◆ Pair of real estate borrowers print four euro tranches ◆ Vonovia draws strongest demand on shortest leg of €2bn three-part trade ◆ Realty Income pays small concession on €600m outing

◆ Pair more than 3.5 times covered at final terms ◆ Suez lands flat, Air France pays up ◆ Airline paper performs in secondary

◆ French utility returns a week after A$1.25bn debut ◆ Six year tranche pulls stronger demand than 12 year ◆ Both legs land close to fair value

Head of funding Jochen Schader says strong promotional lending has pushed the 2026 target above €15bn, as the agency caps its dollar programme before the summer

◆ BBVA opts for green five year bullet ◆ Pays concession for secondary performance ◆ Outperforms SNP supply from last week

All as expected by the market, but lack of more details regarding bill issuance somewhat disappoints

Belarus this week gave investors a chance to demonstrate the ESG credentials they are often so keen to trumpet. Few took it. Although the country’s sovereign bonds sold off in the wake of the controversial arrest of a journalist on Sunday, investors gave a number of reasons why issues such as human rights violations were no deterrent to buying an issuer’s bonds. But there are signs those excuses may not hold up for ever, writes Mariam Meskin.

Inside the office of Spondoolicks Emerging Market Bond Fund, May 24.

A Dutch court has ruled that Royal Dutch Shell is partly responsible for climate change and must reduce its global carbon emissions — including those caused when customers burn its products — by 45% from 2019 levels by 2030. If the ruling is sustained on appeal it would cause a seismic shift in the balance of power on climate change, with huge implications for financial markets.

Following the international outcry over the forced landing of a Ryanair passenger plane carrying a Belarusian dissident, some emerging markets investors are said to have had sudden doubts about the ESG characteristics of Belarusian sovereign bonds. What took them so long?

Deutsche Bank held a three hour “deepdive” into its sustainability actions for clients, investors, the press and NGOs last week, with its CEO Christian Sewing and all its business heads. It coincided with an array of announcements, which even earned a favourable comment from Moody’s, including that Deutsche is accelerating its €200bn sustainable financing target. But those hoping for more detail on how Deutsche will decarbonise its financing were disappointed.

Taylor Maritime Investments, a new investment trust, has priced its IPO on the London Stock Exchange, raising $253.7m to invest in a portfolio of ships.

UK government can find direction by being determined on defence and green growth

Growing company gets new bank lenders and equity investors

Recently departed banker to resurface in Asia

Five year bond set to be priced much tighter than the development bank's last senior issue

International Finance Corp’s drive to introduce development finance to the CLO market is advancing. Its second deal of $509m had more investors, more tranches and better pricing, supporting its rapid growth

Investors were eager to tender their bonds despite initial resistance

Issuer asks for interest payment holiday, parent DigitalBridge likely to step in

Credit quality of loans in CLO portfolios becomes increasingly important following the first CLO 2.0 liability impairment

CLO mezzanine investors are paid high spreads precisely because impairments are a possibility

US drug company Eli Lilly jolted the dollar market awake on Wednesday with an eight-part jumbo trade to fund two recent acquisitions

The US dollar market buoyant this week despite escalating hostilities in the Middle East

Redwood will be a repeat issuer