Green

Energy efficiency-default risk correlation bolsters EEMI

A building’s energy efficiency has a negative and highly significant correlation with the risk of mortgage default, according to an Energy Efficient Mortgage Initiative (EEMI) study, which it says is the fullest analysis of the subject and a timely finding as the European Commission sets out its post-Covid-19 agenda.

Deals

Berlin Hyp 10 hits high in wake of new green ambitions

Berlin Hyp achieved the highest bid-to-cover ratio of any German Pfandbrief this year on Tuesday when it reopened the post-summer covered bond market with its 10th benchmark green bond, a €500m 10 year deal launched in the wake of “ambitious” new sustainability targets, and followed it up with a Swiss franc debut on Thursday.

ABN AMRO

Deals

Strong demand for Arkéa Covid-19 bond helps it to SNP high

Strong demand for a Covid-19-focused social bond from Crédit Mutuel Arkéa on Thursday allowed the French issuer to price its biggest senior non-preferred (SNP) transaction, a €750m nine year non-call eight deal whose proceeds are earmarked for supporting healthcare and SME development.

Deals

Deutsche debuts with €500m green bond after €200bn target set

Deutsche Bank entered the green bond market on Tuesday as part of a push towards a recently-announced €200bn sustainability target, with a €500m six year non-call five senior preferred deal that achieved a €4.5bn-plus book and pricing inside fair value, global head of issuance and securitisation Jonathan Blake told Sustainabonds.

Green

PKO BH builds on leading green position

In June 2019, PKO Bank Hipoteczny issued the first green covered bond from central and eastern Europe, and has since followed up with a second deal as well as the launch of an energy efficient residential mortgage offer. Five years on from its creation, CEO Paulina Strugała tells Sustainabonds about the latest developments related to its green covered bond activity.

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CBI 2020

Featured

Sustainable development spurs NRW to forefront of market

North Rhine-Westphalia is the only German state to have issued sustainable bonds and is planning a seventh later this year. Axel Bendiek, head of treasury and investor relations, and Kirsten Häger, head of sustainable finance, at the ministry of finance of the State of North Rhine-Westphalia (NRW), told Sustainabonds’ Neil Day how transformation towards a more sustainable economy underpins its strategy.

LBBW link