Germany
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Commerzbank and Unipol Group ‘ticked all the boxes’ with their new green senior transactions on Wednesday, amassing large orders from investors. -
French agency Cades and the International Development Association returned to the dollar market for the first time since the summer break on Tuesday to bring a pair of five year socially responsible deals.
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Rentenbank impressed SSA bankers on Tuesday as rolled out its debut benchmark green bond. The deal is expected to pay no new issue premium at the final spread.
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Instone Real Estate, the German residential property developer, has found strong support for its €182m rights issue, which it announced in August to fund an acceleration of its growth strategy.
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Munich Re was able to attract €5.7bn of orders for a new tier two on Tuesday, its first in green format. The issuer printed the deal through fair value using the momentum gained through the books.
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French agency Cades will debut its social bond framework in dollars on Tuesday, less than a week after it raised the largest ever bond in the format with its inaugural issue in euros. It will share the market with the International Development Association (IDA), which is preparing to kick off its 2020/21 funding year with a sustainable development benchmark of its own.
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Rentenbank is moving forward with its plans to issue a debut euro green benchmark bond following a series of investor meetings over the past few weeks.
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Several sources have told GlobalCapital that a clutch of new investors have entered the Schuldschein market, tempted by higher spreads brought on by the pandemic.
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Munich Re and Unipol Group are lining up new green bond transactions for this week, as they look to replicate the success of similar deals and gain a ‘pricing advantage’ in the market.
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Heinz-Hermann Thiele, the German billionaire, has raised €1bn through a share sale in break manufacturer Knorr-Bremse, the second time he has sold shares in the company since it floated in 2018, raising questions about why he would return to sell so soon.
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ZF Friedrichshafen, the German car parts maker, is considering moving its focus away from the Schuldshein market, where it is one of the biggest issuers, after finding success selling public bonds this week.
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