Latest stories on Socially Responsible Investments

  • Green Gilts would be a political act

    Investors are calling on the UK to issue green bonds. Should it? There is little doubt markets would like them — but the important question is, would the public?

    • 21 May 2019
  • Netherlands sails through debut green bond

    The Netherlands got a huge reception for its highly anticipated inaugural green bond on Tuesday, with a final book of over €20bn that allowed the sovereign to issue at the upper end of its target.

    • 21 May 2019
  • NWB launches new social framework

    Nederlandse Waterschapsbank has inaugurated its updated social housing bond framework with a €1bn SRI issue. The new framework includes an environmental aspect alongside pre-existing social elements.

    • 21 May 2019
  • LBBW prices green Reg S Pfandbrief in line with 144A deals

    LBBW attracted good demand for a $750m three year Reg S Pfandbrief on Tuesday, enabling the issue to be priced in line with where 144A deals had been indicated in the secondary market. A day later Deutsche Pfandbriefbank issued another three year.

    • 21 May 2019
  • Plain sailing for Commerz, Nordea, while BNPP tightens too far for some

    Commerzbank did not appear hindered by uncertainty around its future in its senior preferred issue on Tuesday, while Nordea picked up green demand for its own offering. Meanwhile, BNP Paribas drove in pricing on its senior non-preferred deal, and ended up turning off some investors altogether.

    • 21 May 2019
  • Netherlands posts initial guidance for debut green bond

    The Dutch State Treasury Agency (DSTA) has released initial spread guidance for its inaugural green bond, which will be launched via Dutch Direct Auction (DDA) on Tuesday.

    • 20 May 2019
  • Lead bank lauds Russian Rail’s green credentials after investor scepticism

    Russian Rail’s debut green Eurobond last week met with strong demand, but some investors had reservations about buying green bonds from a company owned by the Russian state and used to transport fossil fuels. Antonio Keglevich, UniCredit’s head of sustainability bond origination, responded to the criticism.

    • 20 May 2019
  • CDC goes on road for debut sustainability bond

    Caisse des Dépôts et Consignations (CDC) will introduce its new green, social and sustainability bond framework to investors ahead of a debut euro benchmark sustainability bond.

    • 20 May 2019
  • Fixed income portfolio manager leaves Mirova

    A Paris-based senior credit portfolio manager has left Mirova after spending five years at the firm, GlobalCapital understands.

    • 20 May 2019
  • PKO Bank Hipoteczny SA gears up for green

    PKO Bank Hipoteczny has published its green covered bond framework which complies with the International Capital Market Association’s Green Bond Principles, the Climate Bonds Initiative’s standard for residential buildings and has a second party opinion from sustainability rating agency, Sustainalytics.

    • 17 May 2019
  • Xinyi Energy keeps power on for its $564m IPO

    Chinese solar farm group Xinyi Energy Holdings has faced minimal impact from the ongoing US-China trade war as it nears the end of bookbuilding for a HK$4.4bn ($564m) IPO on the Hong Kong Stock Exchange.

    • 17 May 2019
  • Vesteda’s green debut comes 5bp under curve as UK funds lead €3bn orderbook

    Vesteda, the Dutch housing company, proved there was plenty of hunger for green bonds on Thursday, when its first issue of the kind, a €500m no-grow eight year, hoovered up orders to finish six times oversubscribed.

    • 16 May 2019
  • LBBW EUR750m 0.375% May 24 non-preferred green

    • 16 May 2019
  • EIB PLN1bn 2.875% Nov 29 Climate Awareness Bond

    • 16 May 2019
  • KfW EUR3bn 0.01% May 27 green bond

    • 16 May 2019
  • World Bank EUR1.5bn 0.25% May 29 sustainable bond

    • 16 May 2019
  • Gilt trip: investors badger UK DMO to bring green deal

    Large asset managers have urged the UK to start issuing green Gilts to support the country’s environmental initiatives and broaden the range of assets they can buy. Although the government's Green Task Force recommended the idea last year, there has been little progress since and the country’s Debt Management Office has shown little enthusiasm for the product, writes Burhan Khadbai.

    • 16 May 2019
  • Russian Rail pulls off country’s first green, though some baulk

    Russian Railways launched the first international green bond from its home country on Thursday, a €500m eight year bond. While many emerging market investors were keen to look at the paper, despite the US considering a new round of Russian sanctions, several green investors disliked the company’s ESG enough to not participate.

    • 16 May 2019
  • World Bank boss vows to expose hidden debt

    The new president of the World Bank used one of his first public speeches this week to call for comprehensive transparency over countries’ “hidden” debt burdens that make it harder to resolve a financial crisis.

    • 16 May 2019
  • KfW and World Bank shine with landmark SRI bonds

    KfW and the World Bank brought well received socially responsible bonds to the market this week that set new landmarks for the public sector borrowers.

    • 16 May 2019
  • EIB debuts climate bond in zloty

    The European Investment Bank (EIB) has moved its new Climate Awareness Bond (CAB) documentation beyond the eurozone with the sale of a Polish zloty bond to a single Japanese investor.

    • 16 May 2019
  • MAF CEO says green format helped pricing

    Majid Al Futtaim (MAF) brought the world’s first benchmark green corporate sukuk to market last week. Chief executive Alain Bejjani said the format had helped the leads price the deal tighter and that they would return to the green market.

    • 16 May 2019
  • European regulators slam FX banks with €1.1bn fines

    The EU has fined five big banks about €1.1bn in total after it found that some of their currency traders were involved in a foreign exchange cartel.

