log in

Green and Social Bonds and Loans

Barclays lands through fair value with second green bond

Barclays was met with strong demand for its second green senior deal in the sterling market on Tuesday, allowing the bank to shave 25bp of initial guidance and price through fair value.

01.00 PM
SSA secondary pricing update: EU's SURE debut screeches tighter

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, October 26. The source for secondary trading levels is ICE Data Services.

12.00 PM
A second wave for coronavirus-themed bank bonds?

As Europe moves into a second wave of coronavirus cases, banks could soon return to the market with more Covid-themed bond issuance. However, issuers that do choose to tap the market may find themselves competing with the European Union.

26 Oct 2020
Italian BTPs rally after surprise upgrade with green framework and dollar bond expected soon

Italian government bonds rallied across the curve on Monday after S&P upgraded its outlook on the sovereign on Friday in response to the country’s extraordinary fiscal measures and support from the European Central Bank’s asset purchase programme and the European Union’s incoming recovery fund. The positive sentiment bodes well for the imminent publication of Italy’s green bond framework and plans to return to the dollar market in the coming weeks.

26 Oct 2020
EU big fish breaches at last with historic SURE splash

After months of waiting as even the great whites of the SSA oceans kept clear of primary bond sales in anticipation, the EU — now a bond market megalodon by comparison — cruised into a bait ball a quarter of a trillion euros big this week to take a €17bn bite out of its enormous pandemic recovery borrowing programme. Lewis McLellan and Bill Thornhill report.

22 Oct 2020
A2A breaks long end yield record for Italian corporates, Blackstone prices

A2A, the Italian multi-utility, pre-funded for 2021 with a €500m trade on Wednesday, getting what the lead manager said was the lowest yield for a deal of its type. The company is preparing a new business plan that will see it printing more green and sustainability-linked debt.

22 Oct 2020
Ico EUR500m 0% Apr 26 green bond

22 Oct 2020
EU EUR10bn 0% Oct 30 social bond, EUR7bn 0.1% Oct 40 social bond

22 Oct 2020
AFD EUR2bn Oct 27 sustainable bond

22 Oct 2020
World Bank USD6bn 0.5% Oct 20 sustainable development bond

22 Oct 2020
A2A breaks Italian long maturity yield record

A2A, the Italian multi-utility, pre-funded for 2021 with a €500m trade on Wednesday with what the lead claims is the lowest yield for a deal of its type, as the company prepares to unleash its new business plan that will see it printing more green and sustainability-linked debt.

22 Oct 2020
Enel doubles down on funding linked to 60% renewable target

Enel has signed a sustainability-linked loan (SLL) days after printing a bond using the structure. The Italian energy company has doubled down on its sustainability plans by pinning both trades to the same goal.

22 Oct 2020
JW Therapeutics opens $300m Hong Kong IPO

JW (Cayman) Therapeutics set its IPO in motion on Thursday, opening the order book for the up to HK$2.3bn ($300m) deal.

22 Oct 2020
World Bank snags $6bn with SDB

The World Bank blew the cobwebs out of the dollar market on Wednesday, raising $6bn with a five year Sustainable Development Bond.

21 Oct 2020
Back to the Futura part two: Italy to sell second Covid-19 retail bond in November

The Italian Ministry of Economy and Finance will issue a second BTP Futura next month, following its debut bond in the format earlier this year, as part of its plans to seek greater participation from retail investors to fund its additional borrowing needs resulting from the coronavirus pandemic.

21 Oct 2020
Michelin wheels in SLL as IG loan maturities diverge

Michelin, the French tyre maker, has signed a €2.5bn sustainability-linked revolving credit facility with a three year maturity, as loans bankers say the market has become more nuanced towards maturities since the onset of Covid-19 made many of them tighten terms.

