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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
  • Antonio Cordero Gomez, chief financial officer of Instituto de Crédito Oficial, spoke to GlobalCapital about the need for continued innovation in the world of ESG labelled bonds, and about Ico’s role in fighting the economic consequences of coronavirus.
  • FIG
    Three European banks are lining up trades to finance their environmental, social and governance (ESG) objectives this week, with more than half of euro FIG bond issuance arriving in labelled formats in June so far.
  • Nobian, the industrial chemicals unit of Nouryon, launched the debt package for its spinout on Friday, offering up a €1.19bn ESG-linked five year term loan 'B' through Credit Suisse, HSBC and JP Morgan. This will be followed by a bond deal, which is yet to be announced, to complete the €1.615bn senior secured financing.
  • Europe’s corporates have signed a smattering of ESG-related loans, with testing and certification company Applus+ linking the margin on its bank debt to sustainability-linked metrics for the first time.
  • Bank of Communications Financial Leasing Co used a sustainability label for its new $500m three year bond.
  • The nascent sustainability-linked bond (SLB) faced a big test this week with deals from the oil, power and steel sectors, and most notably from Brazil meat processor, JBS. But if the enthusiastic reception to the deals suggested the market passed with flying colours, there were calls for more scrutiny of the relevance of KPIs if the SLB label is to mean anything. Oliver West reports.