    • 16 May 2019
  • Dutch government registers green investors ahead of debut

    The Dutch government is preparing to issue its first green bond next week, and has introduced a new feature to the market: investors can register as accredited green bond investors to receive preferential allocations.

    • 16 May 2019
  • NIB boss tells industry ‘stop whining’ over MiFID at ICMA gathering

    Complaining about MiFID is par for the course at industry gatherings. But Henrik Normann, president and CEO of the Nordic Investment Bank, told attendees at the 2019 conference of the International Capital Markets Association that the regulatory regime was only there “because the industry has failed”.

    • 16 May 2019
  • Munich’s public service arm switches to sustainable loan

    Germany’s Stadtwerke München has amended its €500m revolving credit facility to add a sustainability element, as the nascent loan structure starts making further inroads with the country's borrowers.

    • 16 May 2019
  • Eiffage doubles bank loan in sustainability refi

    France’s Eiffage has doubled the size of its revolving credit line to €2bn, with the civil engineering construction company becoming the latest name to add social and environmental language to its loan documentation.

    • 16 May 2019
  • Ceske Drahy ends three year bond market absence

    Ceske Drahy, the Czech national railway company, hit screens on Thursday announcing a euro benchmark, returning to the bond market for the first time in three years.

    • 16 May 2019
  • Russian Railways green bond orders top €1.4bn

    Books for Russian Railways’ eight year euro green bond had breached the €1.4bn mark by lunchtime on Wednesday, allowing leads to tighten pricing. A banker away from the note said the levels offered looked fair.

    • 16 May 2019
  • FMO prints rare Honduran lempira linker

    The Netherlands Development Finance Company (FMO) on Wednesday printed a rare Honduran lempira linked-note. Meanwhile, the International Finance Corporation (IFC) has made its Cambodian riel debut.

    • 16 May 2019
  • Green bonds gather momentum in Swissies

    Zuercher Kantonalbank added momentum in the Swiss franc market for sustainable bond issuance at the end of last week, when it launched its second green bond. The proceeds of this Sfr200m ($198m) trade are for refinancing existing and future facilities under its Umweltdarlehen (environmental loans) programme, which dates back to 1992.

    • 16 May 2019
  • Berry moulds all-dollar bond for RPC buy

    Berry Global, the US plastic packaging maker, will raise bonds to finance its purchase of UK plastics maker RPC Group, it said on Wednesday. The debt raising will feature $3bn of senior secured notes in two tranches. This marks the end of leveraged finance bankers' hopes that the auction of RPC would deliver substantial new money supply to the European market.

    • 16 May 2019
  • Rash of corporate bonds including Philips, Enel win tight pricing

    A flurry of corporate bonds came to the European market on Wednesday, and all found strong receptions, suggesting that demand for investment grade credit remains unabated by the rumblings of US-China trade war and President Trump's aggressive noises against Iran.

    • 15 May 2019
  • KfW grows greens with biggest ever sale

    Investors proved they were able to digest KfW's largest green bond yet on Tuesday. Deals in the billions of euros are set to become the norm for the Issuer as it looks to size its green trades closer to its conventional benchmarks.

    • 15 May 2019
  • LBBW makes an impact with second green senior deal

    LBBW's second green senior bond, issued on Wednesda,y was comfortably oversubscribed and had many more orders than its debut deal, even though the market backdrop was more volatile this time round. At the same time Westpac New Zealand mandated leads for a roadshow ahead of its own debut green senior bond.

    • 15 May 2019
  • Asset manager urges UK to sell green Gilts

    A director for responsible investment at a large asset manager has written to the CEO of the UK Debt Management Office pleading the case for the country to start issuing green bonds, as recommended by a government inquiry last year.

    • 15 May 2019
  • Russian Railways fixes maturity for green bond debut

    Russian Railways has told investors that it is focusing on an eight year tenor for its euro green bond, with pricing for the benchmark expected "as early as tomorrow." The deal will be the first international green bond from the country.

    • 15 May 2019
  • German fund preps London IPO of triple green play

    Aquila Capital, the Hamburg-based alternative asset manager, is hoping to float a renewable energy fund in London which is unusual in giving exposure to wind, solar and hydroelectric power.

    • 15 May 2019
  • Trade war worries can’t keep SDIC at bay

    China’s State Development and Investment Corp (SDIC) launched a $1bn transaction on Tuesday, split between a green bond and a conventional bond. Investors shook off trade war worries to swarm both portions of the deal with orders.

    • 15 May 2019
  • World Bank prices through euro curve with 10 year return

    The World Bank sold its first 10 year euro benchmark since 2009 on Tuesday, with the supranational going slightly through its own curve on its return, according to onlooking SSA bankers.

    • 14 May 2019

 

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    • Japan’s SRI bond market: strength in numbers

      Outsiders often see Japan’s debt market as a staid place, where the maturity of investors and issuers leaves little room for innovation. The development of the green bond market puts the lie to that idea.

    SRI 2015 report

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    Global Green Bonds

    Rank Lead Manager Amount $m No of issues Share %
    • Last updated
    • Today
    1 HSBC 4,644.41 36 6.30%
    2 Credit Agricole CIB 4,624.79 26 6.27%
    3 Bank of America Merrill Lynch 4,359.57 22 5.91%
    4 BNP Paribas 3,538.35 20 4.80%
    5 Citi 3,486.70 19 4.73%