Month: June 2017

Caja Rural de Navarra intends to raise all new wholesale funding under a sustainability framework it inaugurated with a cédulas last November, according to its head of treasury, after the issuer sold its first senior unsecured deal under the framework and signed up to the Label.

Kommunalkredit Austria is preparing to return to the covered bond market after a three year absence with a social public sector covered bond, announcing its move the same day Social Bond Principles were unveiled by ICMA as the sector reaches what one banker said is a tipping point.

The International Capital Market Association (ICMA) unveiled Social Bond Principles yesterday (Wednesday), elevating guidelines introduced last year in a bid to promote growth in a move a leading investor said could benefit the overall ESG market.

Berlin Hyp sold a higher share of a Eu500m long six year green Pfandbrief to foreign accounts than on any of its previous benchmark covered bonds, according to head of investor relations and sales Bodo Winkler, while adding accounts new to the credit and achieving tight pricing.

The green and social covered bond markets have considerable potential for growth, according to panellists at an ICMA CBIC/The CBR conference, with a leading investor highlighting his appetite for more paper and “sticky green money” available, but the impact of QE and a lack of data is holding issuers back.

Garanti Bank has placed a TL530m (Eu134m, $150m) five year covered bond with International Finance Corporation with a commitment to use half the proceeds to offer green mortgages, making it the first such green-orientated transaction in Turkey, according to the issuer.