.png){kind=logo}
GC Asia
-
InfraVia injects SDG into equity bridge
Infravia Capital Partners, the French private equity firm, has amended an equity bridge facility to make it align with the UN’s Sustainable Development Goals. Margins are tied to the ESG performance of its fund’s investments, following the lead of EQT and Eurazeo.
22 Jan 2021 -
Caffil to issue social covered bond private placements
Caffil plans to issue privately placed covered bonds from its social framework, which secures financing for French hospitals. The longer maturities on offer will diversify from those targeted in its benchmark deals and more closely match its loan liabilities, as well as fulfilling investor needs.
22 Jan 2021 -
Amaggi hits Lat Am sweet spot with sustainability bond
Bond bankers said that Brazilian agribusiness company André Maggi (Amaggi) was the ideal credit for the market’s current tastes as the borrower notched a hefty oversubscription and tightening for a debut sustainability bond on Thursday. A tier two deal from Brazilian lender Banrisul confirmed that high yield appetite in Lat Am remained robust.
22 Jan 2021 -
Duo provides green loan for Cityplaza One acquisition
Standard Chartered and United Overseas Bank have provided a HK$5.29bn ($682m) green loan to support a Gaw Capital Partners-led consortium’s acquisition of Cityplaza One.
22 Jan 2021 -
Sovcombank USD300m 3.4% Jan 25 social bond
21 Jan 2021 -
Cades GBP1.5bn 0.125% Dec 25 social bond
21 Jan 2021 -
Buyers queue down the aisle for Tesco SLB
Tesco, the UK grocer, made a storming debut in the nascent sustainability-linked bond market on Wednesday, encouraging bankers who already expect corporate issuance using the novel structure to rocket this year.
21 Jan 2021 -
Swissie investors target quality not quantity
Swiss franc bond investors are pursuing high quality issues, with Münchener Hypothekenbank harnessing this demand to price a tap of its green preferred senior bond 12bp through fair value this week.
21 Jan 2021 -
High grade corporates get bumper demand despite ECB meeting
A trio of European corporate issuers brought bond deals on Thursday, shrugging off the potential distraction of a European Central Bank meeting.
21 Jan 2021 -
ESG securitization: why CLOs are struggling to change colour
Green securitization is firmly on the menu as part of the European Union's push for sustainable investment. But one corner of the market is proving slow to change, despite taking baby steps in that direction.
21 Jan 2021 -
Acea and United Utilities lifted by sea of green demand
Utilities Acea and United Utilities Water romped home with ESG-themed bonds in euros and sterling on Thursday. Bankers said investor demand for socially conscious assets was swelling.
21 Jan 2021 -
HSBC team to target MENAT ESG activity
HSBC has created a dedicated sustainable and transition finance team for the Middle East, North Africa and Turkey, as the region tries to make its economies more sustainable.
21 Jan 2021 -
Investors plug into SK Battery’s $1bn green bond
SK Battery America sold a $1bn green bond this week, overcoming hurdles involving concerns about recent downgrades, and a legal battle with a competitor. Morgan Davis reports.
21 Jan 2021 -
Korea Southern Power adds to green market
Government-owned Korea Southern Power Co marketed a green bond to dollar buyers on Wednesday, netting $450m from the trade.
21 Jan 2021 -
IIF jumps on ESG bandwagon with debut sustainable bond
Indonesia Infrastructure Finance raised $150m from its maiden sustainability bond on Wednesday that proved popular among investors looking to get their hands on the rare southeast Asian credit.
21 Jan 2021 -
Cades brings first ever SSA sterling social bond
Caisse d’Amortissement de la Dette Sociale (Cades), the agency responsible for financing and amortising French social security debt, printed a £1.5bn social bond on Wednesday — the first ever deal in that currency and format from a public sector borrower.
20 Jan 2021 -
Acea and Bruxelles Lambert ready deals for ECB day
Deals are lining up in Europe’s high grade corporate bond market and bankers say even Thursday's European Central Bank meeting will not put a dent in primary demand on the day.
