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GC Asia
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Investors push back on aggressive bond pricing
A number of Chinese high yield borrowers that hit the dollar bond market this week have seen mixed responses to their notes in secondary trading, which bankers say is a sign of changing market sentiment and investor response.
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Senior trio price tightly in euros
A trio of senior borrowers paid minimal new issue premiums in euros this week as Swedbank and AIB Group tapped a sweet spot of demand for bail-inable debt, while Macquarie got attractive pricing compared to its dollar curve.
13 May 2021 -
Euro IG corp primary shrugs off inflation sell-offs elsewhere
Europe’s corporate bond market continued to pump out deals this week, despite the equities market licking its wounds after inflation fears turned stock prices into a sea of red.
13 May 2021 -
Swedbank EUR1bn 0.3% 6NC5 bail-in green
13 May 2021 -
Mehiläinen boosts refi size to roll up existing debt
Finnish healthcare provider Mehiläinen increased the size of its ESG-linked refi loan from €300m to €1.06bn, refinancing not just the second lien loan, as originally intended, but the company’s entire first lien capital structure. Leads HSBC and Jefferies also tightened the margin range from launch levels.
13 May 2021 -
Sucafina and Suelzle sign loans as German region issuers line up
Sucafina, a Swiss coffee company, and Suelzle Holding, a German steelmaker, have signed sustainability-linked loans, and bankers say there are more from the region coming to fruition.
13 May 2021 -
Sucafina brews up bigger sustainability loan
Sucafina, a Swiss coffee company, has signed a $500m sustainability-linked borrowing base facility, as a small wave of deals from the German speaking region come to fruition.
13 May 2021 -
Asia’s ESG bond market surges but calls for more ‘governance’ focus
A group of nine issuers from Asia sold green or sustainability dollar bonds this week, propelling volumes to new highs. A large part of the debt business in the region is still focused on green and the environment, but there is growing urgency to pay more attention to governance standards. Morgan Davis reports.
13 May 2021 -
IG corporate primary ploughs on while other markets hunker down
Europe’s corporate bond market continued to pump out deals on Wednesday, despite the equities market licking its wounds after inflation fears brought a sea of red to stock prices.
12 May 2021 -
Lenders push back on Cerba's ESG conditions
Diagnostics firm Cerba Healthcare has made the key performance indicators on its sustainability-linked loan more ambitious after talks with leveraged loan investors on its financing for its buyout by Swedish private equity firm EQT.
12 May 2021 -
China property bond flurry continues
The rapid pace of new dollar bond issuance from Chinese property companies continued from Monday into Tuesday as four more borrowers joined the fray.
12 May 2021 -
China Water joins flood of green bonds
China Water Affairs Group has made a rare outing in the debt market for a $200m green bond.
12 May 2021 -
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AlpInvest bags $650m SLL in first for funds-of-funds
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.
11 May 2021 -
Corporates must be more transparent on sustainability-linked loans
By being allowed to hide the details of sustainability targets and incentives, Europe’s investment grade corporations are being given an easy ride when it comes to sustainability-linked loans. They must be more open if the market is to remain credible.
11 May 2021 -
Germany prices 30 year green bond 2bp inside conventional twin
Germany sold a 30 year green bond via syndication on Tuesday, pricing the trade 2bp through its conventional twin bond of the same maturity and coupon.
11 May 2021 -
Turkish borrowers plough on in debt markets against persistent instability
LimakPort, the Turkish international port, entered the debt market on Tuesday, while Turk Eximbank has successfully secured a dollar syndicated loan facility. Turkish issuers are demonstrating resilience, market participants say, amid the heightened levels of domestic and political volatility in the last three months.
11 May 2021 -
Banks hold off issuing amid volatility in equities and rates
The financial institutions bond market in euros was on hold on Tuesday, as European issuers saw no reason to rush into doing deals while global equities were selling off and interest rates were being buffeted by expectations of inflation.
