Green and Social Bonds and Loans

  • Wendel links loan to female leadership

    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.

  • EIB makes CNH Climate Awareness Bond debut

    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.

  • Covered bonds to be first step on FIG's climb up SLB mountain

    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.

  • First SSA green bond fund would buy SLBs

    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.

  • BOAD president seeks to bolster bank finances in aim to support regional recovery

    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.

  • A-bracket corporates hit Europe’s bond market

    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.

  • ELFA, LMA to publish ESG guidance on lev loans

    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.

  • KfW lines up at short end of hot dollar mart

    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.

  • Revised Taxonomy will hinder green bonds

    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.

  • MTS enters into Russian ESG bond market to ballooning investor demand

    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.

  • JDE Peet’s and Rewe Group tie loans to sustainability KPIs

    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.

  • CMPC reaffirms SLB benefits amid rates volatility

    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.

  • Chile completes ESG set with sustainable Formosa bond

    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.

  • Social bond boom lifts labelled FIG supply to new heights

    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.

  • VGP keeps real estate debt splurge going

    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.

  • EIB prices flat to fair value with CAB tap

    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.

  • Axa prints popular green tier two debut

    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.

  • Chile continues diversification play with sustainable Formosa

    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.

  • Taxonomy discourages EPC labelling

    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.

  • Canary Wharf green bond overcomes office fears

    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.

  • FrieslandCam debuts in SLL in dairy deluge

    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.

  • CMPC’s debut SLB to fetch big demand if rates behave

    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.

  • ESG bonds outperform as funds pile in

    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.

  • Segezha looks to green bond and possible IPO for funding

    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.

  • GlobalCapital Bond Awards 2021: the poll is open

    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.

  • Axa readies debut green sub deal

    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.

  • Shriram steers $225m tap through volatility

    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.

  • Verbund takes green SLB combo mainstream

    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.