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SRI

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FIG

Financial institutions are printing more ESG bonds in euros

Green bonds' share of total FIG euro issuance is higher than in the previous three years
◆ French real estate group prints seven year bond ◆ Covivio skips guidance and tightens spread sharply ◆ Investor selectivity returns as orders fall

Aktor’s €650m capital increase attracts strong bid at lower end of range

Books multiple times covered as company seeks money for energy investments

Italy's Ferrovie increases sustainability-linked RCF by €1bn

Facility now €4.5bn but increase does not extend maturity date
◆ French real estate group prints seven year bond ◆ Covivio skips guidance and tightens spread sharply ◆ Investor selectivity returns as orders fall
Sub-sections
  • SRI
    Scepticism about transition bonds has receded, according to Snam, the Italian gas distribution company that is the product’s leading issuer. While some ‘dark green’ investors still do not want to buy its bonds, many others do. One day, the company may officially be able to call its bonds green.
  • Credit Suisse this week launched its inaugural structured note with a green use of proceeds. Interest in ESG-linked issuance is growing, with an increasing number of retail clients looking to invest in the product.
  • Samhallsbyggnadsbolaget i Norden (SBB), the Swedish social property company, has hired banks for €1bn of new deals made up of a hybrid note and debut social bond, as risk appetite remains strong even heading into the middle of December.
  • CEE
    Despite the market volatility and uncertainty that have gripped emerging market bond markets in 2020, green and ESG-linked issuance has continued to grow, and market participants expect further expansion next year.
  • Ascopiave, the Italian natural gas distribution company, has signed a sustainability-linked loan, weeks after the issuer announced its debt pile had increased by a third in a year.
  • VodafoneZiggo has launched its debut green bond, a major step forward for the high yield market, which has lagged behind other fixed income asset classes in adopting labels such as ‘green’, ‘social’ or ‘transition’. Liberty Global, which owns 50% of the Dutch telco, is one of the largest sponsors in European leveraged finance, and leadership from this quarter could kickstart a broader growth in labelled HY debt.