gas company that is the first, and only, issuer of bonds with sustainability-linked coupons, proved this week that the structure appeals to European green-minded investors, by raising €2.5bn at a spread several basis points tighter than it could have achieved with a normal bond. Jon Hay and Mike Turner report.
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The European Bank for Reconstruction and Development and Ireland faced off in the euro green bond market on Thursday.
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Rating: Baa3/BBB/BBB
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A report commissioned by European Union member states suggests rebranding the Capital Markets Union (CMU) a “Savings and Sustainable Investment Union”. Specific proposals include all large sovereign borrowers issuing green bonds, facilitating IPO access for smaller companies, and a group of select countries readying to harmonise insolvency rules.
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Greece returned to the capital markets this week with its fourth syndicated bond of the year as it tapped its 10 year note at a record low yield. Meanwhile, Cyprus is set to go on a global roadshow to plan its funding for 2020.
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The branding may be on the way out, but there are plenty of reasons to be encouraged about the potential for real progress in the next phase of the Capital Markets Union.
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After making a strong return to the dollar bond market for the first time since 2010, Italy aims to become a frequent issuer in the currency once again, according to the sovereign’s funding head.
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Turkey’s decision to launch a military offensive in Syria has reopened the possibility of sanctions from the US, with its Senate introducing a bill to do so on Wednesday. However, the investor community is doubtful about their impact.
