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More fully battery electric vehicle-backed deals are expected with similar loans expected to back a larger proportion of mainstream auto ABS
◆ Part of prefunding for 2027 ◆ Low-to-mid single digit NIP ◆ Green issuance has increased since last year
◆ ADB brings ‘impressive’ seven year ◆ NWB hits five year sweet spot ◆ Both deals tighten a large 3bp
◆ Sovereign brings fourth syndication of year ◆ Smaller book than earlier deals this year ◆ Capped deal size helps
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European corporate borrowers glided through their curves this week. With the European Central Bank hitting easing expectations after its meeting on Thursday, syndicate bankers are expecting more deals on screens despite the time of year. -
France and Belgium announced borrowing programmes for 2021 this week. France is aiming for the same amount as this year, while Belgium is paring back its needs.
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Sanofi, the French pharmaceutical company, has signed €8bn of sustainability-linked syndicated loans, while Italian natural gas distribution company Ascopiave has completed its own deal using the structure.
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Iren, the Italian utility, sold a €300m green bond on Thursday, being the only name to brave the markets on the same day as the European Central Bank meeting.
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BPCE issued a transition bond this week to finance loans made by Natixis, its corporate and investment bank. The deal gave Natixis a chance to demonstrate the value of using a green weighting factor when allocating capital to new lending, as the mechanism helped the issuer select its assets and prove its own commitment to sustainability.
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France has lined up its 2021 funding programme, looking to sell some long end syndications and to return to the green bond market for its sophomore outing in the format.
