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When pricing fails, finance must speak

Global warming is coming for portfolios everywhere. Good luck finding any escape
◆ Deal comes amid competing supply from other European banks ◆ Both EuGB and ICMA green bond standards used ◆ Low new issue premium paid

Investors show discipline on pricing for Belfius, SR-Bank labelled senior preferred notes

◆ 'Moderate' oversubscription levels ◆ Belfius offers higher NIP for larger size ◆ SpareBank achieves tighter pricing on green five year

Crédit Agricole restarts euro SNP market with social issue

◆ Higher spread, higher book than tighter priced SP deals ◆ Large French supply expected in the second half of year ◆ Small premium paid
◆ Deal comes amid competing supply from other European banks ◆ Both EuGB and ICMA green bond standards used ◆ Low new issue premium paid
Sub-sections
  • Renewable energy stocks have surged since it became apparent that Joe Biden — a candidate deemed to be more environment-friendly than the incumbent, Donald Trump — was likely to become the next US president. Market watchers believe this will translate into equity capital markets deals from the sector.
  • Zhaoheng Hydropower (Hong Kong) has missed a payment on a 2017 dollar loan. It had extended the maturity on that deal earlier this year.
  • Oil-dependent emerging market countries have once again found themselves at the fore of capital markets discussions amid another drop in oil prices. Ahead of tomorrow’s US presidential elections and with a wave of lockdowns announced across Europe, commodity markets are coming under pressure.
  • A new fund focused on renewable energy infrastructure is preparing to brave US election volatility by launching a £200m ($260m) IPO on the London Stock Exchange.
  • SRI
    Capital markets players have a variety of stances on the forthcoming US presidential election. A survey by UBS this week found 51% of wealthy US investors wanted Joe Biden to win, while 55% of business owners favoured Donald Trump.
  • The IPO of Soltec Power, the Spanish maker of solar trackers for renewable energy generation, is due to be priced at €4.82, the top of the initial range, after attracting strong demand from investors keen to add stocks with strong ESG credentials to their portfolios during the pandemic.