ING

Akash Garg is set to join BNP Paribas to trade emerging market credit next month.

German agriculture, energy, logistics and services group BayWa printed a €500m five year green bond on Monday, building a strong €750m book — despite some ambiguity about how to treat the unrated corporate.

Five senior members of ING's emerging markets and loans teams in London have left the bank, according to sources close to the matter, as part of the bank's broader restructuring of its debt capital markets and advisory operations.

Engie, the French electricity and gas group rated A3/A-/A, chose an otherwise quiet Friday in the European corporate bond market to issue a €1.5bn eight and 20 year green bond. The deal was more than twice oversubscribed.

A structure developed in the loan market, in which a company’s financing margin can be lowered during the life of the deal if it improves its environmental, social and governance credentials, has crossed over into the Schuldschein market. That raises the possibility it could make the leap to the bond market, write Silas Brown and Jon Hay.

With equities in green, Thursday was a fair sailing day for corporate bond issues in Europe, and five issuers took advantage, including two French names and two Swedish. Demand was strong and terms tight.

It's not often a €1.75bn deal from Volkswagen Leasing is overshadowed in the corporate bond market, though that was the case on Wednesday with Berkshire Hathaway's £1.75bn 20 and 40 year stormer. But Berkshire left euros clear for Volkswagen - it only had Bright Food of China to compete with.

Ford Motor Credit and Aéroports de Paris issued investment grade corporate bonds in Europe on Tuesday, while Spie joined them with an IG-style but high yield-rated deal.

Schuldschein lenders are getting their first taste of environmental social governance (ESG) interest-linked notes next week, as Dürr takes its final orders on a transaction linked to its sustainability performance. According to several participants the trade has so far gone well, and will likely spark further Schuldschein borrowers using this new structure.

This week is set to be busy in Europe's investment grade corporate bond market, despite yet another dead day on Monday because of public holidays. Equities rose on Monday and sentiment is good; market participants have decided they are comfortable with what they got from the European Central Bank on Thursday.

Iva Horcicova has resigned from ING and will join another financial institution.

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