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.
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.
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.
Caja Rural de Navarra sold a Eu500m seven year debut sustainable cédulas today (Wednesday) that, although priced in the middle of guidance with a book below Eu600m, was deemed a relative success in navigating difficult conditions at the same time as reaching specialist investors.
Bank of China is printing the first deal out of China to be dubbed a covered bond today (Thursday), a three year green issue backed by domestic climate bonds, although bankers noted the deal is being priced in line with the issuer’s senior debt.
The EMF-ECBC launched a project to create an energy efficient mortgage today (Tuesday) that it said could pave the way for broader take-up of green covered bonds, after Berlin Hyp yesterday inaugurated a combined Pfandbrief and senior green programme with a Eu500m seven year unsecured deal.
Kutxabank successfully sold a Eu1bn 10 year social cédulas hipotecarias yesterday (Monday), the first SRI covered bond from Spain, but an official at the issuer said that it had to take into account investor feedback and offer a substantial premium to ensure it could meet its goals.
Berlin Hyp sold the first green covered bond today (Monday), attracting almost Eu2bn of orders for a Eu500m seven year issue, with bankers suggesting the deal printed in line with where a conventional Pfandbrief would have priced while attracting new investors to the paper.
DNB on Wednesday became the first commercial bank from the Nordic region to sell a green bond, issuing a Nkr1bn (Eu115m) five year deal whose proceeds are earmarked for financing renewable energy projects.
MünchenerHyp issued the first sustainable covered bond today (Wednesday), a Eu300m five year deal that tapped into growing interest in SRI bonds and which the issuer’s head of treasury and an investor who participated in the transaction said will hopefully be the first of many.
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