BBVA
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Portugal syndicated a new 10 year bond on Wednesday, and drew parallels to deals from Italy and Spain deals earlier in the year as it aimed for a small new issue premium and an high quality order book rather than one of colossal size. But in order to avoid huge drops in the book by slashing the spread, as Italy and Spain had done, Portugal began the price discovery process at a tight level. -
Portugal began the price discovery process for its new 10 year syndicated bond on Wednesday close to fair value in an effort to give as much clarity to investors as possible on the final level, according to lead managers.
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Italy and Portugal are the first two eurozone sovereigns out of the blocks for syndications following the Easter break, with the former looking to extend its curve by a further five years.
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Enel has signed a €1.35bn sustainability-linked loan guarantee facility, the latest in a series of debts it has tied to its ability to increase renewable energy capacity.
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The Autonomous Community of Andalucia has selected banks to arrange a series of meetings with investors to promote its new sustainable finance framework and provide a credit update.
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The FIG market enjoyed its busiest week of the year so far but not all trades are working as investors shun tightly priced deals, particularly those at the long end.
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Paragon Banking Group this week became the first UK lender to launch a subordinated bond in an ESG format. The bank was looking to replace its only outstanding tier two with a new green-labelled transaction.
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There has been no let up in the pace of euro issuance from banks this week, with BBVA and Hypo Noe diving into another full market on Tuesday following a busy but 'comfortable' session on Monday.
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High grade corporate bond investors were given the choice between a green trade from Finnish paper company UPM-Kymmene Corp and a conventional trade from UK cigarette maker Imperial Brands on Monday, with some investors passing up on the cigarette company on ESG grounds.
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