21 Oct 2020
ReNew Power uses tried and tested structure for $325m outing

ReNew Power, the Indian renewable energy giant, brought a $325m green bond to the market on Tuesday. It offered investors a rare opportunity to buy a high yielding deal from the country, despite using a fairly unusual structure for its transaction.

21 Oct 2020
Asset World, Everbright raise green loans

Thai hospitality firm Asset World Corp and Hong Kong’s China Everbright Environment Group both tapped the green loan market this week.

21 Oct 2020
Transition bonds: not so sustainable after all

Enel, the Italian energy company, scored a number of firsts last week when it sold a sterling sustainability-linked bond. But the effect of that deal that might last the longest could be that it has brought about the end of transition bonds.

20 Oct 2020
Investors more than SURE as EU achieves ‘world record’ success with debut pandemic bond

The European Union impressed as it sold its highly anticipated debut syndicated bond under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme on Tuesday, with the deal receiving record breaking demand at minimal new issue premiums.

20 Oct 2020
Getlink offers green bond refi after waiving term loan covenants

Getlink, the company that operates the Channel Tunnel, is preparing a €700m high yield green bond to refinance its 2023 bonds and raise cash for capex, including finishing off a landmark electricity connection between the UK and France. The refi comes after it negotiated waivers on the covenants in its term loan to deal with the impact of the pandemic.

20 Oct 2020
Enel links new loan to 60% renewables target

Enel has signed a sustainability-linked loan (SLL) days after printing a bond using the structure. The Italian energy company has doubled down on its sustainability plans by pinning both trades to the same goal.

20 Oct 2020
China’s sovereign bond: a missed SRI opportunity

China wowed investors last week with a $6bn 144A bond amid a trade war with the US, but it missed a chance to solidify its credentials in the socially responsible bond market.

20 Oct 2020
KDB uses Covid label to raise $1bn

Korea Development Bank took $1bn from a dual tranche transaction on Monday, using a social label for one portion of the bond to attract a new group of investors.

20 Oct 2020
EU's green bond issuance risks 'falling short'

The EU's plan to issue large volumes of green bonds as part of its recovery plan will shape that market, but it also risks undermining it due to a discrepancy as to what what counts as green, according to two experts.

19 Oct 2020
EU arrives at long last with mandate for debut SURE bond

The European Union finally hit screens on Monday afternoon to announce the highly anticipated debut syndicated bond under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme.

19 Oct 2020
SocGen appoints Apac sustainable finance head

Société Générale has appointed Yasmine Djeddai as head of sustainable finance for Asia Pacific, a newly created position set up to leverage opportunities around environmental, social and governance-related financing in the region.

19 Oct 2020
Green convertible bonds are here to stay

Equity-linked investors are anticipating further sales of green convertible bond by companies as the nascent asset class continues to grow following a strong run of issuance this year.

16 Oct 2020
Millicom dials in ESG facility as Lat Am turns greener

Millicom International Cellular, the Luxembourg-headquartered telecoms company, has refinanced its main bank credit line with one linked to environmental, social and governance metrics. It claims this is one of the first such deals for Latin America through its reach into the region.

16 Oct 2020
EIB makes climate finance mainstream as taxonomy unlocks standards

The European Union’s new green grammar book is multiplying the impact of climate finance. From funding to lending to innovation, the EU Taxonomy is helping embed climate throughout the European Investment Bank’s activities.

15 Oct 2020
AIIB GBP800m 0.2% Dec 25 sustainable development bond

15 Oct 2020
What EU gonna do now? SSA market debates supersized SURE start

The public sector bond market is alive with debate on one topic: what will the European Union’s highly anticipated debut trade for its colossal Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme look like? With the deal expected next week, months of questions are about to be answered. Burhan Khadbai reports.

15 Oct 2020
Euro SSA market strong ahead of EU arrival

It was a moderate week for supply in the primary euro public sector bond market but the issuers that did come found ample demand, setting up a decent backdrop for the expected arrival of the European Union’s big borrowing programme next week.

