This week the federal state of Hesse, the major French bank BPCE, Chile, the Spanish development bank Instituto de Crédito Oficial (ICO), the Bank of Ireland, the Portuguese Caixa Central de Credito Agricola Mutuo CRL and the British gas supplier Cadent Green Bonds, Social Bonds or sustainability-linked bonds issued.
Hesse has a Green Bond with a term until 04.07.2033 (ten years) and a volume of 1 billion euros embark The coupon is 2.875%, the issue price was 99.555% (ISIN DE000A1RQEK7). The green bond has a denomination of EUR 1,000. The bond issue was made by Credit Agricole CIB, Dekabank, Deutsche Bank, ING and UniCredit. Hesse is rated AA+ by S&P.
French bank BPCE embarks 5 year social bond (Senior preferred) with a volume of EUR 500 million. The coupon is 4.125%, the issue price 99.527%. The social bond has a denomination of EUR 100,000 (ISIN FR001400J2V6) and a term until July 10, 2028. BPCE is rated A1 by Moody’s, A by S&P and AA- by Fitch. The issue was accompanied by Natixis as sole bookrunner. BPCE includes, inter alia, Banque Populaire and Caisse d’Epargne, Banque Palatine, Oney as well as Natixis Asset Management and Natixis Corporate & Investment Banking.
Chile has a Sustainability linked bond with a term until July 5, 2034 (11 years) and a volume of EUR 750 million. The coupon is 4.125%. The issue price was set at 99.212% (ISIN XS2645248225). Chile has relatively good ratings of A2, A and A-. Settlement will take place on July 5th, 2023. The bond has a denomination of EUR 1,000, the minimum order (at issue) was EUR 100,000. The bond issue was accompanied by Credit Agricole CIB, HSBC, Santander, Scotia and SocGen.
The Spanish development bank Instituto de Crédito Oficial (ICO) has a Social Bond with a term until October 31, 2028 (5 years) and a volume of EUR 500 million (ISIN XS2645690525). The Social Bond will government guaranteed and has one Coupon of 3.25%, the issue price was 99.838%. The denomination is EUR 1,000 and settlement will take place on July 4th, 2023. Bookrunners were BBVA, Credit Agricole CIB, HSBC, Santander and UniCredit. The Instituto de Crédito Oficial (ICO) is a public institution that reports to the Spanish Ministry of Economy and Digital Transformation. The ICO is a leader in financing SMEs and large-scale investment projects. The institute contributes to sustainable growth and supports economic activities that are particularly worthy of support because of their social, cultural or ecological importance or their novelty.
The Bank of Ireland has a Green Bond (senior unsecured) with a term of 8 years (until July 4, 2031) and a volume of EUR 750 million (ISIN XS2643234011). The coupon is 5.00%, the issue price was 99.682%. The Bank of Ireland is rated A3, BBB and BBB. The green bond has a denomination of EUR 1,000 and the minimum order was EUR 100,000. The bond issue was accompanied by Bank of America, Citi, Davy, JP Morgan, Morgan Stanley and UBS.
The Portuguese Caixa Central de Credito Agricola Mutuo CRL has a 4-year Social Bond (senior preferred) with a volume of EUR 200 million. The coupon is 8.375%. The Caixa Central de Credito Agricola Mutuo CRL is rated Ba1 by Moody’s. The social bond has a term until July 4th, 2027 and a denomination of EUR 100,000 (ISIN PTCCCMOM0006). The bond was placed by Citi, Credit Agricole CIB, Santander and UBS.
The British gas suppliercadet has a 6 year old unsecured green bond with a volume of EUR 500 million and a Coupon of 4.25% pa issued (ISIN XS2641164491). Interest is paid annually. The issue price is 99.74%. Cadent Gas (or the financing company Cadent Finance, which issued the bond) is rated Baa1 by Moody’s, BBB+ by S&P and BBB+ by Fitch. All ratings have a stable outlook. The Green Bond has a term until July 5, 2029, and settlement will take place on July 5, 2023. The bond has a denomination of EUR 1,000, the minimum order (at issue) was EUR 100,000. The bond issue was accompanied by Barclays, BNP Paribas, Credit Agricole CIB, Mizuho and SMBC.
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