◆ Stability leads to third day of FIG sterling issuance ◆ Rabo prints its first tier two four years ◆ BBVA completes first sterling senior bond since 2020

◆ Receptive but crowded FIG market requires concessions for funding to clear ◆ BBVA goes big with its first SP in more than two years ◆ Bawag issues first bond after PTSB acquisition

◆ KfW sells another green deal in active year for the label ◆ Less than 2bp NIP paid this time ◆ FMO prices in line with MuniFin, Tennet NL

◆ Sovereign brings new 12 year after recent yield sell-offs ◆ Books in line with recent green BTPs ◆ Both real and fast money accounts active

◆ ESB returns after three years with debut EuGB ◆ Ericsson draws bigger book with wider spread and shorter duration ◆ Both companies pay small NIPs

◆ Crossover credit sells second senior SLB of 2026 ◆ Deal lands tight to secondaries and peers ◆ Proceeds to refinance 2028 convertible maturity

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.

Deal multiple times oversubscribed as investors buy into electrification and AI story

◆ Another French agency brings early autumn deal ◆ International investors show support ◆ Priced to ensure performance

Shareholders sell down holdings in AutoStore and Orsted, as shipping company opens books ahead of Athens parallel listing

Société Générale and Standard Chartered provided euro and yen tranches respectively in first World Bank-backed transaction involving the Japanese currency

EM debt investors had largely expected a debt treatment would be required

Belgian car leasing company taps four banks and three investment firms

As war drags on, banks are boosting hoards of cash after deposit outflows

The euro tranche is a refi of a bond maturing later in September

Having to rate money-guzzling Anthropic and OpenAI will test the agencies’ nerve

US dollar market bursts to life after Labor Day holiday

Bankers welcome third and fourth deal in two weeks

◆ Pharma firm returns to euros after two years away ◆ Some concession needed for slim covered deal ◆ Koninklijke Philips adds to biotech flow