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IFC on new euro benchmark plans and winning investors

◆ Funding chiefs discuss new euro benchmark programme ◆ IFC left something on table to win euro investors ◆ 'A new January' as July debut timing defended
◆ Debut seven year priced through issuer's dollar curve, leads say ◆ Green label and no-grow size steady IFC through selloff ◆ Rival banker questions wisdom of July inaugural
FIG

Mediocredito Centrale extension becomes July's second Italian public bank issue

◆ Minimal attrition ◆ Follows last week's deal from Italian public issuer Istituto per il Credito Sportivo ◆ Priced flat to fair value

Real estate companies flood euro bond market

◆ Mileway debuts in euros with €1.5bn dual tranche ◆ European Outlet Mall Venture and Vesteda print green bonds ◆ Borrowers return as sector refinancing cycle turns back to unsecured debt
◆ Debut seven year priced through issuer's dollar curve, leads say ◆ Green label and no-grow size steady IFC through selloff ◆ Rival banker questions wisdom of July inaugural
Sub-sections
  • Generali is marketing the first green catastrophe bond, a €200m deal called Lion Re III laying off European windstorm and Italian earthquake risk. The structure takes its cue from the growing ESG risk transfer market for banks, which enhances the green impact of a given deal by recycling not just the funding received but the capital saved into green assets.
  • BayernLB launched its first green tier two in euros on Wednesday, bringing its pricing into a very tight level and challenging assumptions about the relative value of the German tier two market.
  • Brazilian meatpacker JBS made an apparently impressive entry into the world of ESG debt last week with a well received sustainability-linked bond (SLB). While an SLB is an encouraging first step for a company that has for years been under the scrutiny of environmental campaigners, the KPIs in the deal cover a fraction of the company’s emissions, and the deal shows investors need be tougher on SLB issuers if the format is to have value.
  • Turkey's Akbank launched a dollar sustainable bond on Tuesday, just months after it raised its first ESG-linked syndicated loan.
  • CPPIB Capital came to market on Tuesday for a green benchmark in Australian dollars, its first syndication in the currency.
  • The European Union generated a blowout reception for its debut bond under the €800bn Next Generation EU (NGEU) programme on Tuesday, although it paid a sizeable new issue premium of 4bp-5bp according to senior bankers away from the deal.