Natixis acted as a Joint Bookrunner and sole structurer for Unédic’s Inaugural Social €4bn 6y bond

 On Friday May 15 th the French unemployment insurance agency UNEDIC issued an inaugural 4bn 6 year Social bond at OAT+ 36 bps under its NeuMTN program.

Proceeds will primarily be used to fund crisis response measures rolled out by UNEDIC.

The innovative format for this transaction will be a reference point for other issuers to follow UNEDIC strategically set themselves up for success on this trade which is none the less evident by the biggest orderbook ever achieved (€7.75bn), and the largest social bond ever priced in capital markets.

Link to press release: 

https://www.unedic.org/espace-presse/actualites/covid19-lunedic-emet-un-social-bond-de-4mds-pour-financer-les-mesures

Natixis acted as a Joint Bookrunner for BBVA’s Inaugural Social Covid-19 Bond

On May 27th 2020, BBVA announced its Inaugural Social Covid-19 Senior Preferred Bond. It is actually the first ever Social Covid-19 bond from a private issuer in the EURO market.

Demand was close to €5 billion, nearly five times more than the initial offer. The funds will be primarily allocated to mitigating the severe economic and social impact caused directly and indirectly by the COVID-19 pandemic.

The bond was launched under BBVA’s framework for green, social and sustainable issues, published in April 2018. It is a senior preferred debt bond, issued in euros with a five year maturity (maturity on June 4, 2025).

Link to press release: https://www.bbva.com/en/bbva-is-the-first-private-financial-institution-in-europe-to-issue-a-covid-19-social-bond/

Natixis acted as a Joint Bookrunner and a Sustainability Advisor for the Region Wallonne inaugural EUR 1bn 20-year Social Bond

Following its April Sustainable Bond issuance targeting both green and social projects, the Region Wallonne returned to the capital markets with increased funding needs in light of the Covid-19 pandemic. The proceeds of its inaugural Social Bond  will be used to partly finance Covid-19 related social expenditures and other recurrent social investments within Region Wallonne's Sustainability Bond Framework.

The EUR 1 bn transaction was significantly oversubscribed with total order book reaching over EUR 1.5 bn. The Sustainability Bond Framework received a Second Party Opinion from Vigeo Eiris.

Link to the investor presentation: 

https://www.wallonie.be/sites/default/files/202005/wallonia_sb2020_investor_presentation_h1_2020.pdf

 

Natixis acted as a Joint Lead Manager for SNAB’s Inaugural Green Preferred Senior transaction

 On May 6th 2020, SBAB Bank AB (SBAB) issued a €500mn 5-year Senior Preferred Unsecured transaction which was also its inaugural Green €uro denominated transaction.

The total order book reached over EUR 2.25 bn with 114 investors participating.

The deal was an opportunity to introduce SBAB’s newly updated Green bond Framework and the Use of Proceeds of this transaction will be allocated by the issuer to Eligible Green Loans.

Link to the investor presentation: 

https://www.sbab.se/download/18.3222ba39171c128158215a/1588682370465/Green%20SP_May2020_FINAL.pdf

Natixis acted as a Joint Bookrunner and sole Green Advisor for BPCE’s Inaugural Green Covered €1.25bn 20year bond

On May 19th 2020, Groupe BPCE launched its inaugural €1.25bn 10-year Green Building Covered Bond – the first 10yr Covered bond since the beginning of the Covid-19 crisis.

The €6.4bn order book, including 179 accounts, is the biggest on a euro benchmark covered bond in over six years.

The proceeds of the green covered bonds are earmarked for the refinancing of residential mortgage loans on energy efficient properties, with some €6bn of loans eligible as green assets. As with most green covered bonds, the buildings must be among the 15% most carbon efficient in their jurisdiction.

Link to press release:

https://newsroom-en.groupebpce.fr/news/groupe-bpce-successfully-completes-its-first-green-covered-bond-issue-e5c0-53927.html

Natixis acted as a Joint Bookrunner and a Sustainability Advisor for two Sustainability Bonds: the EUR 500mn 10-year new issuance and the EUR 200mn Tap of May 2034 Sustainability Bond.

