NatWest Markets
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The positive market backdrop has driven smaller and less well-known bank issuers to come forward with rare new bond issues. But they are showing up just as investors pack up for the year, meaning they must work hard to lure enough demand, writes David Freitas. -
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Bank Nederlandse Gemeenten and Kommuninvest followed in the footsteps of KfW as they included their environmental, social and governance (ESG) ratings in the terms sheets for socially responsible bonds this week, with the latter selling the largest single-issue green bond from a Nordic public sector borrower.
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Student Hotel finds bed for sustainable loan — Italo mainlines green loans — Green bond stalwart Tennet signs — Scottish Mortgage returns to US PP — CVC-owned April preps rapid refi
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Carrefour, the French supermarket group, has launched a tender offer for €2bn of bonds, hoping to buy back a maximum of €400m.
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National Express printed a £250m nine year bond at what looked like a zero concession to its curve on Wednesday, overcoming some sharp moves in the Gilt market.
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Oil major BP and motorbike maker Harley-Davidson both hit the euro bond market on Tuesday, in the wake of the European Central Bank’s far bigger than expected first week of corporate bond purchases.
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AIB Group has wasted little time in accessing the debt markets for subordinated capital. It launched a tier two bond this week, little over a month after selling an additional tier one (AT1) bond, adding to its minimum requirements for own funds and eligible liabilities (MREL).
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The Netherlands’ Tennet Holding has increased the size of its bank revolving credit facility to €3bn and linked the margin to sustainability goals, in a deal the electricity transmission system operator says is the largest sustainability-linked revolver in the Benelux region.
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Bank Nederlandse Gemeenten included its environmental, social and governance (ESG) ratings in a mandate announcement for its upcoming sustainability bond on Monday, following in the footsteps of KfW which kickstarted the movement with its green bond tap last week.
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The UK Debt Management Office has chosen the banks to lead the re-opening of its 0.125% 2041 index-linked Gilt, which is scheduled to take place next week.
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Issuers in the financial institutions bond market do not want to see the chance for cheap funding slip, so more are lining up deals. On Monday, Landesbank Hessen-Thüringen (Helaba) mandated leads for a preferred senior bond in euros, and UK insurer Utmost International said it was aiming for an senior unsecured bond in sterling.
