Rabobank
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The current of interest in sustainability-linked finance entered a new district of the capital markets this week — private equity funds-of-funds. AlpInvest Partners, one of the biggest managers in the market, has signed a $650m facility tied to its environmental, social and governance investment practices. But the deal raises the question of the role of transparency in such financings.
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Credit Suisse Group targeted the dollar market this week for its first public bond offering since the collapse of US hedge fund Archegos. It ended up paying a relatively small new issue premium for its large $3.25bn transaction. -
Symrise, a German flavour and fragrance producer, has signed a €500m debut sustainability-linked loan, with the company one of the few to disclose that any margin change due to hitting key performance indicators will be paid directly to charity.
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Guandong Haid Group Co, a Chinese agricultural and animal husbandry company, is in the loan market with its debut offshore borrowing of up to $400m.
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Deutsche Bank scored a blowout book with its first euro additional tier one since 2014 this week, as investors rewarded the issuer for progress on its turnaround plan. Banco Santander then gave the asset class another shake, with a deal split across euros and dollars.
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Joules, the UK outdoor clothing company, has signed a £34m ESG-linked loan package, as European lenders throw more effort into making socially conscious borrowing attractive to smaller borrowers.
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Indian agrochemical company UPL Corp has received strong response for its sustainability-linked loan during general syndication, allowing it to increase the size to $750m.
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Europe’s corporate bond market hosted a debut sustainability-linked bond and two multi-part trades this week, despite overall issuance winding down as earnings season gets under way.
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Danfoss, a Danish engineering firm, and UK bottling company Coca-Cola European Partners found the biggest demand at longer maturities in their multi-tranche bond issues on Wednesday, as inflation fears fade from Europe’s corporate debt market.
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New Zealand will be an important test case for mandatory reporting on climate risks. Financial firms everywhere would be wise to sit up and take notice.
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Royal Schiphol, the Dutch airport, sold €1bn of debt on Thursday, as highly rated names found solid support in the European corporate bond market.
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