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Mamoura Diversified Global Holding, an Abu Dhabi sovereign investment vehicle, has mandated banks to sound out interest for a euro bond. The mandate follows a week of issuance in the currency from other CEEMEA borrowers.

NatWest expanded its environmental, social and governance (ESG) offering with its debut social housing bond this week, the first from a UK financial issuer, landing the €1bn deal well through fair value.

Rating: Baa2/BBB/A

Financial institutions have ramped up their sales of green debt at the start of 2021, as they look to take advantage of a quiet funding year by building out their environment, social and governance frameworks. This week, nearly all FIG euro issuance arrived in ESG formats.

Equinix, the US data centre real estate investment trust, got a slightly larger size than expected for its dual tranche euro green bond on Wednesday, but its curve steepened.

Environment, social and governance (ESG) themed debt has dominated the senior market this week, with the format helping to secure more execution certainty in a softer trading environment.

NatWest Group sold the first social housing bond from a UK financial issuer on Tuesday, attracting a highly granular peak order book of over €4.5bn. Investors have latched onto environment, social and governance (ESG) linked bank supply over the past few weeks, with two more labelled deals set to follow in the coming days.

GLP, a Singapore-headquartered logistics facilities operator, has raised a $658m sustainability-linked loan.

EnBW, the German electrical utility, and the financing arm of a Dutch truck company, DAF Paccar Financial, hit screens with highly rated euro trades on Monday. Central bank bond buying higher than forecast, pushed investors to oversubscribe the deals even though the spreads on offer were thin.

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.

Infrequent Nowegian borrower SpareBank 1 Østlandet is set to print its first green bond as it looks to extend its benchmark senior curve out to 2028.

This week was the busiest of the year so far for bank senior supply in euros, as issuers took advantage of strong market conditions after posting full year results.