HSBC

Green bonds took centre stage in the US corporate bond market this week, as issuance began to mount again after the recess for earnings blackouts. No less than three deals paired green and conventional tranches.

Emirates telecom provider Etisalat landed in the euro market with a bond on Thursday, raising €1bn across two tranches in a currency that is fast becoming a home for EM borrowers.

The demand for sustainability-linked bonds was made clear on Thursday, as French minerals company Imerys’s deal commanded more than double the demand of Swedish property firm Sagax’s conventional trade, despite sharing big similarities.

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.

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.

Westpac jumped into the green tier two market for the first time on Thursday, finding plenty of demand for the subordinated and labelled combination.

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.

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.

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.

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.

PowerGrid Infrastructure Investment Trust has wrapped up its Rp77.3bn ($1.05bn) IPO, giving a boost to the still nascent asset class in India.