The demand was very diversified at a geographical level by placing 75% outside of Spain and by type of investor 69% was represented by real money accounts. At the same time, the Community of Madrid achieved the lowest spread with respect to the Treasury, in an operation of this type carried out by it, thanks to a high-quality book that amounted to 3.500 million euros. With this new operation, the Community of Madrid is further consolidated in the sustainable bond market as it is the fifth issue of this type, thus continuing to advance in the construction of its sustainable curve. The Community of Madrid has resorted to the capital markets again in March 2021 to successfully place a new sustainable bond with a 10-year term and a volume of 1.000 million euros, being mandated for this by BBVA, Banco Santander, Banco Sabadell, HSBC, Caixabank and JP MORGAN. In addition, 51% of the orders received came from investors who take sustainable criteria into account when making investment decisions. % and finally “Hedge Funds” representing only 1% of the allocated volume. ![]() The quality of the book can also be seen in the allocation of the bonds by type of investor, with fund managers being the investors with the highest allocation with 49%, followed by banks with 46%, insurance companies and pension funds with 20%. The transaction has received great support from the international investment community, representing 77% of the orders received, with France being the most representative international jurisdiction with 17%, followed by the United Kingdom and Ireland with 16%, Italy with 14%, Germany /Austria with 14%, BeNelux with 9% and other EU countries with 7%. This issue has been classified with a rating of A-/Baa1/A-/BBB by S&P, Moody's, DBRS and Fitch respectively. This transaction is the first issue of the Spanish public sector and one of the first in Europe fully aligned with the green taxonomy of the European Union. In October, the Autonomous Community of Madrid issued its third green bond on the capital market and its second public issue in 2022, with a term of 7 years and a volume of 500 million euros, being mandated to participate in the BBVA issue in its role as green structuring bank, CaixaBank, Credit Agricole CIB, ING and Santander. ![]() The demand was highly diversified geographically, placing 73% outside of Spain, and the high quality of the orders meant that 53% was represented by SRI accounts. This issue has been rated Baa1 (st) / A- (st) / AL (st). With this new operation, the Community of Madrid consolidates itself even more in the sustainable bond market as it is the sixth issue of this type, with which it continues to advance in the construction of its sustainable curve and it has been the Spanish region that has reopened this market in 2022. ![]() The Community of Madrid has gone to the capital markets again in March 2022 to successfully place a new sustainable bond with a term of 10 years and for a volume of 1.000 million euros, being mandated for it BBVA, Banco Santander, Banco Sabadell, HSBC, Caixabank and Crédit Agricole. ![]() In the geographical distribution, it stands out that 83% of the bonds have been placed among foreign investors, Germany standing out with 29%, followed by France and Italy (10%) each and the United Kingdom, Portugal and Scandinavian countries with 8%.īy type of investor, the demand registered by banks stands out with 45% of the total volume of issuance, followed by insurers and pension funds with 25%, fund managers with 15% and official institutions with 13 %. This issuance has been rated A/Baa1/A(low) /(S&P/Moody's/DBRS). With this new operation, the Community of Madrid further consolidates itself in the sustainable bond market as it is the seventh issuance of this type, with which it continues to advance in the construction of its sustainable curve and has been the Spanish region with the common regime that has reopened this market in 2022. The Community of Madrid has gone back to the capital markets in February 2023 to successfully place a new sustainable bond with a term of 10 years and for a volume of 1.000 million euros, being mandated to do so by BBVA, Banco Santander, Banco Sabadell, HSBC, Caixabank CIB and Crédit Agricole.įor the development of this financial operation, it has relied on the Sustainable Financing Framework, which has been qualified by the Sustainalytics Agency as solid, reliable and in harmony with the Green Bond Principles (GBP), the Social Bond Principles (PBS ) and the 2018 Sustainability Bond Guidelines published by the International Capital Market Association (ICMA), together with the Green Loan Principles (BPL) administered by the Loan Market Association (LMA), and aligned with the Sustainable Development Goals set by the UN.
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