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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
  • The European Union is about to kick-start its huge borrowing programme for the Support to Mitigate Unemployment Risks in an Emergency (SURE) fund later this month. It is expected to bolt on additional financing needs for its recovery fund too, once that has been ratified. That could mean up to €100bn of new supply by the end of next year. Printing that as sustainability bonds will give that market the best fillip it could wish for. The EU must seize this opportunity given its commitment to the cause.
  • As Caisse des Dépôts et Consignations (CDC) returned to the sustainability bond market on Tuesday to sell its second bond in the format, fellow French agency Caisse d’Amortissement de la Dette Sociale (Cades) mandated for its own sustainability bond debut.
  • The Queensland Treasury Corporation (QTC) announced on Monday that it plans to borrow A$21bn ($15.2bn) during its 2020/21 fiscal year, which runs between July 1 and June 30. Alongside this, the state signalled its intention to look at issuing green, foreign currency and long term debt to complement its benchmark programme.
  • Electricité de France has reopened the equity-linked bond new issue market in EMEA with a huge €2.4bn green convertible bond, alongside a €2.1bn hybrid capital issue.
  • Green dollar bonds from Chinese high yield real estate developers are rare, but property companies have the potential to push the green market in the region to the next level — and see some pricing benefits in the process.
  • French agency Caisse des Dépôts et Consignations (CDC) hit screens on Monday afternoon with its second ever sustainability bond, following its debut in the format last year.