15 Oct 2020
Enel sterling builds on SLB market, govs and banks to follow

Enel, the Italian energy company, printed the first sustainability-linked bond in sterling this week well through its curve, sparking expectations of far wider issuance in the still fledgling market.

15 Oct 2020
Woori Bank debuts in Aussie dollars with Covid bond

South Korea’s Woori Bank sold its first Kangaroo bond on Thursday, raising A$400m to help fund its response to the coronavirus pandemic.

15 Oct 2020
AIIB rolls out second currency for benchmark issuance with sterling debut

The Asian Infrastructure Investment Bank achieved a strong result as it made its debut in the sterling bond market on Wednesday, making it the second currency in which the Beijing-based supranational has issued a benchmark transaction.

14 Oct 2020
Woori seeks Covid-19 relief in Kangaroo mart

Woori Bank is preparing to make its Kangaroo bond debut, choosing the market to launch its first Covid-19 response bond.

14 Oct 2020
Shinhan Card returns with Covid-relief bond

Shinhan Card Co ended a long hiatus from the dollar bond market on Tuesday as it joined a number of other South Korean borrowers which have turned to the debt market to raise Covid-19 relief funds.

14 Oct 2020
Sustainability-linked bonds could crack transition nut in EM

The recent burst of sustainability-linked bonds could catch on in the emerging markets because they can solve the problem of constructing sustainable financings for companies that are not green yet, but in transition.

13 Oct 2020
Enel prints first sterling SLB

Enel, the Italian energy company, proved that there is sterling demand for sustainability-linked bonds on Tuesday, with the borrower repeating its achievement in dollars and euros by creating the market in the currency.

13 Oct 2020
Cades preps second dollar social bond

Caisse d’Amortissement de la Dette Sociale (Cades) will add a new point on its dollar social bond curve with a 10 year trade on Wednesday, where it will be joined by two other public sector issuers in the currency.

13 Oct 2020
KfW and Paris score in quiet euro SSA market ahead of EU’s arrival

KfW and Ville de Paris grabbed the attention of investors at the opposite ends of the euro curve on Tuesday in what has been a thin week for issuance in the currency by public sector borrowers ahead of the expected arrival of the EU’s first syndicated bond under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme next week.

13 Oct 2020
SSA secondary pricing update: Land NRW and EFSF trade tighter

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, October 12. The source for secondary trading levels is ICE Data Services

13 Oct 2020
AFD publishes SDG bond framework

Agence Française de Développement has unveiled a new broader thematic bond framework tied to the UN's Sustainable Development Goals (SDGs) which will allow it to issue social and sustainable bonds alongside its existing green bonds.

13 Oct 2020
SLB champion Enel plans first sterling trade using structure

Enel, the Italian power and gas company, is set to push the nascent sustainability-linked bond market to a new currency this week after the company mandated for the first deal in the format in sterling.

12 Oct 2020
EU expected to go for size with 10 or 20 year maturity for first SURE bond

The European Union will likely issue a jumbo trade of above €5bn with a 10 or 20 year maturity for the first syndicated bond from its highly anticipated Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme, with the maiden deal expected to hit screens next week, according to SSA bankers.

12 Oct 2020
Tesco signs £2.5bn facility with risk-free rates from day one

Tesco, the UK grocer, has refinanced its sterling facility with a £2.5bn sustainability-linked deal that uses risk-free rates as a benchmark, as companies try to get to grips with the end of Libor.

09 Oct 2020
SRI supply wave strengthens but no fatigue yet

Green, social and sustainable issuance has dominated the supranational and agency bond market for a whole month, consistently outpacing conventional supply. This week proved another extremely strong one for the asset class.

08 Oct 2020
SGP EUR3bn 0% Nov 30 green bond, EUR3bn 0.7% Oct 60 green bond

08 Oct 2020
Land NRW EUR2.4bn 0% Oct 35 sustainability bond

08 Oct 2020