Arçelik, the Turkish household appliance manufacturer that owns Beko and Grundig, is set to make its mark in the green bond market. The deal, some say, will be a test of investor appetite for Turkish corporate paper, which so far has been strong, despite the heightened volatility affecting the country in the first four months of the year.
By Jon Hay, Mariam Meskin
12.45 PM
PKN Orlen, the Polish oil refiner and petrol retailer, began marketing its debut green bond on Monday, a €500m no-grow seven year. Issuing a green bond would be a bold move for an oil company, but PKN Orlen is being conservative about the assets included and has obtained certification from the Climate Bonds Initiative.
PKN Orlen, rated Baa2/BBB- by
Moody’s and Fitch, is one of the largest companies and most important energy
providers in central and eastern Europe, and well known to bond investors. Now
it plans to become a regular green bond issuer. Its first deal that could be launched as early as Thursday.Global
South African lender Absa has mandated banks for an additional tier one dollar offering. Absa is the latest domestic bank to enter international debt markets despite the absence of the sovereign.
By Mariam Meskin
14 May 2021
MAS Real Estate is the latest emerging markets issuer to have issued paper linked to environmental, social or governance factors. However, EM investors are demanding more ESG paper to match the levels seen in developed markets.
The company, which invests in central and eastern European, issued a Reg S unsecured €300m May 2026 green bond on Wednesday evening.
MAS Real Estate, rated Ba1/BB by Moody’s and
Fitch, priced the bond with a 4.25% coupon and at an issue price of 98.903%. Deutsche Bank acted as the
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By Jon Hay, Mariam Meskin
07.15 PM
Turkish companies and banks are succeeding in raising funds in international debt markets, even as the country strays near the edge of an economic precipice and experienced investors view Turkish risk with disdain.
On Thursday, Zorlu Renewables, a Turkish geothermal energy producer, obtained its first rating from Fitch, of B-, ahead of a bond issue to be led by Bank of America.It would be the third issue in recent days from a little known or debut Turkish company, after successes
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