BBVA
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Spain achieves highest subscription level for a debut syndicated green bond by a European sovereign -
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Two public sector borrowers shine with first green and sustainability bonds
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Issuers pile into market but demand still outweighs supply
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20 years the sweet spot for US corporate issuers in euros
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Investment grade corporate debt market revs up for risk as subordinated trades mark first supply in a fortnight
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The disparity between ratings and spread levels was highlighted in the euro high grade corporate bond market on Wednesday, after German conglomerate JAB Holdings opened books on a deal 40bp wide of lower rated Italian utility A2A, despite the same maturity and size.
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Alstom, the French rolling stock maker, has signed a €400m green guarantee facility, as this still highly niche part of the green finance market continues to grow.
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Europe’s high grade corporations are lining up bond issues in euro and sterling for this week, which could be the last before the market slows down for a summer break. Meanwhile, analysts and investors agree that there is considerable room for borrowers to sharply ramp up primary market activity in the next session.
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UniCredit plans to make labelled financing a regular part of its funding across the group, following the launch of its debut labelled bond this week. Its first deal proved popular as it stacked up more than €3.25bn of demand.
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Vinci, the French concessions and construction company, had Europe’s high grade corporate market to itself on Wednesday, with the borrower having an easier time slashing its spread for 10 year money during bookbuilding than lower rated issuers in recent days.
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Repsol, the Spanish petrochemicals company, made its first foray into sustainability-linked bonds on Tuesday, though some of the power was taken out of the deal by investors judging the level too tight for a triple-B rated issuer.