11 May 2021 -
McBride promises surge in renewable energy use with new revolver
McBride, the UK cleaning and laundry products maker, has signed a €175m-equivalent sustainability-linked revolving credit facility that is tied to a pledge by the company to sharply ramp up its energy from renewable sources.
11 May 2021 -
GLP returns to dollars with subordinated perp
GLP, a Singapore-based logistics company, joined the flurry of green bonds hitting the market on Monday, with a subordinated perpetual note.
11 May 2021 -
Hong Kong’s ESG-focused grant scheme falls short
The Hong Kong Monetary Authority’s newly unveiled Green and Sustainable Finance Grant Scheme is big on ambition but falls short on some areas that are growing in importance.
11 May 2021 -
Korea Expressway parks debut sustainability bond
Korea Expressway Corp sold its first sustainability dollar bond on Monday, raising $500m as its scarcity value appealed to investors.
11 May 2021 -
JSW Hydro makes a splash with green bond
JSW Hydro Energy, a subsidiary of Indian power company JSW Energy, sold its first international bond this week, taking $707m from the green transaction.
11 May 2021 -
Chinese property borrowers return in droves
Four Chinese property companies rushed into the dollar bond market on Monday, following weeks of limited to no supply from the sector.
11 May 2021 -
Chinese issuers raise $1.14bn from SLB debuts
Seven Chinese issuers bagged Rmb7.3bn ($1.14bn) from their inaugural sustainability-linked bonds (SLBs) in the onshore market, as part of Beijing’s efforts to meet its ambitious carbon goals.
11 May 2021 -
Uruguay mandates for pesos, dollars as SLB plans evolve
Uruguay began investor calls on Monday ahead of a proposed dollar and global local currency bond issue. The marketing effort came as the government continues to take steps towards issuing what would be the first sustainability-linked bond from any sovereign — though this week’s expected deal will not have ESG characteristics.
11 May 2021 -
Red Eléctrica and Volvo Treasury prove ‘greenium’ at A ratings
The spread benefit of ESG-linked debt was on clear display in Europe’s corporate bond market this week. For the second time in days, investors were offered two similar transactions and paid significantly more for the ESG option, in this case a green bond from Red Eléctrica.
10 May 2021 -
US, local names crowd into euro corporate market
A smattering of European investment grade companies are lining up bond issues, as May continues to bring the turnaround in issuance levels that the market had been hoping for in the run-up to the UK bank holiday at the start of the month.
10 May 2021 -
Germany lines up 30 year green deal with positive yield
Germany has picked banks for its eagerly awaited 30 year green bond. Bankers expect the deal to go well since it will be one of the rare German syndications to offer a positive yield.
10 May 2021 -
Italian issuers say ‘si grazie’ to HY market
Monday brought another strong start to the week for European high yield, with six new bonds announced and other deals, such as EQT’s Cerba healthcare financing, set to close this week. Italian issuers led the way, with bonds for International Design Group, Lutech and Cedacri in the market.
10 May 2021 -
EU sounds out banks for final SURE outing of Q2
The European Union has sent banks a request for proposals (RFP) for what is expected to the final Support to mitigate Unemployment Risks in an Emergency (SURE) transaction of the second quarter.
10 May 2021 -
Symrise pledges SLL debut margin changes to charity
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.
10 May 2021 -
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EQT mixes CO2 and diversity in first SLB from private equity
EQT achieved a strong response from investors on Friday when it launched the first sustainability-linked bond from a private equity firm, and only the second from a financial company. The €500m deal is tied to greenhouse gas emission cuts and gender diversity metrics.
07 May 2021 -
EIB USD1.5bn 1.625% May 31 Climate Awareness Bond
07 May 2021 -
Erste taps ‘strong and supportive feedback loop’ with sustainable debut
Erste Group Bank found success when it paired a sustainable label with the senior preferred format on Friday, attracting a high quality granular order book despite pricing several basis points through fair value.
