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◆ Mercedes-Benz prints its first euro public deal of 2026 ◆ Traton's debut green bond pays small NIP ◆ Both issuers tapped euro private placements this year
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
◆ Both deals garner strong demand despite heavy issuance ◆ ANZ diversifies capital away from Aussie and US funding markets ◆ Uniqa tenders old bond with its largest capital sale in at least six years
◆ Eurofima made rare visit to euro four year conventional curve ◆ New issue premium estimated ◆ Region Wallonne grabs solid order book
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Investors rewarded Zhenro Properties Group for selling its first green bond this week, pumping orders into the $350m transaction and allowing the issuer to price the deal at its lowest coupon ever. -
Green bonds are becoming the rule, rather than the exception, for Europe’s sovereigns with two more debuts this week. Covid-19 has delayed others from entering the market but the instruments are now well and truly part of mainstream capital markets infrastructure and another country is even setting up for a sustainability bond.
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Issuance of sustainability-linked bonds is set to resume next week, after a year’s hiatus since the product was introduced by Enel, the Italian power and gas company. Many possible deals have fallen by the wayside, as market participants have realised the structure is more difficult to use than they had thought. But Suzano, the Brazilian paper company, will roadshow an issue on Tuesday and Wednesday and other transactions are expected in the coming months.
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Royal Schiphol, the Dutch airport operator, brought a dual tranche conventional and green bond with a small to flat new issue premium on Tuesday. The issuer opted to make the longer 12 year tranche green, which bankers say is indicative of lengthening maturities in the typically mid-tenor corporate green bond market.
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Senior deals from Banco de Sabadell and Mediobanca underlined the pricing benefits of printing in green formats this week, with both coming inside conventional curves. Other issuers could be tempted to follow.
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Daimler blasted far through its conventional bond curve with its €1bn debut green deal on Thursday, in a first for the European automotive industry that is expected to herald a spate of similar issuance — and could reset expectations about the difference between green and conventional bond pricing.
