BNP Paribas touts double impact of equity-index-linked green-bond structure
BNP Paribas’s debut as a Kangaroo green-bond issuer also introduced a globally innovative structure to the local environmental, social and governance (ESG) market. The transaction, which priced on 3 August, is a standard use-of-proceeds green bond that also rewards investors for the outperformance of a new forward-looking climate-transition equity index.
Read more: BNP Paribas touts double impact of equity-index-linked green-bond structure
LGFA uses sovereign slipstream to extend curve
Following the pricing of its longest-dated syndicated deal, on 30 July, New Zealand Local Government Funding Agency (LGFA) says the deal harnessed momentum generated in the long end by recent syndications from the Australian and New Zealand sovereign borrowers.
No obvious circuit breaker for Kangaroo SSA supply
Pricing in the Australian dollar supranational, sovereign and agency (SSA) market remains dislocated, intermediaries say, based on lack of alignment between domestic investor and offshore borrower pricing expectations. A number of factors are at play, not least among them the record support SSA borrowers are receiving in global markets.
Ausgrid sees, and exploits, window of opportunity
Ausgrid Finance returned to the Australian dollar market for only its second domestic transaction, on 29 July. The issuer says it saw a window of opportunity to refinance debt ahead of schedule and moved quickly to take advantage of conducive issuance conditions.
AOFM goes long and hits offshore demand
The Australian Office of Financial Management (AOFM)’s June 2051 syndication reaffirmed offshore investors’ interest in the long end of the government bond curve, having taken longer to recover from COVID-19 volatility.