Région Wallonie has returned the Market with a dual-tranche issuance with a new sustainability bond of a 500m EUR and a 200m EUR which has a pre-issuance second party opinion from Vigeo Eiris.

With spreads set at guidance and books in excess of EUR 600, this transaction (the second of its kind this week) highlights Region Wollonie’s ability and potential as they continue to build their sustainable curve in international capital markets.

According to the investor presentation from the electronic roadshow held, the proceeds will be allocated in line with its 2019 Sustainability Bond Framework as follows :

  • 55% of the proceeds for social projects
  • 45% of the proceeds for environmental project

Signing of a 200 M€ syndicated loan linked to Sustainability-Performance with Neoen SA

Neoen SA, one of the world’s leading and fastest-growing independent producers of exclusively renewable energy,  has agreed its first syndicated loan facility for an amount of 200 million euros, choosing to index the margin to Environmental, Social and Governance (ESG) criteria. The financing is made made of two tranches maturing on July 31, 2024:

  • 125 million euros amortizing loan, and
  • 75 million euros revolving credit facility

Natixis acted as Sustainability CoordinatorDocumentation Agent and Facility Agent, assisting Neoen SA in the process to link this financing to two ESG criteria which are in line with its sustainability strategy:

  • Corruption prevention and,
  • Independent ESG rating provided by Vigeo Eiris

The loan’s pricing will be adjusted based on Neoen’s performance on these indicators, which will be assessed on an annual basis. This transaction shows “Neoen SA willingness to combine both financial performance, environmental exemplarity and social responsibility” as stated by Xavier Barbaro (Neoen’s Chairman and Chief Executive Officer).

 

Link to press release: https://www.neoen.com/var/fichiers/1584443716-pr-syndicated-loan-neoen.pdf

Natixis acted as Mandated Lead Arranger and Green Advisor for Decathlon EUR 125M Sustainability-Linked Loan

Decathlon - which combines two activities: the creation of sports products and their distribution online and in stores - has chosen to link the cost of it's financing to the company’s environmental and social performance by integrating its sustainable development criteria into its EUR 125M Credit line.

Decathlon's credit now includes a credit margin adjustment mechanism, reviewed at least once a year, based on six ESG KPIs making it possible to link the ESG performance of Decathlon to the economic performance of the company:

  • The satisfaction of its employees;
  • The satisfaction of its sports users;
  • The level of human responsibility in the production of its suppliers;
  • The level of environmental responsibility in production of its suppliers;
  • The reduction in intensity of CO2 emissions by product sold;
  • The development of environmental labeling of Decathlon branded products

Those six KPIs are audited as part of the Extra-Financial Performance Declaration by external third party Mazars and validated by EthiFinance as the extra-financial analysis and consulting agency to carry out the second party opinion on the relevance of its environmental and social indicators.

The benefits that Decathlon or the Lenders could recover depending on ESG performance will be redistributed to associations or projects of a societal or environmental nature.

Link to press release: https://www.decathlon.media/shared/dossiers-presse/pdfs/20200305_cpresse-decathlon-finance_esg_media_fr_86k1sfi0.pdf

Natixis acted as Green Structuring Advisor & Joint Bookrunner for ENGIE new 2.5 bn EUR triple tranche senior Green bond

ENGIE (A3 st /A- st / A st par Moody's, S&P et Fitch), a global reference in low-carbon energy and services, issued a a triple tranche senior bond for a total of EUR 2.5 billion on Friday 20, 2020:

  • EUR 1 billion , 5 years, 1.375% coupon
  • EUR 750 million, 8 years, 1.75% coupon - Green
  • EUR 750 million, 12 years, 2.125% coupon - Green

The transaction was significantly oversubscribed with total order book reaching over EUR 9.5 billion at the final price.

Natixis acted as Green Structuring Advisor and Joint Bookrunner, assisting ENGIE in the global update of its Green Financing Framework to align it with the Group’s ambition to become the world leader in the carbon neutrality transition for corporates and local authorities and best market practices.

