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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. -
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.
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Banco BPM hit the euro market on Thursday with its first additional tier one (AT1), becoming only the third Italian bank to sell a deal in the asset class following national champions Intesa Sanpaolo and UniCredit.
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Yorkshire Building Society on Wednesday went to market with an inaugural sterling six year non-call five non-preferred deal after it said it would tender for its 2024 non-call 2019 tier two notes, opening a case for smaller institutions to decrease capital costs by replacing tier twos with senior non-preferred notes.
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The newly published Covered Bond Directive is viewed favourably by credit rating agencies, but it will not necessarily drive covered bond rating upgrades— in stark contrast to the Bank Recovery and Resolution Directive.
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Yorkshire Building Society is looking to buy back a series of tier twos before their first call date, after Coventry Building Society showed last month that the UK regulator was more relaxed than expected around what firms can do with their capital. But rather than replacing the bonds with an instrument of equal standing, Yorkshire is going one step further than its peer and proposing to issue its first non-preferred senior notes.
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ABN Amro issued its fourth green bond on Monday, pushing its maturity curve out to 2026 in senior debt. The deal was subscribed more than three times over its size of €750m.
