CORP SNAPSHOT: Fingrid green pushes YTD ESG haul beyond EUR100bn
IG corporate names are back to the sidelines on Thursday, leaving the weekly single currency haul for the sector at a paltry EUR1bn.
That means we have so far only met the lowest estimate (EUR1bn) given by participants in our latest issuance poll, and are set to fall well-short of the EUR4bn average weekly guess given there is just a Friday session to go and an empty pipeline.
Thursday’s blank comes after corporate activity was limited to a single EUR500m no grow deal for the second consecutive session yesterday, this time thanks to previously pipelined Fingrid Oyj with a 5yr green bond issue.
Offering just its second ever green bond, the Finnish national electricity transmission grid operator came out with the Dec 2029s at IPTs of m/s +95-100, but that was ramped in to a final m/s +65 (~5bp NIC) on demand which peaked at EUR2.8bn before settling at EUR2.4bn.
The trade propelled year-to-date euro corporate (ex-HY) ESG issuance beyond the EUR100bn (EUR100.1bn to be precise) for the first time ever and further beyond the previous annual record of EUR92.17bn set in 2019.
Of this year’s record corporate ethical haul, green trades have accounted for the lions’ share at EUR83bn (82.92%), with that followed by sustainable-linked bonds at EUR9.85bn (9.84%).
The latter had accounted for a much larger 23.19% and 23.11% of the overall ESG totals in 2023 (78.55%) and 2022 (EUR89.02bn) respectively. However, the popularity of SLBs has noticeably fallen with issuers discouraged by investor scrutiny over issues such as the credibility and robustness of the bonds’ linked sustainability targets, leaving the more established green frameworks firmly the main ESG choice.
Source: IGM
Performance tracker of recent EUR IG/split-rated benchmark deals
| Issuer | Deal | Re-offer spread (m/s) | Current i-spread (bid) | Issue Rating |
| FINPOW | 2.750% 12/29 | +65 | +62.5 | A+/AA- |
| HEIBOS | 6.250% PNC5.25 | +418.9 | +410 | BB/BB |
| PRYIM | 3.625% 11/28 | +143 | +115.5 | BBB- |
| PRYIM | 3.875% 11/31 | +168 | +144 | BBB- |
| IBESM | 4.247% PNC5.75 | +198.3 | +199.5 | Baa3/BBB-/BBB |
| WLNFP | 5.250% 11/29 | +311.5 | +278.5 | BBB- |
| SW | 3.454% 11/32 | +113 | +101.5 | Baa2/BBB/BBB |
| SW | 3.807% 11/36 | +143 | +131 | Baa2/BBB/BBB |
| DT | 3.250% 06/35 | +95 | +90 | Baa1/BBB+/BBB+ |
| SRGIM | 3.375% 11/31 | +123 | +112 | Baa2/BBB+/BBB+ |
| ABESM | 4.870% PNC5.25 | +262 | +246 | BB/BB+ |
| NGGLN | 3.247% 11/29 | +100 | +89 | Baa2/BBB |
| NGGLN | 3.724% 11/34 | +140 | +128 | Baa2/BBB |
| BKNG | 3.250% 11/32 | +105 | +92 | A3/A- |
| BKNG | 3.750% 11/37 | +140 | +128 | A3/A- |
| BKNG | 3.875% 03/45 | +170 | +153.5 | A3/A- |
| ROQUET | 3.774% 11/31 | +150 | +152.5 | BBB |
| ROQUET | 5.494% PNC5.25 | +325.2 | +311.5 | BB+ |
| FDJFP | 3.000% 11/30 | +90 | +91 | Baa1 |
| FDJFP | 3.375% 11/33 | +110 | +114.5 | Baa1 |
| FDJFP | 3.625% 11/36 | +130 | +127.5 | Baa1 |
| RENAUL | 3.375% 07/29 | +127 | +131 | Baa1/BBB- |
| CTPNV | 3.875% 11/32 | +173 | +176.5 | Baa3/BBB- |
| KERFP | 3.625% 11/34 | +140 | +131 | BBB+ |
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