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UK utilities switch on euros and sterling with green bonds
◆ Scottish Hydro tests long-dated sterling demand ◆ Tight pricing limits further tightening from guidance ◆ Cadent extends its euro curve with 10 year trade
◆ French bank returns after January amid scarcity for senior debt ◆ Investors like what they see as there is no book attrition ◆ Seven year tenor lures broader appetite
RWE builds sticky book for green dual trancher
◆ German utilities taps improving bond market ◆ Demand holds firm across six and 11 year tranches ◆ Fair value debated
Taking on a tyrant
How to go about the delicate business of dealing with bad behaviour from the boss
◆ French bank returns after January amid scarcity for senior debt ◆ Investors like what they see as there is no book attrition ◆ Seven year tenor lures broader appetite
Sub-sections
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◆ 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
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◆ 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
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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
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◆ BBVA opts for green five year bullet ◆ Pays concession for secondary performance ◆ Outperforms SNP supply from last week
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All as expected by the market, but lack of more details regarding bill issuance somewhat disappoints
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‘Look at the issuer as a whole’ is the mantra of the corporate and supranational green bond markets, and rightly so. But we need to apply the same approach to sovereigns.
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“What gets measured gets managed,” goes an old saw popular in sustainable finance circles. If companies, investors and banks, the argument says, collect better environmental and social data, this knowledge will naturally breed improvements in performance.
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Tullow Oil is marketing a new $1.8bn senior secured bond to repay its near-term maturities and cancel its reserve-based lending facility entirely, ending the twice yearly cycle of RBL determinations that has pushed some oil explorers close to the edge since the coronavirus pandemic struck.
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Senator Marco Rubio is the latest Republican in the US to launch an attack on what conservative voices have recently dubbed “woke capital,” apparently putting the GOP at odds with an investment world that has embraced ESG.
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Market participants will embark in the coming weeks on the difficult task of working out how to use the European Union’s sustainable finance Taxonomy, after the first criteria were published this week. In doing so, they will be conscious that the smooth tide of green finance is now breaking against the hard reality of power politics and resistance by fossil fuel industries — a clash that is rocking the Taxonomy’s credibility, writes Jon Hay.
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Kenneth Lay, chair of the International Finance Facility for Immunisation (IFFIm), is no stranger to using financial innovation to help tackle some of the world's biggest problems. He spoke to GlobalCapital about the importance of IFFIm as a vehicle to finance the global vaccine rollout in the fight against the coronavirus pandemic.
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UK government can find direction by being determined on defence and green growth
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Growing company gets new bank lenders and equity investors
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Recently departed banker to resurface in Asia
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Five year bond set to be priced much tighter than the development bank's last senior issue
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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
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Investors were eager to tender their bonds despite initial resistance
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Issuer asks for interest payment holiday, parent DigitalBridge likely to step in
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Credit quality of loans in CLO portfolios becomes increasingly important following the first CLO 2.0 liability impairment
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CLO mezzanine investors are paid high spreads precisely because impairments are a possibility
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US drug company Eli Lilly jolted the dollar market awake on Wednesday with an eight-part jumbo trade to fund two recent acquisitions
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The US dollar market buoyant this week despite escalating hostilities in the Middle East
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Redwood will be a repeat issuer
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Sponsored by Republic of Côte d’Ivoire
Bond Awards 2026: Most Impressive Issuer in Africa — Republic of Cote d’Ivoire / Most Impressive Funding Official in Africa — Lancine Diaby
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Sponsored by Crédit Agricole CIB
Syndicated Loan Awards 2025: Crédit Agricole CIB: Driving France’s loan market and ESG transition
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Sponsored by Islamic Development Bank (IsDB)
Sukuk market’s next chapter: Financing the future, sustainably
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