Green and Social Bonds and Loans

  • AIIB mandates for debut Panda bond

    AIIB mandates for debut Panda bond

    The Asian Infrastructure Investment Bank has hired banks for a renminbi sustainable development bond, its first outing in the Panda market.

  • CAF captures Covid funds with social bond

    CAF captures Covid funds with social bond

    Latin American development bank Corporación Andina de Fomento expects the social bond universe to grow after bringing forward its debut social bond to raise funds for its Covid-19 mitigation efforts.

  • Green convertibles arrive with Neoen blowout

    Green convertibles arrive with Neoen blowout

    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 brings Covid-19 bonds to European credit markets, others to follow

    BBVA brings Covid-19 bonds to European credit markets, others to follow

    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.

  • Denmark reveals three banks helping on strippable green bonds

    Denmark reveals three banks helping on strippable green bonds

    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.

  • ESG offers way out of panic market as investors bundle in

    ESG offers way out of panic market as investors bundle in

    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.

  • France smashes 20 year as demand heats up in long end

    France smashes 20 year as demand heats up in long end

    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.

  • Wallonne hits long end with debut social bond as Bpifrance takes size

    Wallonne hits long end with debut social bond as Bpifrance takes size

    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.

  • Loanpal preps first solar ABS since outbreak

    Loanpal preps first solar ABS since outbreak

    Loanpal is bringing the first solar securitization to market since the Covid-19 outbreak. The deal is the first of several solar ABS lining up for the coming weeks, sources said, with at least two other 144A deals in the works.

  • France breaks book record as SSA investors seek duration

    France breaks book record as SSA investors seek duration

    France received its biggest ever order book as it came to the market for a 20 year syndication on Tuesday. SSA bankers say that investors are looking for duration after previously sticking to defensive maturities as the Covid-19 crisis eases.

  • ESG back in focus as Severn Trent order books bulge

    ESG back in focus as Severn Trent order books bulge

    Severn Trent, the UK water utility, achieved blowout demand on Tuesday for its sustainable bond, as bankers say the focus in the high grade market is shifting from crisis mode back to socially responsible debt.

  • Saudi to raise groundbreaking green ECA loan

    Saudi to raise groundbreaking green ECA loan

    Saudi Arabia is set to raise its inaugural green loan with export credit agencies next month. The groundbreaking loan would be the first of its kind in the Middle East.

  • Covid-19: SSA response bonds

    Covid-19: SSA response bonds

    SSAs are mobilising their resources to support the fight against Covid-19. The below table details the bonds they have issued in response to the coronavirus pandemic.

  • People moves in brief

    People moves in brief

    Citi picks Nick Darrant as syndicate head — And it sets up new sustainability and science units — JP Morgan reveals next layer of DCM, ECM and M&A bosses

  • Belgium returns to dollars as AIIB and NWB ready SRI bonds

    Belgium returns to dollars as AIIB and NWB ready SRI bonds

    Belgium took advantage of more attractive funding conditions in dollars versus euros and strong demand at the 10 year point of the curve to sell its first dollar bond since 2017 on Tuesday. SSA supply in dollars will continue on Wednesday with the Asian Infrastructure Investment Bank and Nederlandse Waterschapsbank bringing socially responsible deals.

  • Kommuninvest gets big demand for kroner green bond

    Kommuninvest gets big demand for kroner green bond

    With the demand for green loans from its members increasing, Kommuninvest printed its tenth green transaction this week, raising Skr5bn ($520m). Despite the increased demand for green loans, Kommuninvest is yet to proceed with its euro green debut.

  • Investors demand more ESG as money pours in

    Investors demand more ESG as money pours in

    Investors are clamouring for more environmental, sustainable and governance (ESG) themed bonds, as the panic of the last few months gives way to a renewed interest in the format.

  • Unédic Covid-19 social bond raises €4bn

    Unédic Covid-19 social bond raises €4bn

    Unédic, the French agency responsible for French unemployment support, entered the social bond market on a permanent basis on Friday, launching its new social bond framework under which all its debt will be issued from now on. It christened the new programme with its largest bond in 10 years.

  • European banks ready Covid-19 senior bonds

    European banks ready Covid-19 senior bonds

    European banks are set to follow sovereign and supranational institutions and begin issuing senior bonds dedicated to fighting Covid-19 under existing ESG frameworks.