The Use of Proceeds of the 8Y and 12Y tranches will be allocated in line with the Eligible Project Categories outlined in the framework: Renewable energy production, Energy storage, Transmission and distribution infrastructure, Energy efficiency, Carbon dioxide capture, transportation, storage and Carbone capture and reuse, Green buildings, Clean transportation, Environmentally sustainable management of living natural resources and land use. The Green Financing Framework received a Second Party Opinion from Vigeo Eiris.

With this new issue, the total outstanding amount of green bonds issued by ENGIE is EUR 11.15 billion, confirming the company’s leadership in the green bond market as the largest corporate issuer worldwide.

Link to press release: https://www.engie.com/en/journalists/press-releases/triple-tranche-senior-bond

Basque Country successfully priced a 10y €500m Sustainable Bond with Natixis Joint Bookrunner

Basque Country (A3 /A- by Moody’s & Fitch) has carried out its third issue of Sustainable Bond on the 26th of March 2020. The EUR 500m, 10 years, 0.850% transaction was very well received by the investor base meeting outstanding demand (more than 7 times higher than offer) with 120 investors from 17 countries and demonstrating again the strong investors’ appetite and the good credit recognition of the issuer.

Natixis acted as Joint Bookrunner on the transaction, further consolidating its footprint in the Sustainable space for Iberian SSA/FIG issuers.

The proceeds will be allocated in line with Basque Country Sustainability Bond framework which benefits from a Second Party Opinion from Sustainalytics. More specifically, the allocation of proceeds for this transaction will be as follows:

  • 81% of proceeds allocated to Basque Country social programs:
    • € 130M to health sector (pharmacy financing, expansion of hospitals and health centers);
    • € 225M to social Policies (emergency assistance social, family support programs, education and housing projects).
  • 19% of proceeds allocated to Basque Country environmental programs linked to renewable energy, sustainable transport, prevention and control of environmental pollution as well as water and wastewater management.

Link to thhe press release: https://www.euskadi.eus/gobierno-vasco/-/noticia/2020/presentacion-de-la-iii-emision-del-bono-sostenible-euskadi/

Natixis acted as Mandated Lead Arranger and Sustainability Coordinator for ACWA Power USD 758M Sustainable Loan

ACWA Power and Natixis are proud to announce that the Taweelah IWP has obtained the first-ever “sustainable loan” qualification for a water desalination project globally.  Closed in September 2019, this USD758 million project finance loan, with a contractual tenor of 32.4 years, will finance what will become the largest reverse osmosis plant in the world when completed in 2022.

The tariff offered by ACWA Power for the Al Taweelah IWP was the lowest achieved to date in the world for desalinated water.

Natixis acted as initial mandated lead arrangerdocumentation bankhedge providerglobal facility agent and sustainable loan coordinatorNatixis also acted as sole arranger and investment agent under the Islamic Equity Bridge Loan for ACWA Power’s equity portion

This project finance loan is dedicated to the financing of the design, construction, operation and maintenance of a state-of-the-art, 200 million imperial gallons per day reserve osmosis plant and associated infrastructure and facilities. The plant will be constructed in the existing Taweelah complex, in the Emirate of Abu Dhabi, United Arab Emirates. The project also includes a 68 MW peak photovoltaic power plant to complement the energy supply from the procurer’s grid. The project, when constructed, will also set another world record by utilizing the lowest amount of energy per gallon of desalinated water produced.

Vigeo Eiris confirmed that this project is aligned with the four components of both Green Loan Principles and the Social Bond Principles. According to Vigeo Eiris, the Taweelah project will constitute “a state-of-the-art desalination plant, including modern and energy efficient technologies for water production (seawater reverse osmosis), higher standards and monitoring of its effluents’ water quality”. The technology employed is considered by the World Bank as the most energy efficient and best-in-class among existing desalination technology.

Thanks to the photovoltaic power plant integrated to the project, renewable energy is expected to account for at least 30% of the project’s electricity consumption within ten years, with a target of raising this figure to 55% by the end of the first quarter life of the project. The project is expected to substitute two local thermal desalination plants of lower capacity to be decommissioned in the coming years, improving local air quality and reducing greenhouse gas emissions.

