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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
  • Copenhagen Infrastructure Partners, the Danish renewable energy investor, has signed a €380m green loan to finance a wind farm in Spain, as analysts say renewable energies are now cheaper for consumers than their fossil fuel counterparts in major markets.
  • IP Group has sold £53.5m of shares in Ceres Power Holding, the UK solid oxide fuel cell maker, via an accelerated bookbuild.
  • Indian solar power company SB Energy pulled its planned dollar bond late on Monday after grappling with a soft market backdrop and investor demand for a juicy premium.
  • SRI
    The European Bank for Reconstruction and Development is launching the second phase of its Green Economy Transition approach and hopes to help policymakers make the recovery from the coronavirus pandemic a green one. But critics say its plans are little more than “business as usual” and that even the activities it classes as green sometimes have weak environmental credentials.
  • Electric vehicle maker Li Auto is planning to float American Depository Shares (ADS) on the Nasdaq. It is eyeing $100m in proceeds.
  • SRI
    The European Bank for Reconstruction and Development’s board of directors has approved a proposal to accelerate its transition towards being a green bank, including devoting over 50% of its investments to the green economy by 2025. But it has deferred a decision on when the rest of its activities will be aligned with the Paris Agreement.