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IFC’s first synthetic securitization powers up EM trade finance

Deal liberates capital and tempts investors to take new frontier market risk

Burst of Nordic FIG senior issuance compensates for this year's lower euro volume

Deals price tightly to Western European peers, with high-spread Icelandic banks performing the most

ING goes green with 12NC7 tier two

◆ ING brings its first euro capital trade of 2026 ◆ Fair value debated ◆ ING's and Intesa's tier two deals were "not a competition"
Sub-sections
  • Chinese issuers opened the Covid-19-linked bond market this year, tapping the capital markets to raise funds for relief from the health and economic effects of the virus. More deals have since popped up both in Asia and the world, and experts say the pandemic will change the way issuers and investors think about social bonds in future.
  • Data centre operator Aligned has closed a $1bn sustainability-linked debt financing, marking the arrival in this industry of a green finance tool that is growing in popularity.
  • The burgeoning €30bn market for sustainable covered bond financing received another boost last week after the European Covered Bond Council formally adopted environmental, social and governance (ESG) transparency enhancements to its Harmonised Transparency Template (HTT) that go well beyond what issuers currently disclose and should improve investors’ ability to compare deals.
  • Sovereign green bonds are becoming almost commonplace in Europe, but not all are convinced. Slovakia has no intention to enter the market, saying it is a costly exercise that “would not help anyone”.
  • Volkswagen, the German car company, became the latest to get the bond market’s motor going on Wednesday, when it brought a dual tranche green trade that was priced well inside fair value.
  • Commerzbank and Unipol Group ‘ticked all the boxes’ with their new green senior transactions on Wednesday, amassing large orders from investors.