Natixis
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Banco de Sabadell was met with good demand this week for the first euro additional tier one benchmark of 2021, as investors welcomed the rare opportunity to pick up subordinated bank debt in the primary market. -
Banco de Sabadell was met with good demand for the first euro additional tier one benchmark of the year on Tuesday, as investors welcomed a rare opportunity to pick up subordinated bank debt in the primary market. Alpha Bank could add to the supply later this week after unveiling plans for a new tier two transaction.
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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.
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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.
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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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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.
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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.
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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.
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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.
