HSBC
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Bank of Ireland and Westpac found strong demand for debut green tier two deals this week, as investors flock to this growing segment of the ESG market in search of higher returns. -
A $7bn equivalent nine-tranche bond issued by London Stock Exchange Group in March put the newest generation of bond documentation software through its paces. It was the first deal of its size and complexity to use one of the growing array of automation technology platforms.
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Euronext, the Dutch-registered, Paris-headquartered stock exchanges group, brought a €1.8bn triple tranche bond issue on Thursday. Investors showed much larger appetite for the shortest maturity as inflation fears linger.
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Westpac jumped into the green tier two market for the first time on Thursday, finding plenty of demand for the subordinated and labelled combination.
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Westpac is set to sell its first green tier two deal later this week, becoming the latest financial name to tap growing demand for labelled subordinated debt.
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Tiangong International’s share price slid after the Chinese steel production company priced a HK$844m ($108.6m) share placement near the bottom of the marketed range.
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Shinhan Financial Group sold a Basel III-compliant additional tier one bond with a sustainability label this week, funnelling some of the proceeds from the $500m trade to Covid-19 relief efforts.
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Tiangong International, a China-based steel producer, is selling up to HK$890m in new shares through a top-up placement, according to a term sheet seen by GlobalCapital Asia.
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PowerGrid Infrastructure Investment Trust has wrapped up its Rp77.3bn ($1.05bn) IPO, giving a boost to the still nascent asset class in India.
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Vestas, the Danish wind turbine maker, has signed a €2bn-equivalent facility linked to key performance indicators around sustainability. It was the first time the borrower has structured bank debt in this way.
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Greek banks are making the most of exuberant conditions in the financial markets in 2021, with Eurobank spying a golden opportunity to return to the senior FIG bond market this week. The next milestone is the country’s first additional tier one and, having just breezed through an equity raise, Piraeus is a prime candidate to open the market. Frank Jackman and Sam Kerr report.
