Natixis

LBBW slipped through one of the final windows ahead of the summer break to price its first euro green non-preferred bond in two years at spread deemed to be through its conventional curve.

The Republic of Benin plans to be the first sub-Saharan African sovereign to tap the international bond market twice in 2021. The sovereign this week intends to sell a bond with a sustainability feature, making it one of the first in the region.

LBBW cut a lone figure in the market on Monday as it announced plans to sell its first green labelled non-preferred bond in euros for over two years.

France is preparing a 30 year OAT syndication, capitalising on a market that seems eager for paper that has snapped up an EFSF tap with an order book more than eight times subscribed.

UniCredit plans to make labelled financing a regular part of its funding across the group, following the launch of its debut labelled bond this week. Its first deal proved popular as it stacked up more than €3.25bn of demand.

A trio of rare names made use of the attractive issuance conditions and strong appetite for credit to launch debut deals this week. Two of the borrowers — Illimity and Groupama — chose to print subordinated deals into this stable market, while Erste Bank Croatia sold its first public deal outside its home market.

Voltalia, a French renewable energy company, has signed a €170m sustainability-linked loan, with the deal adding to the growing trend of second party opinion providers becoming a central part of ESG finance.

The Belgian region of Wallonia was the only public sector borrower to the follow Tuesday’s jumbo dual tranche by the European Union in the primary market on Wednesday as it raised €1bn with a new long 10 year conventional bond.

Two infrequent names ventured into the euro market to print debut deals in subordinated formats on Wednesday. Italy's Ilimity bank raised €200m with its first tier two, while French insurer Groupama scooped €500m with its inaugural tier three bond.

Repsol, the Spanish petrochemicals company, made its first foray into sustainability-linked bonds on Tuesday, though some of the power was taken out of the deal by investors judging the level too tight for a triple-B rated issuer.

Groupama announced on Monday plans to sell the first tier three note with an environmental, social and governance (ESG) label, with bankers confident that the pick-up to non-preferred paper will entice green funds into the deal.

UniCredit was able to stack up more than €3.25bn of demand behind its inaugural green bond on Monday, landing the note 10bp through its conventional curve.