Green

‘Delayed’ EBA work set to take in green amid ECB focus

The European Commission could expand the European Banking Authority’s mandates for follow-up work on the EU covered bond directive to include recommendations on green covered bonds, which were a key topic for the European Central Bank at a recent Helsinki European Covered Bond Council plenary.

Green

GBP, EBA updates raise green covered bond questions

The European Covered Bond Council is working on a definition of green covered bonds aimed at reflecting the distinct characteristics of the instrument to ensure its appropriate treatment in incoming regulations, and following a Green Bond Principles update deemed contradictory to its core feature by some.

Featured

NN pioneers with green covered and mortgage start-up

Nationale-Nederlanden Bank (NN Bank) on 10 May issued the first Dutch green covered bond, reinforcing the group’s ESG drive, including the establishment in 2020 of Woonnu, a mortgage provider aimed at incentivising sustainable living. Sustainabonds’ Neil Day discussed the varied dimensions of the bank’s sustainability strategy with NN Bank’s Niek Allon, head of treasury, Sander Roling, funding manager, and Patricia Plass, head of ESG office and CEO of Woonnu.

Deals

Berlin Hyp completes perfect ESG hat-trick with social debut

Berlin Hyp became the first European bank to have issued in green, social and sustainability-linked formats with the launch of a €750m 10 year mortgage Pfandbrief on Tuesday supporting affordable housing, and the bank plans to be a similarly familiar face in the social market as it is in green bonds.

Featured

Yorkshire builds societal purpose into funding framework

A €500m seven year covered bond last month was the latest addition to social bond issuance inaugurated by Yorkshire Building Society (YBS) in May under the first such framework for a UK builder. Duncan Asker, director of treasury, and Richard Driver, head of financial structuring, at YBS told Sustainabonds’ Neil Day how the issuance carries the financial institutions’ “real help with real life” mantra into its funding.

Deals

Green covered debut sees Eika succeed in uncertain market

Eika Boligkreditt sold its first green bond on Tuesday, with the green element and a defensive approach contributing to a successful outcome in an uncertain market, according to an official at the Norwegian issuer, whose framework tackles taxonomy alignment and reflects green progress in the Eika Alliance.