UniCredit

Russian Railways launched the first international green bond from its home country on Thursday, a €500m eight year bond. While many emerging market investors were keen to look at the paper, despite the US considering a new round of Russian sanctions, several green investors disliked the company’s ESG enough to not participate.

KfW and the World Bank brought well received socially responsible bonds to the market this week that set new landmarks for the public sector borrowers.

Thomas Cook bonds traded down more than 12 points on Thursday in heavy volume, as the UK holidays group announced a new first-ranking loan for the winter season, a big goodwill writedown that took its pre-tax loss to £1.4bn, and a big drawdown on its revolving credit facility.

Germany’s Stadtwerke München has amended its €500m revolving credit facility to add a sustainability element, as the nascent loan structure starts making further inroads with the country's borrowers.

France’s Eiffage has doubled the size of its revolving credit line to €2bn, with the civil engineering construction company becoming the latest name to add social and environmental language to its loan documentation.

Books for Russian Railways’ eight year euro green bond had breached the €1.4bn mark by lunchtime on Wednesday, allowing leads to tighten pricing. A banker away from the note said the levels offered looked fair.

Investors proved they were able to digest KfW's largest green bond yet on Tuesday. Deals in the billions of euros are set to become the norm for the Issuer as it looks to size its green trades closer to its conventional benchmarks.

Russian Railways has told investors that it is focusing on an eight year tenor for its euro green bond, with pricing for the benchmark expected "as early as tomorrow." The deal will be the first international green bond from the country.

KfW picked banks on Tuesday to lead its largest ever green bond. The deal will come from its recently updated green framework, which includes funding for energy efficiency projects, in addition to the renewable energy sector in Germany.

Covered bonds issued on Tuesday by UniCredit Bank AG and Hypo Vorarlberg Bank (HVB) found good demand, mainly from bank investors. Despite their meagre and diminishing returns, the bonds offered a better spread compared to other regulated assets.

France’s Lagardère is set to price and allocate its €150m Schuldschein in one month, as borrowers look to get deals done before the bulk of European investors head off on summer holidays.

Austria’s Constantia Industries has launched a €75m multi-tenor Schuldschein. The industrial and commercial materials company will potentially stretch the maturity out to as long as 10 years.