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The last basis point for SSAs is green

Green investors buy when everyone else stops, giving issuers one last pricing lever — perhaps to cross a line none of them wants to reach
Strong appetite from international banks for first gigascale 24/7 solar plant

Positive Zero inks Gulf's first non-recourse loan backed by decentralised energy infra

Green loan of $375m will support rollout of on-site solar plants for companies
SSA

Roundtable: European sovereign issuers look to varied maturities to bring in new investors

Amid tight budgetary conditions, including persistent inflation, volatile markets and geopolitical tensions, sovereign issuers in the EU face continuous pressure to fulfil borrowing requirements. Simultaneously, these same issuers are having to confront different challenges that range from the growing impact of hedge funds in their order books, and whether this is a good or a bad thing, how to convince new investors that their home currency, the euro, is an alternative to the dollar and how aligned EU capital markets should become and what form this should take. GlobalCapital assembled sovereign debt issuers to discuss borrowing requirements and how they are being met, what the diversification of their investor bases means for the products they offer and the benefits of harmonisation and simpler regulation in the EU.
Strong appetite from international banks for first gigascale 24/7 solar plant
Sub-sections
  • Verbund, Austria’s largest electricity provider, is in its second and final day of marketing a green and sustainability linked 20 year trade, in a closely watched deal that is expected to see insatiable demand.
  • Tagging assets to liabilities is a critical exercise for covered bond issuers, particularly when it comes to their ESG paper. Start-up mortgage lender Perenna is working with Tao Solutions to create a verifiable audit trail with technology that automatically matches green covered bonds to the appropriate mortgage loans.
  • SSA
    The European Union made a quick trip to the bond market on Tuesday morning to collect €13bn — €8bn at five years and €5bn at 25. It found itself selling into stronger market conditions than have prevailed for the past few weeks, thanks to the European Central Bank’s beefed up intervention. But despite the strong backdrop, the market is still quieter than expected.
  • Yorkshire Building Society has set the stage for “social” securitizations with the first prime UK residential mortgage-backed security to carry this label. The deal has a dollar tranche to entice US accounts in preparation for the end of the Bank of England’s funding schemes.
  • Windscreen repair group Belron, which owns brands such as Autoglass and Carglass, looks set to become the second borrower to raise an ESG-linked leveraged loan in dollars and euros, adding this feature into a broad financing package of new loans and amendments to fund a €1.46bn dividend to owners D’Ieteren Group and CD&R.
  • Greenko Energy Holdings took $940m from an amortising green bond on Monday, adding to the recent spurt in sustainable issuance from India.