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SRI

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SSA

SSAs tap Swiss franc demand in thin summer market

Market expects pipeline to pick up in second week of August
Cracks emerge in underlying quality as banks appear to teeter further into cautiousness

UK water sector strives to avoid being sucked into Thames Water maelstrom

Thames's troubles are contained for now, but risk of contagion remains
SSA

Political jitters pushed aside as Gilts are swept up in global bond sell-off

New prime minister and surprise chancellor jolted the Gilt market, but oil shooting above $100 shows where the real power lies
Cracks emerge in underlying quality as banks appear to teeter further into cautiousness
Sub-sections
  • Neoen, the French solar and wind energy producer, has issued the first green convertible bond in Europe — and investors’ eager reception of the deal suggests these instruments could be as popular in the equity-linked market as they have become in the straight bond market.
  • BBVA surprised market participants by becoming the first bank to issue a Covid-19 response bond in Europe this week. There will be follow-on deals as the format catches on in credit markets — high grade corporates are looking to do deals too — but it is unlikely to be exploited as widely as it has been in the SSA market. David Freitas and Mike Turner report.
  • SRI
    Denmark has made public the mandate it had given earlier this year to three banks to help it prepare to issue the world’s most unusual green bond, as the work is getting to a more advanced stage. A political decision to issue might come towards the end of this year.
  • Corporate bond investors piled into the three environmental, social and governance trades on screens this week, as bankers said the focus in the high grade market is shifting from crisis mode back to socially responsible debt.
  • SSA
    France impressed as it received a record €51bn order book and paid a small new issue premium with its first syndication since the outbreak of the Covid-19 pandemic. The sovereign was joined in the long end of the curve this week by two sub-sovereign borrowers as investor appetite for duration grows, with more supply expected to follow.
  • SSA
    The Belgian region of Wallonne took advantage of the growing demand in the long end of the curve to sell its first social bond on Thursday, although it had to pay a chunky new issue premium to do so. Elsewhere, Bpifrance received plenty of demand to print €1.25bn with a 10 year trade.