BBVA
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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. -
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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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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Intesa Sanpaolo saved a couple of basis points with the sale of a new senior bond from its green issuance framework on Tuesday, compared to fair value on a conventional deal. The new issue came as markets remained on edge ahead of the European Central Bank’s next meeting.
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CaixaBank was well supported for the sale of a new €1bn tier two this week, becoming only the fourth European bank to issue a capital transaction in green format.
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FIG issuers are taking care to announce deals before opening order books this week, as they try and book their places in the market ahead of a tricky meeting for the European Central Bank on Thursday.
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Banco de Sabadell was met with good demand this week for the first euro additional tier one benchmark of 2021, as investors welcomed the rare opportunity to pick up subordinated bank debt in the primary market.
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Daimler, the German car maker, sold green debt on Thursday. Though the company printed inside its conventional curve, it did not match the sort of negative concessions it achieved in its debut green outing.
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Hamburg Commercial Bank is aiming to establish a regular market presence as part of its post-privatisation transformation plan by following a senior deal on Tuesday with a return to a non-preferred format later this year.
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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.
