Financial Institutions are green

As annouced during the Euromoney Covered Bond Congress last month, the market for green transactions is still growing.

In Norway, SR-Boligkreditt AS, a wholly owned special bank subsidiary of Norway’s SpareBank 1 SR-Bank, mandated Natixis as joint bookrunner in a 7-year €500 million covered bond issuance. This is SR-Bol’s inaugural green bond and its first EUR covered bond since 2018. This inaugural green bond will be certified in line with the Low Carbon Building Criteria of the Climate Bond Standards.

The proceeds of the deal will be used to finance or re-finance, in part or in full, new and/or existing residential green buildings in Norway.

In Spain, Natixis acted as joint lead manager for Banco Santander in a 7-year €1bn inaugural green senior preferred bond issuance (no grow). 300 different accounts across Europe gathered more than a €5.3bn orderbook, which made it the biggest senior preferred green orderbook in the euromarket ever seen.

For both issuances, the demand was massive, and both transactions met with tremendous success on the market. This was notably the case for Santander’s issuance, where green dedicated investors accounted, impressively, for approximately 34% of the total allocation.

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