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A tough quarter scuppered Goldman Sachs's strategic update but the bank places deeds before words and is already well advanced in its new strategy, writes David Rothnie -
Royal Bank of Canada stunned market participants with its first public euro offering of bail-inable senior debt on Wednesday, pricing the deal inside equivalent trades from Toronto-Dominion Bank and Bank of Nova Scotia. The trade was RBC’s first ever green bond.
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If the architects behind the complicated world of bank resolution and prudential capital regulation have proved one thing, it is that the devil is not always in the detail. Sometimes labels matter more.
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Royal Bank of Canada said on Tuesday that it was looking at the euro market for its first green senior unsecured bonds, at a time when issuers seem to be more in control of pricing than investors.
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Co-operative Bank managed to raise £200m of tier two capital this week, in its first bond sale since coming close to failing in 2017. A healthy coupon of 9.5% helped the UK lender to find the demand it needed, even if one investor said that there was still “not much to like” about its credit profile.
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Sustainable finance is bubbling with exciting new initiatives. But making people feel good is not enough. Activity needs to produce results, and so far there is more noise than movement. The tone is far too sedate — it needs some hard core activism to break the torpor.
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Toronto-Dominion Bank has become the first Canadian issuer to launch a bail-inable senior bond publicly in euros, impressing on-looking bankers by landing the deal with a very tight spread to mid-swaps.
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La Banque Postale saved around 2bp on pricing by going green on its latest inaugural 10 year senior non-preferred paper, reaffirming the discrepancy between supply and demand in the euro green bond market.
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Banco BPM split opinion with a debut additional tier one bond this week, paying up to issue but proving that there’s a chance for the middle tier of Italy to access the market. The bank joined only two other Italians in having sold deals in the asset class — the national champion banks Intesa Sanpaolo and UniCredit, writes David Freitas.
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Activist investor Edward Bramson will be hard-pressed to succeed in his bid to get a seat on the board of Barclays. But his push to get the firm to retreat from investment banking could well find a better reception among weary investors.
