UniCredit
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Green, social and sustainable issuance has dominated the supranational and agency bond market for a whole month, consistently outpacing conventional supply. That trend looks set to continue with three SRI deals already on screens. -
The sustainability-linked debt structure, which has already spread from the loan market to corporate bonds, has made its first appearance in a convertible bond, with a deal by Dürr. CB specialists expect it will take root in that asset class too. Jon Hay and Aidan Gregory report.
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Bank Nederlandse Gementeen kicked off a busy week for socially responsible bond issuance by public sector borrowers with a well-received 12 year sustainable bond, its longest ever deal in that format.
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The City of Bremen was heavily undersubscribed as it came to the market with an eight year bond on Thursday, in what is the region’s second consecutive public deal that has failed to reach full subscription.
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Hungarian oil and gas company Mol on Thursday raised a seven year bond in euros.
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Engineering Group, an Italian IT services company, has returned to market after pulling a deal in June, for a second attempt at taking out the buyout bridge for its acquisition by Bain Capital and Neuberger Berman.
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The UK’s InterContinental Hotels and Italian airport Società Esercizi Aeroportuali have mandated for bond issues, giving investors another attempt to pick up some potentially higher yielding debt than has been on offer recently.
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Investment grade companies are filtering into the euro bond market in the run-up to the last quarter of the year, including Informa, the UK publishing and exhibition company, which wants to swap its private placements for public bonds.
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After a week without deals, the primary euro public sector bond market will see a return of activity next week with Bank Nederlandse Gemeenten and the State of North Rhine-Westphalia preparing to bring sustainable deals in the currency.
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Shares in Knaus Tabbert, the German maker of caravans and motor homes, were almost flat in trading on Wednesday following the company’s €232m IPO on the Frankfurt Stock Exchange. The deal was the first of two German IPOs this week.
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Iccrea Banca told the euro bond market on Wednesday that it was not looking to issue its debut senior deal until next week, giving investors more time to prepare for the transaction.
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