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Turkish ESG-linked loans easier sells to syndicated lenders

By Mariam Meskin 24 May 2021 Yapi Kredi Bank and Garanti Bank this week became the latest Turkish banks to refinance syndicated loans, in the process raising ESG-linked facilities. The trend towards ESG-linked financing is not driven by the desire to cut costs, which for many has been only symbolic, but by a desire to help boost borrowers’ credentials and to make life easier for international lenders. Garanti raised a one year dual-tranche syndicated loan consisting of a $279m tranche and a €294m tranche. The all-in pricing on both Garanti and Yapi Kredi’s loan is 225bp over Euribor and 250bp over Libor.Garanti’s interest payments will go down if it meets key performance indicators. Those targets relate

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Belarus triggers bond sell-off, sanctions a foregone conclusion

Belarus triggers bond sell-off, sanctions a foregone conclusion
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Belarus generalVilniaus apskritisRoman protasevichMariam meskinமரியம் மேஸ்கின்

Moscow to issue green bonds days after sov Eurobond

By Mariam Meskin 11.30 AM The city of Moscow is set to issue green bonds within the week, following the sovereign’s return to the Eurobond market on Thursday. The issuer is seeking foreign investor interest in its rouble-denominated green debut. The city of Moscow, rated Baa3/BBB-/BBB, is planning to sell bonds of up to $3.5bn this year, up to $2.4bn in 2022 and up to $594bn in 2023. Notably, the city’s government plans to issue green bonds by as early as next week, on May 27. The green bonds will be . Already a subscriber? Login

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PKN Orlen launches dark green bond

By Mariam Meskin 12.30 PM The Polish oil refiner and petrol retailer PKN Orlen launched its debut green bond on Thursday. The trade is one of the very first of its kind from an oil company. PKN Orlen, rated Baa2/BBB- by Moody’s and Fitch, launched a Reg S senior unsecured €500m May 2028 bond on Thursday. Initial price thoughts on the seven year bond were set at 160bp-165bp area over mid-swaps. That was later tightened to guidance of 135bp-140bp.The final spread was set at 125bp . Already a subscriber? Login

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Russia launches Eurobond, market debates investor distribution

By Mariam Meskin 11.45 AM Russia launched its first international bond of the year on Thursday, which some have labelled as a show of strength by the sanction-hit country. Market participants are now debating which investors will end up buying the trade. Russia’s offer is a Reg S dual tranche euro-denominated bond, consisting of a May 2036 benchmark and a tap of its existing €750m 1.125% November 2027 notes. Initial price thoughts were set at 2.875% for the new 15 year clip, while the tap cash price will be at least 98.5.Some analysts . Already a subscriber? Login

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