ABN Amro
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E.On, the German electricity company, became the second corporate issuer in as many days to issue green bonds in line with the draft EU Taxonomy. It matched Verbund by printing them flat to fair value.
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Former Commerzbank CEO Martin Blessing has unveiled plans for a new special purpose acquisition company focused on financial technology in Europe, becoming the latest European banking executive to launch a Spac. -
Hannover Re was able to price a new tier two through fair value on Monday, with analysts expecting the issuer to use its new bond to fund growth opportunities.
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Bank issuers are increasingly interested in the idea of selling tier two bonds in green formats. But green additional tier ones are unlikely to bloom.
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Bank of Ireland’s inaugural green bond attracted the largest financial senior book in euros this week, peaking at €2.5bn, as it offered investors a chance to pick up labelled paper at a shorter tenor and with plenty of spread.
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Commerzbank and Crédit Mutuel Arkéa shared the spoils in the senior market on Thursday, with the pair tapping opposing ends of the curve and vastly different pools of investors.
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Barclays won plaudits for steering a 21 non-call 20 tier two into an extremely tight pricing level this week, following earlier examples from the large French banks. It accompanied its deal with the sale of some long dated senior paper.
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European banks have been busy in the credit markets in 2021, despite fears that rising deposits and cheap central bank money would eat away at issuance volumes. Sales have been boosted by a sharper focus on senior debt and a pivot towards dollar transactions.
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NatWest expanded its environmental, social and governance (ESG) offering with its debut social housing bond this week, the first from a UK financial issuer, landing the €1bn deal well through fair value.
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NatWest Group sold the first social housing bond from a UK financial issuer on Tuesday, attracting a highly granular peak order book of over €4.5bn. Investors have latched onto environment, social and governance (ESG) linked bank supply over the past few weeks, with two more labelled deals set to follow in the coming days.
