ING

Equinix, the US data centre real estate investment trust, got a slightly larger size than expected for its dual tranche euro green bond on Wednesday, but its curve steepened.

Environment, social and governance (ESG) themed debt has dominated the senior market this week, with the format helping to secure more execution certainty in a softer trading environment.

NatWest Group sold the first social housing bond from a UK financial issuer on Tuesday, attracting a highly granular peak order book of over €4.5bn. Investors have latched onto environment, social and governance (ESG) linked bank supply over the past few weeks, with two more labelled deals set to follow in the coming days.

GLP, a Singapore-headquartered logistics facilities operator, has raised a $658m sustainability-linked loan.

EnBW, the German electrical utility, and the financing arm of a Dutch truck company, DAF Paccar Financial, hit screens with highly rated euro trades on Monday. Central bank bond buying higher than forecast, pushed investors to oversubscribe the deals even though the spreads on offer were thin.

US high grade corporate names hit the European market at the outset this week with WP Carey and General Motors selling bonds and Equinix mandating for a green deal. But syndicate bankers say rising US rates are still some way off the sweet spot to make the euro market irresistible for all Reverse Yankee issuers.

Infrequent Nowegian borrower SpareBank 1 Østlandet is set to print its first green bond as it looks to extend its benchmark senior curve out to 2028.

This week was the busiest of the year so far for bank senior supply in euros, as issuers took advantage of strong market conditions after posting full year results.

The sustainability linked loan market hit two milestones this week with Anheuser-Busch InBev, the world’s biggest brewer, signing the largest ever revolver in the structure, and Carlyle Group making a similar claim for the US private equity market.

Anheuser-Bush InBev, the world largest brewing company, has signed a $10.1bn deal, in what the company is claiming is the largest sustainability-linked revolving credit facility ever.

ING executed a large sterling deal this week, choosing the green format for its new senior issue from the holding company.

UBS and Santander Consumer Finance found a combined €8.15bn of demand across the senior curve on Monday, printing deals between five and twelve years in tenor. With market conditions good, bankers expect more deals to follow.