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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
Restructuring of €316m deal from 2021 is likely

Belgium expands foreign currency funding with Aussie and Canadian MTNs

SSA issuers increase focus on PPs amid quieter period for public markets

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
Restructuring of €316m deal from 2021 is likely
Sub-sections
  • SRI
    Ahold Delhaize, the Dutch-Belgian supermarket group, priced its debut sustainability-linked bond 7bp inside fair value on Thursday, despite tricky conditions in the corporate bond market, showing that investors are gaining an appetite for SLBs and like new flavours, writes Mike Turner.
  • The European Union finally arrived with its second Support to mitigate Unemployment Risks in an Emergency (SURE) transaction of the year on Tuesday, two weeks after it sent banks a request for proposals (RFP).
  • Greece’s Public Power Corporation has issued the first euro high yield sustainability-linked bond, which is to fund the power utility’s planned transition from lignite power generation to renewables over the next two years, and offering a hefty 50bp coupon kicker if it misses the goal.
  • The Climate Bonds Initiative has said the evidence for price benefits of green bonds is becoming "increasingly visible". Though proof of a pricing advantage in covered bonds is limited, it was on display this week when Crédit Agricole Italia issued is first green covered bond and more generally, the product attracts a wider investor base.
  • Bank issuers are increasingly interested in the idea of selling tier two bonds in green formats. But green additional tier ones are unlikely to bloom.
  • The European Union will establish a primary dealer framework for its €750bn Next Generation EU (NGEU) funding programme, which is set to kick off in the summer and will include the use of syndications, auctions and other debt instruments.