07 May 2021 -
Ceconomy gets ESG loan to repay crisis funding
Ceconomy, a German consumer electronics company, has signed a €1.06bn revolver linked to sustainability metrics, becoming the latest corporate to repay state support loans taken out during the worst of the coronavirus pandemic.
07 May 2021 -
LatAm primary charges on with ‘incredible’ deals
Four Latin America and Caribbean companies sold new issues in the dollar market at very tight looking levels on Thursday, as investors continue to feel pressure to put to cash to work amid extremely high liquidity.
07 May 2021 -
KB Kookmin Card goes sustainable for dollar debut
KB Kookmin Card raised $300m from its debut in the offshore dollar bond market this week, using a sustainability-labelled deal to add further momentum to the asset class.
07 May 2021 -
Dollar bond market breaks out in green spots
Green bonds took centre stage in the US corporate bond market this week, as issuance began to mount again after the recess for earnings blackouts. No less than three deals paired green and conventional tranches.
06 May 2021 -
Have sustainability-linked covered bonds lost their lustre?
Green covered bonds no longer have to be reinvented in the face of rising sustainability-linked issuance because banks are now safe in the knowledge that they comply with the EU’s Taxonomy of Sustainable Activities.
06 May 2021 -
Learning by doing: SLBs to surge, though role still needs defining
Sustainability-linked bonds are the hot capital markets product of 2021, and are developing so fast that even specialists in the field find it hard to keep up with the pace. The market has benefited from the very early definition of guiding principles last year but, writes Jon Hay, big questions remain about what the instrument is for and how it should be governed.
06 May 2021 -
Chile leans on foreign buyers with $2bn deal
Chile raised $2bn in dollar markets on its fourth international bond market outing of the year on Tuesday, achieving slim new issue concessions even as volatility in domestic markets is leading the sovereign to lean more heavily on external funding sources.
06 May 2021 -
IG corp buyers show preference for ESG and short maturities
The demand for sustainability-linked bonds was made clear on Thursday, as French minerals company Imerys’s deal commanded more than double the demand of Swedish property firm Sagax’s conventional trade, despite sharing big similarities.
06 May 2021 -
Investors drive fledgling green T2 mart
Bank of Ireland and Westpac found strong demand for debut green tier two deals this week, as investors flock to this growing segment of the ESG market in search of higher returns.
06 May 2021 -
Bank of Ireland EUR500m 1.375% 10.25NC5.25 green tier two
06 May 2021 -
LimakPort lining up dollar bond as Turkey holds rates steady
The new governor of Turkey’s central bank, Şahap Kavcıoğlu, kept rates unchanged at his second monetary policy meeting since taking office. Although a rate cut was unlikely, the decision bodes well for next week’s planned dollar bond issue by LimakPort.
06 May 2021 -
'Greenium' exists for IG corps even at sub-benchmark sizes
The demand for sustainability-linked bonds was laid bare on Thursday, as French minerals company Imerys’s SLB commanded more than double the demand of Swedish property firm Sagax’s conventional trade, despite both deals sharing major similarities.
06 May 2021 -
Trinity prices inaugural ESG-linked railcar bonds
Trinity Industries has priced its first railcar ABS transaction designated as a green bond, from a recently established green ABS framework. As one of the very few labelled US ABS deals outside of solar or PACE, the Trinity transaction enjoyed high demand from traditional and non-ABS investors.
06 May 2021 -
Joules gets ESG loan as European banks focus on mid-market
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.
06 May 2021 -
EIB and NIB score in dollars as FMO lines up
The European Investment Bank and the Nordic Investment Bank found decent demand as they brought the first public SSA dollar deals of the week on Thursday.
06 May 2021 -
Turkey holds fire on rates as LimakPort lines up to print
The new Turkish central bank governor Sahap Kavcioglu kept rates unchanged at his second monetary policy meeting since taking office. Although a rate cut was unlikely, the decision bodes well for Turkish port operator LimakPort's planned dollar bond next week.
06 May 2021
