Crédit Agricole
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Look at any bank’s website or hear its CEO speak and you will get a torrent of virtuous words about climate change, sustainability and supporting clients on their journeys to net zero. The same goes for big investors, from BlackRock down, but the windows of their ivory towers are misted up with all the hot air being spouted. -
BlackRock and Amundi, the largest asset managers in the US and Europe, have both published policies on how they intend to engage with companies about climate change. After widespread criticism, BlackRock has moved a long way towards a more proactive stance, but it is not clear yet that either firm is prepared to get really tough with high carbon emitters — especially in their passive portfolios.
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Bureau Veritas, the French laboratory testing company, has amended its €600m bank line to include ESG elements, as the company is on course to breeze through its relaxed covenant restrictions at the next evaluation.
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Hong Kong's Castle Peak Power Co sold its third energy transition bond on Wednesday, raising $300m and solidifying its leadership in the sector in Asia.
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Glencore, the Swiss commodity trading company, got a lukewarm response from the euro bond market on Tuesday, as investors prepared their cash piles for a flurry of deals from rare and high beta names.
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The State of Baden-Württemberg will be holding investor calls this week to introduce its new green bond framework ahead of a debut deal in the format.
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BNP Paribas and UBS opened the offshore Australian dollar FIG market for 2021 this week, with a pair of new senior deals.
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US high grade corporate names hit the European market at the outset this week with WP Carey and General Motors selling bonds and Equinix mandating for a green deal. But syndicate bankers say rising US rates are still some way off the sweet spot to make the euro market irresistible for all Reverse Yankee issuers.
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Crédit Agricole has picked banks to run a planned senior preferred Panda bond, its third outing in the format. An investor call has been scheduled for next week.
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The rally in Swiss fixed income over the last year allowed Geneva Airport to price a new 10 year deal this week 70bp tighter than where it printed a three year deal last April.
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The financial institutions bond market had its Roger Bannister moment this week, as Deutsche Kreditbank broke the zero yield barrier for the first time. Now that a German borrower has lifted the negative yield taboo, bankers expect even deeper yielding deals could follow.