Link to press release: https://pressroom-en.natixis.com/news/taweelah-iwp-obtains-the-first-ever-sustainable-loan-qualification-for-a-desalination-project-5fe3-8e037.html

Natixis acted as a Joint Bookrunner for BBVA’s Inaugural Social Covid-19 Bond

On May 27th 2020, BBVA announced its Inaugural Social Covid-19 Senior Preferred Bond. It is actually the first ever Social Covid-19 bond from a private issuer in the EURO market.

Demand was close to €5 billion, nearly five times more than the initial offer. The funds will be primarily allocated to mitigating the severe economic and social impact caused directly and indirectly by the COVID-19 pandemic.

The bond was launched under BBVA’s framework for green, social and sustainable issues, published in April 2018. It is a senior preferred debt bond, issued in euros with a five year maturity (maturity on June 4, 2025).

Link to press release: 

https://www.bbva.com/en/bbva-is-the-first-private-financial-institution-in-europe-to-issue-a-covid-19-social-bond/

Natixis acted as a Joint Bookrunner and sole structurer for Unédic’s Inaugural Social €4bn 6y bond

 On Friday May 15 th the French unemployment insurance agency UNEDIC issued an inaugural 4bn 6 year Social bond at OAT+ 36 bps under its NeuMTN program.

Proceeds will primarily be used to fund crisis response measures rolled out by UNEDIC.

The innovative format for this transaction will be a reference point for other issuers to follow UNEDIC strategically set themselves up for success on this trade which is none the less evident by the biggest orderbook ever achieved (€7.75bn), and the largest social bond ever priced in capital markets.

Link to press release: 

https://www.unedic.org/espace-presse/actualites/covid19-lunedic-emet-un-social-bond-de-4mds-pour-financer-les-mesures

Natixis acted as a Joint Bookrunner and a Sustainability Advisor for two Sustainability Bonds: the EUR 500mn 10-year new issuance and the EUR 200mn Tap of May 2034 Sustainability Bond.

Région Wallonie has returned the Market with a dual-tranche issuance with a new sustainability bond of a 500m EUR and a 200m EUR which has a pre-issuance second party opinion from Vigeo Eiris.

With spreads set at guidance and books in excess of EUR 600, this transaction (the second of its kind this week) highlights Region Wollonie’s ability and potential as they continue to build their sustainable curve in international capital markets.

According to the investor presentation from the electronic roadshow held, the proceeds will be allocated in line with its 2019 Sustainability Bond Framework as follows :

  • 55% of the proceeds for social projects
  • 45% of the proceeds for environmental projects

Signing of a 200 M€ syndicated loan linked to Sustainability-Performance with Neoen SA

Neoen SA, one of the world’s leading and fastest-growing independent producers of exclusively renewable energy,  has agreed its first syndicated loan facility for an amount of 200 million euros, choosing to index the margin to Environmental, Social and Governance (ESG) criteria. The financing is made made of two tranches maturing on July 31, 2024:

  • 125 million euros amortizing loan, and
  • 75 million euros revolving credit facility

Natixis acted as Sustainability CoordinatorDocumentation Agent and Facility Agent, assisting Neoen SA in the process to link this financing to two ESG criteria which are in line with its sustainability strategy:

  • Corruption prevention and,
  • Independent ESG rating provided by Vigeo Eiris

The loan’s pricing will be adjusted based on Neoen’s performance on these indicators, which will be assessed on an annual basis. This transaction shows “Neoen SA willingness to combine both financial performance, environmental exemplarity and social responsibility” as stated by Xavier Barbaro (Neoen’s Chairman and Chief Executive Officer).

 

Link to press release: https://www.neoen.com/var/fichiers/1584443716-pr-syndicated-loan-neoen.pdf

Natixis acted as Mandated Lead Arranger and Green Advisor for Decathlon EUR 125M Sustainability-Linked Loan

Decathlon - which combines two activities: the creation of sports products and their distribution online and in stores - has chosen to link the cost of it's financing to the company’s environmental and social performance by integrating its sustainable development criteria into its EUR 125M Credit line.

