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KKR prices $475m green securitization of Icona campus in San Francisco

Green securitizations have been prominent in CMBS this year
◆ US-Iran ceasefire lifts market sentiment ◆ Hochtief, Verbund draw strong demand in the belly of the curve ◆ SoftBank, Naver, General Mills join swelling pipeline

CEB seizes good window for social inclusion landmark

◆ Nine years, 10 social inclusion euro bonds issued ◆ Social 'leadership' demonstrated with new deal ◆ Minimal premium paid, but fair value a 'challenge'

General Mills and Engie turn up heat in corporate hybrid market

◆ General Mills debuts €1.7bn Reverse Yankee hybrids ◆ Engie raises €2.06bn-equivalent across euros and sterling ◆ Sub/senior spreads stay modest on Engie's euro tranches
◆ US-Iran ceasefire lifts market sentiment ◆ Hochtief, Verbund draw strong demand in the belly of the curve ◆ SoftBank, Naver, General Mills join swelling pipeline
Sub-sections
  • As financial markets fretted over the spread of a coronavirus outbreak in China this week, one security was in the firing line more directly than any other. Holders of the World Bank’s pandemic bond will lose principal if the disease spreads by a sufficient amount, writes Jasper Cox.
  • BPHA, a housing association headquartered in Bedford, is looking to sell US private placements, according to several market sources, as private debt remains readily available for UK HAs.
  • RBS has sold a risk transfer securitization referencing a book of UK green project finance loans to the BAE Systems pension fund, which was advised by a unit of Macquarie. The deal is the first ESG-rated risk transfer deal in the UK, and also potentially the longest-dated risk transfer deal ever done in the UK, with an average life of eight to nine years.
  • ABS
    Solar loan origination volume is on the rise, but that growth has not been visible in the public ABS market as issuers attribute muted volumes to a surge in demand for higher yielding whole loans.
  • The IPO of Calisen, the UK manufacturer of smart energy meters, was covered on its full size on the first day of marketing. Banks on the deal were pleased with the speed of the bookbuild and the quality of investors placing orders.
  • Calisen Group, the UK operator of smart meters, has set a price range for its IPO on the London Stock Exchange, following a constructive investor education process. It will come at a discount to listed peers.