Luxembourg
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The Grand Duchy of Luxembourg launched Europe’s first sovereign sustainability bond to big demand on Monday morning, allowing the sovereign to bring the spread in by 6bp during pricing. -
The Grand Duchy of Luxembourg has become the first European country to publish a sustainability bond framework and has mandated banks to prepare a debut deal in the format.
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The European Commission’s proposed amendment to the Liquidity Coverage Ratio Delegated Act suggests covered bonds, such as those issued by NordLB Luxembourg and others, could be excluded, which could extinguish banks’ demand for them. However, it is likely that a solution referencing the covered bond directive will be found.
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Investors were eager to buy a euro benchmark seven year covered bond from NordLB Luxembourg on Wednesday, enabling the bonds to be priced flat to the issuer’s curve. That illustrating the strength of demand in what one lead manager described as a “hot” market.
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Italy mandated banks for a new five year to be sold alongside a tap of a September 2050 bond on Monday as it prepares to bolt on a bigger funding programme in order to fund its effort against the coronavirus pandemic. The sovereign will be joined by Luxembourg in the euro public sector bond market on Tuesday.
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Yageo Corp, a Taiwan-based electronic components manufacturer, has raised $650m from an issue of global depositary shares (GDS), boosting the final offer size on strong institutional investor demand.
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For consistency and execution, Société Générale is GlobalCapital’s best bank for equity capital markets in France and Benelux.
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NordLB Luxembourg attracted exceptionally strong demand for its inaugural renewable energy covered bond on Monday — the first ever to be issued under the country’s new legal framework. This was despite the deal being sub-benchmark size and not eligible for the European Central Bank’s covered bond purchase programme.
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NordLB Luxembourg was expected to arrive in the market with its inaugural renewable energy covered bond late last year, having completed a market programme and mandated lead managers. On Thursday it finally plucked up the courage to re-announce the long-awaited deal — the first to be ever issued under the country’s new law.
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Shares in Corestate Capital, the Luxembourg property company, rose rapidly in trading on Tuesday after founder Ralph Winter had sold a 14.1% stake in a €96.6m block trade on Monday night that was allocated to a small number of investors.
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Islamic Development Bank has spurred momentum in the green sukuk market, as it announced its debut, a euro deal, in the format this week.
