SpareBank 1 SMN has established a green bond framework and could sell the first senior unsecured green bond benchmark in euros from a Norwegian bank, while offering investors a rare opportunity to gain exposure to the “life below water” Sustainable Development Goal.
Sunndal Sparebank sold the first green bond from a Norwegian savings bank on 1 February, a NOK75m (EUR7.65m) three year senior unsecured deal with proceeds allocated to hydro power plants and loans for electric and hydrogen powered vehicles, rated “dark green” by Cicero.
SBAB’s Swedish Covered Bond Corporation issued the largest Swedish krona green bond on Wednesday, a SEK6bn (EUR585m) covered bond backed by energy-efficient mortgages – the first in Sweden – that attracted over SEK14bn of orders and was priced inside SCBC’s secondary curve.
SCBC could launch the first Swedish covered bond backed by residential mortgages for energy efficient properties, after parent SBAB took a pro-active approach to offering clients a new green mortgage and added the product to its use of proceeds.
The Energy Efficient Mortgages (EEM) Initiative unveiled its definition of an energy efficient mortgage today (Monday), in response to European Commission and EeMAP pilot needs. Only last week a Pimco portfolio manager called for greater additionality from green covered bond issuers.
A debut EUR1bn green bond for Crédit Agricole SA attracted over EUR1.5bn of demand on Wednesday, and a syndicate official at the French bank argued that, by achieving a lower new issue premium than conventional comparables in challenging markets, the senior preferred deal offered support for the existence of a “greenium”.
OP Corporate Bank will begin roadshowing a debut green bond from Finland’s OP Financial Group today (Monday), a senior unsecured euro benchmark, and its head of group funding and IR told Sustainabonds that, with OP being a cooperative, ESG is interwoven into the fabric of the group.
Finland’s OP Financial Group has established a green bond framework taking in sectors such as renewable energy, energy efficiency and sustainable land use.
Commerzbank attracted as much as EUR1.25bn of orders from over 100 investors to its first green bond yesterday (Tuesday), a EUR500m five year senior non-preferred benchmark with proceeds earmarked for renewable energy financing.
Support is being sought from the European Commission for a “market activation framework” to take the Energy Efficient Mortgages Initiative into its next stage, an EMF-ECBC official told an ECBC plenary, which also heard positive noises, with caveats, on sustainable finance from the German Ministry of Finance and BaFin.
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