  • Unédic and NRW.Bank plot debut social bonds

    Unédic and NRW.Bank plot debut social bonds

    Unédic and NRW.Bank are planning to issue their first ever social bonds. The proceeds of Unédic's bond will go towards providing support for the French state unemployment package.

  • EIB brings sustainability framework to Aussie dollars

    EIB brings sustainability framework to Aussie dollars

    The European Investment Bank inaugurated its sustainability awareness bond (SAB) framework in Australian dollars on Tuesday, while on Wednesday NRW.Bank printed the largest SSA Kangaroo so far this year.

  • Social bonds: Japan  leads from the front

    Social bonds: Japan leads from the front

    The market for bonds that target environmental, social and governance (ESG) concerns previously put the focus on the environmental aspect, leading to a rush of green bond issuance but little attention on social problems. Not anymore. Social bonds have become a much more prominent tool for highly-rated issuers, helping fund solutions to problems ranging from educational shortfalls in developing countries to the spread of Covid-19 around the world. Japanese issuers have been at the forefront, developing a busy domestic market. GlobalCapital talks to a group of prominent issuers about the potential of social bonds.

  • UCI doubles Europe's green securitization universe

    UCI doubles Europe's green securitization universe

    Portuguese mortgage lender UCI doubled the universe of European green securitization issuers when it privately placed its RMBS Green Belém No 1, a deal backed by Portuguese mortgages, at the end of April. The deal had originally been slated for public debut before the coronavirus crisis hit, but was pre-placed in private following March’s market chaos.

  • Asia turns to SRI bonds for pandemic help

    Asia turns to SRI bonds for pandemic help

    As Asian countries slowly pick up the pieces from the aftermath of Covid-19, the bond market has emerged as an important source of funding. When the dust settles, its use for more socially responsible investment (SRI) bonds is only set to rise, writes Morgan Davis.

  • CS underlines favourable market conditions with uncommon trades

    CS underlines favourable market conditions with uncommon trades

    Credit Suisse has become the first Swiss bank to issue a green bond in the euro market, and has also marketed a rare floating rate note. The trades were testament to improving market conditions and the ability for strong names to sell less common products.

  • Eurofima mandates for 10 year green as ESM wraps up second quarter funding

    Eurofima mandates for 10 year green as ESM wraps up second quarter funding

    Eurofima, the supranational institution that finances European rolling stock, is planning to bring a euro green bond with a 10 year maturity. The European Stability Mechanism kicked off the euro supranational bond market this week with a €1.5bn tap on Monday to complete its benchmark funding needs for the quarter.

  • Covid cuts flow of green bonds and loans, but not their appeal

    Covid cuts flow of green bonds and loans, but not their appeal

    Green and sustainable bond and loan financing by companies has slowed as many firms have had to deal with urgent funding needs amid the coronavirus crisis. But three companies crowded into the bond market with green deals on Wednesday, achieving blowout demand — confirming that both issuers and investors remain keenly focused on green finance. Jon Hay and Mariam Meskin report.

  • People moves in brief

    Morgan Stanley Investment Management makes two SRI hires — Citi appoints Aby for CEEMEA markets — Callaghan joins HSBC for UK M&A

  • Banks find value in pref senior for funding mix

    Banks find value in pref senior for funding mix

    Issuance in the financial institutions bond market had a preferred senior flavour this week, with issuers finding this the most cost-effective funding compared with other asset classes. In addition, some of them can use it to fulfil regulatory requirements.

  • World Bank hits screens for 10 year dollar SDB

    World Bank hits screens for 10 year dollar SDB

    World Bank has picked banks for a 10 year dollar benchmark — the first in the SSA market since October 2019. The bond is a sustainable development bond, focusing on the health and well-being UN Sustainable Development Goal.

  • Ico gets big reception as ESM posts RFP

    Ico gets big reception as ESM posts RFP

    Instituto de Crédito Oficial (Ico) was almost seven times covered for its four year Covid-19 social bond on Wednesday, as investors continue to support deals to tackle the pandemic. The European Stability Mechanism could follow with a similar maturity next week, after it sent banks a request for proposals (RFP).

  • Swisscom blasts 30bp through curve on triple green bond day

    Swisscom blasts 30bp through curve on triple green bond day

    On a busy day for corporate bond issues, with prestigious competing deals including from Nestlé, Swisscom is nevertheless hogging attention with its debut green bond, which comes alongside another green debut, for power networks group Eurogrid.