20 Jan 2021 -
Huge demand for SLB from ambitiously green Tesco
Tesco, the UK grocer, made a storming debut in the sustainability-linked bond market on Wednesday, encouraging bankers who already expect corporate issuance using the novel structure to rocket this year.
20 Jan 2021 -
Deutsche Pbb readies debut green senior bond
Deutsche Pfandbriefbank could take advantage of a quiet backdrop in the euro FIG market to launch the first deal from its green bond framework.
20 Jan 2021 -
Flender financing to set ESG precedent for lagging levfin market
Financing for Carlyle’s purchase of Flender, a turbine gearbox manufacturer, could set a precedent for leveraged finance, which has lagged behind other debt markets in adopting instruments linked to environmental, social and governance conditions. Other issuers are sure to follow, but the market may have to solve other challenges before this can become a market standard.
20 Jan 2021 -
Chile's green-social combo breaks yield, maturity records
Chile tapped bond markets for $4.25bn-equivalent of funding on Tuesday, starting with a 10 year green tap and new long-dated social bond in euros, and then following a similar playbook in US dollars.
20 Jan 2021 -
SK Battery jolts market with $1bn green bond
SK Battery America, a subsidiary of South Korea's SK Innovation Co, found outstanding response for its green dollar bond on Tuesday. The firm was able to tighten pricing by 45bp, with the notes trading even tighter in the secondary market.
20 Jan 2021 -
Tesco readies SLB to fund multi-bond buy-back
Tesco has mandated banks for a debut sustainability-linked bond (SLB) from its freshly printed framework. The UK supermarket chain also joins the growing ranks of issuers taking advantage of low interest rates by launching a simultaneous liability management exercise.
19 Jan 2021 -
France smashes order book record with new 50 year as long end rush extends
France set a new order book record with its new 50 year syndicated bond on Tuesday. Two other public sector borrowers joined the sovereign at the long of the euro curve.
19 Jan 2021 -
Sovcombank goes for rare social bond
Sovcombank, one of Russia's largest private banks, this week raised its debut social bond — still a rare format among emerging markets borrowers in the Europe, Middle East and Africa region. The bond follows an ESG loan the bank raised just weeks ago.
19 Jan 2021 -
Motability to issue all future bonds as social
Motability Operations Group, the UK non-profit company that leases cars to disabled people, will only issue social bonds in future, after successfully using the format for the first time last week.
19 Jan 2021 -
Chile to follow Mexico into euros with green and social combo
Chile is looking to debut its social bond framework in the euro market this week with a 20 or 30 year benchmark. The deal will be accompanied by a re-opening of its 0.83% green bonds maturing in July 2031.
19 Jan 2021 -
Dawn of Schuldschein debuts as TeamViewer launches ESG deal
German software company TeamViewer launched an inaugural Schuldschein deal on Monday, with margins linked to its ESG performance. Five new borrowers have entered the Schuldschein market so far this year, almost half as many as appeared throughout the whole of 2020.
18 Jan 2021 -
EU sounds out banks for first SURE deal of 2021
The European Union has sent banks a request for proposals for its first bond of the year under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme.
18 Jan 2021 -
Corporate social bonds to take off, in varied formats
Market participants believe 2021 could be the year when social bonds become established as a more thriving and coherent market, after the breakthrough in volume during 2020, when issuance was swelled by the Covid-19 pandemic.
15 Jan 2021 -
Lat Am storms back with Thursday quartet
Four heavily oversubscribed Latin American new issues fetched tight pricing on Thursday, dispelling the unease felt at the week’s start and putting the region firmly on track to fulfil the predictions of record primary volumes for a January.
14 Jan 2021 -
Colombia to stay local for green debut, plots govvie ETF, social bond
Colombia tapped international bond markets for the first time since June this week. But it is the country's domestic bond market — which is 25% owned by foreign investors — that could be in for a particularly notable year, with the sovereign set to turn to pesos for its debut green bond in July. It is also laying the ground for a social bond and a government bond ETF.
14 Jan 2021 -
For corporate social bonds, SLBs are way to go
Social bonds have long been the poor cousin of green bonds. A smaller, less well organised market.
