.png){kind=logo}
GC Asia
-
Berlin Hyp sets ‘high bar’ in FIG with first sustainability-linked bond
Berlin Hyp will become the first bank to issue a sustainability-linked bond (SLB), after it announced plans on Friday for a deal with a coupon that will step up if the issuer fails reduce the carbon intensity of its loan book by 40% over the next 10 years.
09 Apr 2021 -
Wendel links loan to female leadership
Wendel, the French private equity firm, has amended a €750m revolving credit facility to add ESG elements, including one for higher female representation in leadership positions, as more investment houses make social equality a focus.
09 Apr 2021 -
EIB makes CNH Climate Awareness Bond debut
The European Investment Bank has become the latest SSA issuer to tap the offshore renminbi (CNH) market, pricing its inaugural Climate Awareness Bond in the currency this week.
09 Apr 2021 -
Zhenro seals sub-one year green bond
Zhenro Properties Group sold a short dated bond worth $220m on Thursday, adding further momentum to Asia’s growing green market.
09 Apr 2021 -
Where there’s a will there’s an SLB
Banks shouldn’t let conceptual considerations stand in the way of them issuing sustainability-linked bonds.
08 Apr 2021 -
KfW EUR4bn 0% Jun 29 green bond
08 Apr 2021 -
Gatwick senior gets soaring demand as A rated names hit euros
The short Easter week saw a timid showing of new high grade corporate issuance in the European market but investors snapped up the trades that were on screens.
08 Apr 2021 -
Covered bonds to be first step on FIG's climb up SLB mountain
European banks face tough conceptual and regulatory barriers as they enter the market for sustainability-linked debt. But DCM bankers hope that they can find a simpler solution for issuers by focusing on covered bonds, write Tyler Davies and Bill Thornhill.
08 Apr 2021 -
CEB nabs pricey SIB while Andalucia makes sustainability debut
The Council of Europe Development Bank hit the market for €500m on Thursday, with a pricey bond carrying a social inclusion bond label. On the same day, Andalucia sold its first ever sustainability bond.
08 Apr 2021 -
First SSA green bond fund would buy SLBs
NN IP has launched the world’s first green bond fund dedicated to sovereign, supranational and agency bonds. GlobalCapital spoke to Douglas Farquhar, client portfolio manager at NN IP, about the SSA green bond market.
08 Apr 2021 -
BOAD president seeks to bolster bank finances in aim to support regional recovery
Development banks across the world — and especially those in Africa — have proven to be indispensable sources of relief during the last year. Though Africa has a wealth of challenges to economic recovery, the West African Development Bank, also known as Banque Ouest Africaine de Développement (BOAD), has high ambitions for the year ahead. The bank’s president Serge Ekué spoke to GlobalCapital about these ambitions, including an imminent capital raise.
08 Apr 2021 -
BlackRock signs ESG ‘milestone’ loan tied to employee equality
BlackRock has signed a $4.4bn revolving credit agreement linked to gender and racial diversity metrics, becoming one of the most prominent companies globally to use key performance indicators focused on staff equality in its main bank line.
08 Apr 2021 -
KfW prints biggest non-sovereign green bond
KfW hit the market with an impressive green bond this week, raising a record €4bn of eight year paper and paying only 1bp of new issue concession to do so.
08 Apr 2021 -
Powell to return to SEB after IFAD spell
Ben Powell is set to return to his old stomping ground at SEB after 18 months as treasurer for the International Fund for Agricultural Development.
08 Apr 2021 -
Redco debuts in sustainability market
Redco Properties Group raised $220m on Wednesday from its first sustainability bond.
08 Apr 2021 -
UOB uses senior, tier two combo for sustainability bond debut
Singapore’s United Overseas Bank sold its debut sustainability bond on Wednesday, raising $1.5bn and notching a number of other firsts with its deal. Morgan Davis reports.
08 Apr 2021 -
A-bracket corporates hit Europe’s bond market
Europe’s high grade corporate bond market was populated with well rated issuers on Wednesday, as triple-B borrowers took a cautious approach and stayed away after the Easter weekend.
07 Apr 2021 -
ELFA, LMA to publish ESG guidance on lev loans
The European Leveraged Finance Association and the Loan Market Association are teaming up to produce guidance for incorporating ESG criteria into leveraged loan terms, with a timeline to publish standards by the end of April. The aim is to provide the infrastructure for the leveraged loan market to adopt ESG standards more widely.
