Santander
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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. -
Rating: Baa1/BBB/BBB-
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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.
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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.
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Intesa Sanpaolo launched a long awaited debut senior non-preferred deal on Wednesday. After having announced a large non-preferred funding programme last year, the bank has reduced its funding needs thanks to regulatory changes.
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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.
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Banco Santander Chile sold its first ESG-themed bond on Tuesday, raising $50m in a private placement with a Japanese investor to finance small and medium sized enterprises led by women.
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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.
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The UK sold its last syndication of the financial year on Tuesday, selling a £2.25bn 2051 index linked bond — its first syndication in the format since November 2019.
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Société Générale dived into the euro market in search of preferred senior paper on Friday morning, just days after reporting its 2020 results, becoming the fourth bank to tap the seven year part of the curve in the last fortnight.
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SpareBank 1 SMN’s second green bond, priced on Thursday, is set to spark a flurry of similar green deals as issuers try and take advantage of the demand on offer for labelled debt — even at near-term tights.