14 Jan 2021 -
World Bank EUR2bn 0.2% Jan 61
14 Jan 2021 -
SURE programme poses questions for CEE DMOs
After a record breaking year for sovereign bond issuance in central and eastern Europe, 2021 could be a different story, thanks to the European Union's vast economic support packages that could reduce the need for many CEE countries to tap international bond markets.
14 Jan 2021 -
People news in brief
Natixis promotes DCM bankers — Powell quits IFAD job — NatWest Markets makes Peberdy, Donaldson and Manwaring's positions permanent
14 Jan 2021 -
LBBW EUR750m 0.375% Feb 31 bail-in senior social
14 Jan 2021 -
KfW sells South African rand green bond
KfW printed its first green bond in South African rand this week, reflecting the growth in demand for sustainable products outside of core currencies, according to a funding official at the agency.
14 Jan 2021 -
DNB issues most subscribed covered bond
DNB Boligkreditt issued a covered bond on Thursday that became its most oversubscribed covered bond ever, equalling the bank’s biggest ever order book. The deal, secured on green mortgages, was priced through its vanilla curve, clearly demonstrating the demand for covered bonds.
14 Jan 2021 -
SK Hynix dollar bonds spark investor rush
SK Hynix was overwhelmed with investor demand for its triple-tranche dollar deal on Wednesday. It raised $2.5bn, but non-stop demand drove the bonds nearly 20bp tighter in the secondary market on Thursday.
14 Jan 2021 -
Motability gets social bonds humming
Motability Operations, the UK non-profit company that leases cars and other vehicles to disabled people, won strong demand for its inaugural social bond on Wednesday, lending weight to the argument that the product will become a more prominent part of the capital markets this year.
13 Jan 2021 -
World Bank smashes 40 year euro debut amid red hot long end
World Bank extended its euro benchmark curve with flying colours on Wednesday, in a further sign of ample demand for duration amid a low yielding environment.
13 Jan 2021 -
Volvo Cars shifts green drive up a gear with sustainability loan on road to 2040
Volvo Cars, the Chinese-owned Swedish auto maker, has refinanced its main bank revolver with a €1.3bn sustainability-linked revolving credit facility, as the borrower looks to become climate neutral by 2040.
13 Jan 2021 -
Spain targets €5bn-€8bn green debut in second half of 2021
Spain is planning to issue its hotly anticipated inaugural green bond in the second half of the year through syndication in what will be the first step in the sovereign’s ambition to become a regular green issuer and build out a curve in the format.
13 Jan 2021 -
Sustainability-linked bonds: a win on several counts
With Asia’s sustainability-linked bond (SLB) market thrown wide open with the first transaction, there is a case to be made for the opportunities offered to both issuers and investors by this nascent asset class.
13 Jan 2021 -
City waits for divergence, or maybe equivalence
Anyone who thought the culmination of a trade deal between the EU and UK would provide a shining ray of clarity for financial services as to the level of market access between the two has been proved wrong. Little progress on regulatory equivalence decisions has been made, and while this points the way towards divergence, it is still unclear how exactly the UK would go about this.
12 Jan 2021 -
Powell quits as IFAD treasurer
Ben Powell is resigning from the position as treasurer of the International Fund for Agricultural Development after 15 months in the job.
12 Jan 2021 -
Triple whammy: KDB squeezes price on dollar deal
Korea Development Bank returned to the bond market on Monday with a three-tranche transaction, marketing one of the notes with a green label. Despite pricing its trade at one of the tightest levels seen among the country’s lenders, the borrower still received strong demand.
12 Jan 2021 -
Chinese banks battle for investor attention
Agricultural Bank of China and Shanghai Pudong Development Bank Co competed for investor orders on Monday. ABC, the bigger of the two and offering a green bond to the market, got more attention, while SPDB faced an uphill battle.
12 Jan 2021 -
Brazilian trio to extend Lat Am ESG surge
Six of the 11 Latin American borrowers to have priced or announced new cross-border bonds so far in 2021 have opted to show off their ESG credentials while doing so — either through dedicating the use of proceeds or by issuing in the more novel sustainability-linked format. Brazil is leading the way, with three further mandates on Monday.
12 Jan 2021