07 Apr 2021 -
KfW lines up at short end of hot dollar mart
KfW will be the next public sector issuer joining the action in the dollar bond market. It has picked banks for a two year bond, taking advantage of hefty swap spreads at the short end of the curve. The trade follows a slew of longer dated deals on Wednesday.
07 Apr 2021 -
Revised Taxonomy will hinder green bonds
The European Commission’s draft Taxonomy for Sustainable Activities will stymie green bond issuance as it’s based on an unfair system that excludes mortgages on many countries’ most energy efficient buildings.
06 Apr 2021 -
Italy and Portugal lead post-Easter euro sovereign charge
Italy and Portugal are the first two eurozone sovereigns out of the blocks for syndications following the Easter break, with the former looking to extend its curve by a further five years.
06 Apr 2021 -
MTS enters into Russian ESG bond market to ballooning investor demand
Mobile TeleSystems, Russia’s largest mobile operator, has sold a social bond in roubles, as it became the latest major Russian corporate to foray into ESG financing. The issuer has not ruled out a return to international markets, although in recent years it has pivoted towards domestic funding.
01 Apr 2021 -
JDE Peet’s and Rewe Group tie loans to sustainability KPIs
JDE Peet’s, the Dutch coffee and tea company, and German retail and travel cooperative Rewe Group became the latest European borrowers to move their bank lines to be priced off sustainability-linked metrics, linking the margin on a combined €3.25bn of debt to ESG KPIs.
01 Apr 2021 -
ReNew Power plugs into dollar bond market
ReNew Power, a regular issuer from India's renewable energy sector, raised $585m this week from another green bond – and another complex structure.
01 Apr 2021 -
CMPC reaffirms SLB benefits amid rates volatility
Empresas CMPC, the Chilean pulp and paper producer, priced a sustainability-linked bond inside its curve on Wednesday, leaving no doubt that Latin American issuers can still garner a material pricing benefit from ESG debt, even as emerging market bonds feel the pressure from US Treasury volatility.
01 Apr 2021 -
Chile completes ESG set with sustainable Formosa bond
Chile’s head of international finance said that the sovereign’s debut in the Formosa bond market this week was a natural continuation of the diversification of its funding sources, as Asian investors bought more than half of the government’s $1.5bn 32-year sustainable bond. The government has now issued green, social and sustainable notes in international markets.
31 Mar 2021 -
Social bond boom lifts labelled FIG supply to new heights
Sales of ESG-labelled debt have skyrocketed in the FIG market over the first quarter of 2021, with issuers already halfway through last year’s total volumes. Deal arrangers are confident that supply will be able to keep pace, as banks find room to expand into a burgeoning social bond market, write Tyler Davies and Bill Thornhill.
31 Mar 2021 -
Real estate names pile into high grade bond market before Q1 ends
A seemingly endless supply of real estate companies coming to the high grade bond market continued this week, with Deutsche Wohnen and debut deals from Canary Wharf and VGP giving investors another chance to load up on the sector.
31 Mar 2021 -
Canary Wharf overcomes office return fears with triple-tranche debut bond
Canary Wharf made its debut in the corporate bond market on Tuesday, with a green triple-tranche bond in euros and sterling that found plenty of demand, despite the rocky future for office space.
31 Mar 2021 -
EIB EUR500m 1.5% Nov 47 Climate Awareness Bond tap
31 Mar 2021 -
EIB and Dexia take centre stage in SSA primary ahead of Easter
The European Investment Bank and Dexia Credit Local were the only two public sector borrowers to sell deals in the primary market this week as issuance wound down ahead of the Easter break.
31 Mar 2021 -
VGP keeps real estate debt splurge going
VGP, the Belgian logistics real estate company, has made its debut in the bond markets with green trade that found chunky demand. The deal was the second debut benchmark from a European real estate credit in as many days.
31 Mar 2021 -
EIB prices flat to fair value with CAB tap
The European Investment Bank took advantage of a quiet primary SSA bond market and rejuvenated purchases from the European Central Bank to tap its longest outstanding Climate Awareness Bond on Tuesday.
