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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
  • European equity capital markets are gearing up for a wave of autumn IPOs and are worrying that they will struggle for investor attention. But one of the few good things to have emerged from the coronavirus pandemic — the use of technology to accelerate deal calendars — should alleviate fears of congestion.
  • ONGC Videsh (OVL), the overseas arm of India’s state-owned Oil and Natural Gas Corp, has sent out a request for proposals for an up to $750m loan, just a few months after raising $1bn.
  • Bankers in advisory, as well as the management at banks, are likely to receive lower bonuses this year, according to Johnson Associates, a compensation consultant for the financial sector. However, traders and bankers working in underwriting are in line to enjoy a boost.
  • Barclays is building up sustainability coverage in its investment bank with new positions announced globally on Monday and effective immediately.
  • Housing 21 became the latest UK housing association to receive a strong reception from investors on Friday as it priced a long-dated sterling tap with a book almost three times covered and a negligible new issue concession.
  • This week in Keeping Tabs: confronting dollar bears, Lebanon’s crisis, the power of debt in Ireland, and funding equity research.