UniCredit

Europe’s corporate bond market was again dominated by ESG trades on Tuesday but the influx of green and socially conscious deals in recent weeks means that investors have become increasingly picky about what they buy.

Acciona, the Spanish infrastructure company, has signed ESG-linked bank lines totalling €3.3bn, as it prepares to float its renewable energy subsidiary Acciona Energía in the coming weeks.

Banks bombarded the dollar market this week, with a deluge of supply from rare Yankee issuers and US heavyweights across the capital structure.

Rating: Aa3/A/A+

Rating: A1/A/A

European banks made the most of an improving tone in the euro market this week, piling on top of one another to access funding in a small but supportive window.

European banks are trying to lock in funding at longer maturities as they consider whether credit spreads have reached a low point. But demand is less certain at the long end of the market, and some investors are pushing for a higher premium to reflect duration risk.

Euroclear mistakenly credited investors with interest on one of UniCredit’s legacy capital deals this week, shortly after the Italian bank made a controversial decision to skip the coupon. The asset servicer is in the process of reversing its error.

Europe’s high grade corporate borrowers piled into the bond market on Wednesday to sell debt before the public holiday weekend in the UK. Investors showed no signs of indigestion on one of the busiest days of the year so far.

Polymetal, one of Russia’s largest gold producers, has added to its green debt by raising $400m from international lenders

ABN Amro brushed aside concerns about the bid for long end paper on Wednesday, as it secured a tight spread on a 12 year deal in the euro market. It was joined by a couple of other banks targeting more conventional maturities.

Helaba came close to fair value with the pricing for its green and non-preferred senior debut on Wednesday, maintaining a solid order book despite competing supply in euros.