Société Générale
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Generali was the talk of the FIG bond market this week as it became the first west European financial institution to issue a tier two capital note in green bond format. The insurer’s pioneering spirit reaped rewards, with the green element variously estimated to have shorn 5bp-10bp from its cost of funding. That could tempt other firms to issue subordinated green debt. David Freitas reports. -
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UniCredit forms sustainability team — UBS looks to raise game in green with SEB hire — SG reshuffles Paris ECM line-up
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Société Générale’s new Hedge to Pledge initiative has been two years in the making. By tapping into existing flows of FX trading, it will raise funds for a variety of good causes in partnership with Epic Foundation, an innovation that could embed charitable donation into routine financial practice, and therefore wins GlobalCapital’s industry initiative of the year.
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Sodexo has signed a revolving credit facility that has a margin linked to food waste reduction, as the French food services and facilities management firm joins a growing trend of corporates tweaking sustainability-linked deals to suit their characteristics.
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Montenegro came to market on Thursday for its first ever 10 year bond. Demand for the euro deal proved strong enough for the issuer to raise €500m and allowed the leads to set the yield roughly flat to fair value.
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Kazakhstan printed a €1.15bn dual tranche bond on Wednesday from a book of more than €3bn at its peak, at levels that lead managers said were 6bp inside the curve for the seven year and 4bp inside for the 15 year. Bankers away from the deal saw fair value differently but conceded that there could be different views on the calculation.
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Taqa, the Abu Dhabi National Energy Co, is in the market on Thursday for its first 30 year bond since 2006.
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Siberian Anthracite, the largest producer of anthracite coal in Russia, has closed a dual currency loan refinancing, adding a large euro chunk to its existing dollar debt. The deal points to a growing inclination towards euro funding among Russian borrowers in a bid to avoid operational and sanction-related obstacles, say bankers.
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Malaysia's CIMB Bank used Taiwan’s Formosa market to sell a $680m bond linked to Sustainable Development Goals (SDG), giving the borrower a pricing advantage over the international debt market.
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Commodities company Mercuria has returned for its annual outing to the syndicated loan market, and is seeking $1bn from a four-tranche borrowing.
