Deals

Rabobank green SNP debut impresses on price, claims GBS first

Rabobank sold its first green senior non-preferred bond last week, a €750m seven year priced some 3bp through fair value, with the deal’s impressive outcome attributed largely to its green nature. The Dutch cooperative has also sought to make its transaction the first aligned with the latest draft of the EU Green Bond Standard.

Social

ESG key to few covered ratings, but Fitch finds social positives

The only Fitch-rated covered bonds for which any ESG factor is positively credit-relevant are those of Aegon Bank and Panama’s Banco La Hipotecaria, according to the rating agency, which is disclosing “ESG relevancy scores” for credit ratings in a bid to increase transparency but found little impact across the asset class.

Deals

ING Poland eyes 2020 green euro debut after zloty start

ING Bank Hipoteczny hopes to launch a debut euro benchmark covered bond in green format in the first half of 2020, after having inaugurated its covered bond programme with an upsized PLN400m green bond, which its CEO said will help move Poland’s housing sector forward in a green direction.

Deals

SR takes Nordics negative, Sør plans sustainable debut

SR-Boligkreditt inaugurated a green bond framework with the first negative-yielding euro benchmark covered bond from the Nordics on Tuesday, while Sparebanken Sør Boligkreditt is set to follow with a green covered bond debut off the first Norwegian framework also targeting social goals.