NatWest Markets
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Royal Schiphol, the Dutch airport operator, brought a dual tranche conventional and green bond with a small to flat new issue premium on Tuesday. The issuer opted to make the longer 12 year tranche green, which bankers say is indicative of lengthening maturities in the typically mid-tenor corporate green bond market. -
Senior deals from Banco de Sabadell and Mediobanca underlined the pricing benefits of printing in green formats this week, with both coming inside conventional curves. Other issuers could be tempted to follow.
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Virgin Money UK tested the strength of the sterling market this week by looking to raise tier two debt. The UK lender was able to tighten pricing by 50bp and print inside fair value, and the new trade accompanied a tender offer of the issuer’s old securities.
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Royal Schiphol, the Dutch airport, brought a dual tranche conventional and green trade with a small to flat new issue premium on Tuesday, as even issuers in sectors worst hit by the pandemic show it’s possible to garner more investor interest by linking their debt to environmentally conscious uses.
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Sweden’s long gestating green bond debut came to fruition this week as the sovereign scooped Skr20bn ($2.3bn) at a discount to its conventional curve.
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Mediobanca was able to attract demand seven times the size of its new €500m senior bond on Tuesday, which was its debut green deal. The high demand allowed the issuer to launch with a negative new issue premium based on its conventional curve.
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Following a series of investor calls, Sweden has announced the tenor of its debut green bond, which is expected to be issued early next week through syndication.
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Oil and gas companies are facing the daunting prospect of the world weaning itself off fossil fuels. And this is sparking intense discussions with banks and investors, as these businesses consider how to preserve their access to capital markets.
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Supply and demand for senior financial institution bonds was lukewarm this week, as issuers and investors favoured higher yielding products amid healthy market conditions. FIG deal arrangers are predicting that the trend is set to continue and that issuers will favour capital trades.
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Mediobanca has been speaking with a 'high' number of investors in the euro market this week, as it gears up to sell the first ever deal from its green and sustainable bond programme.
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Communauté Française de Belgique returned in mid-August after a seventh month absence to print a slew of deals for a combined €404m, according to Dealogic.
