Commerzbank
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Banks are optimistic that sustainability-linked bonds have a bright future as part of their funding toolkits, after Berlin Hyp became the first financial institution to land a deal in the format this week. More trades are already on the way and market participants are stepping up their efforts to break down the remaining barriers for FIG borrowers. -
Royal Schiphol, the Dutch airport, sold €1bn of debt on Thursday, as highly rated names found solid support in the European corporate bond market.
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Eurogrid, the German power network company, made light work of a bond market outing on Tuesday, obtaining more than five times oversubscription for a €500m issue in a market subdued by the looming earnings season.
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A slew of mandates hit Europe’s high grade corporate bond market on Monday, with issuers increasingly adding their ESG ratings to investor communications that cover their whole enterprise, even if the deal being marketed is not a designated socially responsible investment.
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Europe’s primary convertible bond market has reopened after the Easter break with two new deals on Friday from issuers with very different sector profiles.
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Investors poured into a five year senior preferred deal from Banque Fédérative du Crédit Mutuel on Monday, as accounts look for shorter defensive deals to hedge against rates volatility further along the curve.
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The European Investment Bank and Dexia Credit Local were the only two public sector borrowers to sell deals in the primary market this week as issuance wound down ahead of the Easter break.
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The European Investment Bank took advantage of a quiet primary SSA bond market and rejuvenated purchases from the European Central Bank to tap its longest outstanding Climate Awareness Bond on Tuesday.
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Canary Wharf made its debut in the bond markets in its present form on Tuesday, with a green triple tranche bond in euros and sterling that found plenty of demand, despite the rocky future for office space.
