KfW
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German agency KfW will take the sustainability criteria of banks into account when they pitch for its green bond business — a move that could ensure the growing SRI market keeps true to its founding principles. But as Craig McGlashan reports, the decision could also slash the number of banks involved in the sector, which has been one of the few bright spots in the public sector bond markets this year. -
KfW will add sustainability ratings to its criteria when selecting lead managers for its green bonds, the agency announced when releasing its funding plans for 2016.
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With the market anticipating that the European Central Bank (ECB) will extend quantitative easing on December 3, issuers are heading further down the curve to offer investors an attractive level.
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Demand was so strong for an agency bond tap on Thursday that the leads had to ask the issuer to increase the deal, as SSA investors scrambled to get their hands on one of the last large issues of the year.
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The green bond market was home to a pair of firsts this week, as one seasoned issuer sold its first ever bond in any format at a tighter spread to US Treasuries than mid-swaps, and another made its debut in the SRI format.
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KfW and the City of Paris built healthy books for no-grow green bonds on Tuesday, as some bankers suggested the KfW deal showcased the lesser execution risk amid tricky conditions that green bonds offer over conventional deals.
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A pair of public sector borrowers are lining up green bonds this week — but one of the deals could have implications beyond that of the burgeoning SRI bond market.
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This week's funding scorecard looks at the funding progress of European supranationals and agencies, where available, gives their funding targets for 2016.
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Public sector borrowers have jumped on demand for Brazilian real notes with a flurry of medium term notes — and there is more in the pipeline, said niche currency and MTN bankers.
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