31 Mar 2021 -
Axa prints popular green tier two debut
French insurer Axa issued its inaugural green tier two bond on Wednesday and attracted a peak order book of more than €3.4bn for the €1bn deal.
31 Mar 2021 -
Enel puts more pressure on 2021 KPI with new €1.35bn facility
Enel has signed a €1.35bn sustainability-linked loan guarantee facility, the latest in a series of debts it has tied to its ability to increase renewable energy capacity.
31 Mar 2021 -
Chile continues diversification play with sustainable Formosa
Just over two months after it last issued internationally, Chile returned to primary markets on Tuesday with a sustainable Formosa bond. The deal was the second ever Formosa from a Latin American sovereign and comes as Chile makes efforts to diversify its funding sources.
31 Mar 2021 -
Taxonomy discourages EPC labelling
Banks that avoid holding a record of a building’s Energy Performance Certificate in some countries are more likely to meet the standard needed to meet the European Commission’s final draft Taxonomy for Sustainable Activities, delegates at the IMN’s virtual covered bond conference heard on Tuesday.
30 Mar 2021 -
Canary Wharf green bond overcomes office fears
Canary Wharf made its debut in the bond markets in its present form on Tuesday, with a green triple tranche bond in euros and sterling that found plenty of demand, despite the rocky future for office space.
30 Mar 2021 -
FrieslandCam debuts in SLL in dairy deluge
Royal FrieslandCampina, the Dutch dairy cooperative, has signed a €300m debut sustainability-linked loan arranged by ING, a week after the Dutch bank helped arrange financing for Belgian dairy cooperative Milcobel.
30 Mar 2021 -
Kommuninvest to issue social bond to finance new sustainability loans
Kommuninvest plans to issue a debut social bond to fund its new social sustainability loans, which were launched on Tuesday after a successful pilot phase.
30 Mar 2021 -
ESG loan market eager to bridge the transition to sustainability
How sustainability is redefining the world of finance is one of the crucial questions facing debt capital markets — in particular borrowers, banks and investors in the loan and leveraged finance markets.
30 Mar 2021 -
CMPC’s debut SLB to fetch big demand if rates behave
Empresas CMPC, the Chilean pulp and paper producer, began investor meetings on Monday ahead of a proposed sustainability-linked bond (SLB) that investors say is likely to attract strong demand as long as the volatility seen in rates market on Monday does not worsen.
30 Mar 2021 -
Deutsche Wohnen prints green as Canary Wharf readies debut
Deutsche Wohnen continued the seemingly insatiable drive for debt from European investment grade real estate companies on Monday, while Canary Wharf lined up its debut green deal to come as soon as Tuesday.
29 Mar 2021 -
ESG bonds outperform as funds pile in
The dollar has almost caught up with the euro as a currency for green bond issuance, helped by a surge of deals from US issuers, according to analysis by the Institute of International Finance. Investors are also piling into the market like never before, driving outperformance during the recent bond market sell-off.
29 Mar 2021 -
Segezha looks to green bond and possible IPO for funding
Segezha Group, the Russian paper and pulp company, is exploring a number of capital markets options to help finance growth. These include a green bond and a potential IPO, Rovshan Aliyev, vice-president of finance, tells GlobalCapital.
29 Mar 2021 -
GlobalCapital Bond Awards 2021: the poll is open
GlobalCapital today launches the poll to determine our Bond Awards 2021, to commend the outstanding achievements in an exceptionally busy time for capital markets, and we invite you to vote.
29 Mar 2021 -
Axa readies debut green sub deal
Axa is lining up its inaugural green deal in tier two format, becoming the latest financial borrower to combine a subordinated bond with an ESG label.
29 Mar 2021 -
Autonomous Community of Andalucía to debut sustainability framework
The Autonomous Community of Andalucia has selected banks to arrange a series of meetings with investors to promote its new sustainable finance framework and provide a credit update.
26 Mar 2021 -
Shriram steers $225m tap through volatility
Shriram Transport Finance Co caught an opportune time to print a $225m tap of a bond on Thursday, with the response to its deal reflecting investor preference for strong Indian credits.
26 Mar 2021 -
Verbund takes green SLB combo mainstream
Verbund, the Austrian electricity company, became the first European issuer to sell a green sustainability-linked bond on Wednesday, combining the benefits of two different approaches to sustainable finance in a single deal.
25 Mar 2021
