Europe
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Metro Bank could be forced to overhaul its strategy for growth after agreeing to pay an exorbitant rate on a new senior bond this week, in desperation to meet a looming set of regulatory requirements. Tyler Davies reports. -
The European Insurance and Occupational Pensions Authority (EIOPA) has told the European Commission that capital requirements for insurers should not be tweaked to encourage sustainability, nor calculated using a longer time frame to better incorporate the effects of climate change. Instead, it suggests analysis, stress tests and disclosure of risks.
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The European Investment Bank pulled in over $3.8bn of demand for its first 10 year dollar benchmark in over a year, despite sharing screens with the supranational’s debut €STR-linked transaction. BNG is set to follow suit at five years with a sustainability bond.
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Sparebanken Sør Boligkreditt will become the fourth Norwegian bank to issue a green covered bond after mandating leads for a roadshow on Thursday. It follows the first green covered bond by Norway’s SR Boligkreditt and a vanilla deal from Møre Boligkreditt issued this week.
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Italy's new finance minister, Roberto Gualtieri, has said Italy "would like to issue green bonds" to finance investment in greening its economy. The Treasury has begun working on the project.
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Belgium and Ireland are looking at increasing the size of their green bonds in the fourth quarter. For Ireland it would be the first tap of its green bond since it was issued in October 2018.
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Banco Santander hit screens this week to sell its first green bond. The deal attracted orders more than five times its €1bn size.
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Metro Bank joined Deutsche Bank this week in demonstrating how regulatory debt capital issues drive fears over business sustainability. Will regulators get cold feet and pull back?
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Kaspi.kz, the largest payments and e-commerce company in Kazakhstan, announced on Monday that it would proceed with an IPO on the London Stock Exchange (LSE) after filing a registration document last week.
