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SSA

Ontario targets first 'resilience' bond as it pitches to host DSR Bank

Province will issue dedicated use of proceeds bond under new framework
SSA
Deal liberates capital and tempts investors to take new frontier market risk
SSA

African Development Fund could issue $4bn over three years

AfDB hopes to launch multi-issuer securitization this year
FIG

Caixa Geral and FinecoBank land senior preferred trades amid investor price sensitivity

◆ Infrequent issuers achieve tight pricing... ◆ ...but lose a third of orders ◆ Investors may demand more NIP on deals from next week
SSA
Deal liberates capital and tempts investors to take new frontier market risk
Sub-sections
  • Syndicate bankers are scrambling to make sense of the covered bond market, where sentiment has been changeable in recent weeks. Amid volatility and small issuance windows, sustainable bonds have proven a safe strategy to ensure successful deals.
  • Sparebanken Vest Boligkreditt did not need to offer any premium to investors to complete its debut sale of green covered bonds on Wednesday. The deal adds to a recent flurry of socially responsible investments, which are offering financial issuers very competitive terms.
  • Brazilian railroad operator Rumo tightened pricing sharply on the first green bond from Latin America in the coronavirus era on Tuesday, as bankers said that the environmental label gave investors more options over where to place the bond.
  • The UK is in many ways a green leader. Starting to issue green Gilts would be peripheral to that, and not necessary to environmental progress. But for a country that desperately needs to buff up its image, it is low-hanging fruit.
  • NRW.Bank signalled to the market that there is demand at 15 years with its inaugural social bond on Tuesday. Following the deal two other European issuers, Bank Nederlandse Gemeenten and Portugal, mandated for deals of their own in the tenor.
  • Berlin Hyp left ‘a little bit on the table’ with its new green covered bond on Tuesday. The trade was followed by deal announcements from Kookmin Bank and Sparebank Vest Boligkreditt, both looking to issue in sustainable format.