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SRI

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SSA

‘Extremely busy’ August restart in store for SSA market

'Dead quiet' few weeks will benefit issuers as excess bonds need absorption before issuance starts to ‘fire on all cylinders’ from August 17
Green investors buy when everyone else stops, giving issuers one last pricing lever — perhaps to cross a line none of them wants to reach

EM bond surge in September at risk if new burst of war reignites inflation

Market is in good shape, but will not stay that way if war drags on over summer

Brookfield asks to defer interest on German multifamily CMBS

Restructuring of €316m deal from 2021 is likely
Green investors buy when everyone else stops, giving issuers one last pricing lever — perhaps to cross a line none of them wants to reach
Sub-sections
  • New high yield issues announced on Monday offered investors both ends of the environmental spectrum — a green deal for Spanish property developer Via Celere, or a refinancing for oilfield services firm CGG. Real estate group Foncia sits somewhere in between, with a deal funding a dividend to Partners Group.
  • SSA
    Agence France Trésor (AFT), the French sovereign debt office, mandated banks on Monday to lead the sale of the sovereign’s second green OAT, returning to the market for the first time since its debut in 2017.
  • The euro market burst into life with new FIG deals on Monday, as borrowers reacted to supportive comments from the European Central Bank last week. Bankers now expect plenty of supply to fill out the pre-Easter pipeline.
  • Paragon Banking Group is looking to issue a new debt capital instrument in green format, while at the same time offering holders of its existing tier twos a chance to exchange their bonds for cash.
  • Berlin Hyp mandated leads for a rare green Pfandbrief on Monday. The deal has emerged amid a dearth of covered bond supply so far this year and takes advantage of a recent stabilisation in yields at higher levels.
  • SRI
    Cadent Gas, the UK’s largest gas distribution network, issued its second transition bond today. The €625m bond came into a tricky market and was not as wildly oversubscribed as the first issue a year ago, but confirmed that ESG investors buy into the company’s argument that ‘green gas’ will play a role in meeting the UK’s future energy needs.