NatWest Markets
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New dynamics are appearing in the sustainability-linked loan market, as the product balloons and banks prepare for more intense scrutiny of their green lending activities. The trends highlight how unformed and confusing this young market still is, writes Jon Hay. -
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World Bank hit a number of landmarks on size, demand and pricing with its first sterling benchmark of the year. It used a maturity that has become the new sweet spot for SSAs in the currency as issuers seek more attractive funding levels versus euros and dollars.
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Elenia, the Finish electricity distribution company, opened books for a €500m no-grow seven-year bond on Thursday, its first issue since Standard & Poor’s upgraded it to BBB+ in November.
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Vakifbank printed its $750m 5.25% 2025s on Wednesday from a book that reached higher than $4.3bn at its peak, but the note was seen below re-offer in London’s secondary market on Thursday morning.
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Turkey's Vakifbank has released initial price guidance for a dollar benchmark, with the intention of printing the deal later on Wednesday.
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World Bank broke its size and order book record in the sterling bond market on Tuesday with a maturity that has become the new sweet spot in the currency for SSA borrowers.
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The UK's National Grid followed up early January’s well-received green bond debut with a pair of green bond MTNs from a subsidiary, printing in currencies it rarely visits.
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World Bank appointed banks for a December 2026 sterling bond on Monday. The issuer will be the third public sector borrower in the last week to access this part of the sterling curve in order to achieve a more attractive funding cost versus euros and dollars.
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Telefonica, the Spanish telecommunications company, issued senior and hybrid bonds in euros on Monday. While it picked a horrendous day for markets for its offer, Telefonica still managed to pay small or negative price concessions relative to its secondary curve.
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A pair of investment grade issuers made rare appearances in niche currency bond markets this week. Deutsche Telekom returned to the Swiss franc market after a 10 year absence, while Hitachi Capital UK made its debut in rand.
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The Council of Europe Development Bank sold a rare seven year sterling benchmark on Thursday, as issuers go further along the curve in the currency to avoid an unattractive cross currency basis swap at the short end.