Decathlon's credit now includes a credit margin adjustment mechanism, reviewed at least once a year, based on six ESG KPIs making it possible to link the ESG performance of Decathlon to the economic performance of the company:

  • The satisfaction of its employees;
  • The satisfaction of its sports users;
  • The level of human responsibility in the production of its suppliers;
  • The level of environmental responsibility in production of its suppliers;
  • The reduction in intensity of CO2 emissions by product sold;
  • The development of environmental labeling of Decathlon branded products

Those six KPIs are audited as part of the Extra-Financial Performance Declaration by external third party Mazars and validated by EthiFinance as the extra-financial analysis and consulting agency to carry out the second party opinion on the relevance of its environmental and social indicators.

The benefits that Decathlon or the Lenders could recover depending on ESG performance will be redistributed to associations or projects of a societal or environmental nature.

Link to press release: https://www.decathlon.media/shared/dossiers-presse/pdfs/20200305_cpresse-decathlon-finance_esg_media_fr_86k1sfi0.pdf

Natixis acted as Green Structuring Advisor & Joint Bookrunner for ENGIE new 2.5 bn EUR triple tranche senior Green bond

ENGIE (A3 st /A- st / A st par Moody's, S&P et Fitch), a global reference in low-carbon energy and services, issued a a triple tranche senior bond for a total of EUR 2.5 billion on Friday 20, 2020:

  • EUR 1 billion , 5 years, 1.375% coupon
  • EUR 750 million, 8 years, 1.75% coupon - Green
  • EUR 750 million, 12 years, 2.125% coupon - Green

The transaction was significantly oversubscribed with total order book reaching over EUR 9.5 billion at the final price.

Natixis acted as Green Structuring Advisor and Joint Bookrunner, assisting ENGIE in the global update of its Green Financing Framework to align it with the Group’s ambition to become the world leader in the carbon neutrality transition for corporates and local authorities and best market practices.

The Use of Proceeds of the 8Y and 12Y tranches will be allocated in line with the Eligible Project Categories outlined in the framework: Renewable energy production, Energy storage, Transmission and distribution infrastructure, Energy efficiency, Carbon dioxide capture, transportation, storage and Carbone capture and reuse, Green buildings, Clean transportation, Environmentally sustainable management of living natural resources and land use. The Green Financing Framework received a Second Party Opinion from Vigeo Eiris.

With this new issue, the total outstanding amount of green bonds issued by ENGIE is EUR 11.15 billion, confirming the company’s leadership in the green bond market as the largest corporate issuer worldwide.

Link to press release: https://www.engie.com/en/journalists/press-releases/triple-tranche-senior-bond

Basque Country successfully priced a 10y €500m Sustainable Bond with Natixis Joint Bookrunner

Basque Country (A3 /A- by Moody’s & Fitch) has carried out its third issue of Sustainable Bond on the 26th of March 2020. The EUR 500m, 10 years, 0.850% transaction was very well received by the investor base meeting outstanding demand (more than 7 times higher than offer) with 120 investors from 17 countries and demonstrating again the strong investors’ appetite and the good credit recognition of the issuer.

Natixis acted as Joint Bookrunner on the transaction, further consolidating its footprint in the Sustainable space for Iberian SSA/FIG issuers.

The proceeds will be allocated in line with Basque Country Sustainability Bond framework which benefits from a Second Party Opinion from Sustainalytics. More specifically, the allocation of proceeds for this transaction will be as follows:

  • 81% of proceeds allocated to Basque Country social programs:
    • € 130M to health sector (pharmacy financing, expansion of hospitals and health centers);
    • € 225M to social Policies (emergency assistance social, family support programs, education and housing projects).
  • 19% of proceeds allocated to Basque Country environmental programs linked to renewable energy, sustainable transport, prevention and control of environmental pollution as well as water and wastewater management.

Link to thhe press release: https://www.euskadi.eus/gobierno-vasco/-/noticia/2020/presentacion-de-la-iii-emision-del-bono-sostenible-euskadi/

Natixis acted as Mandated Lead Arranger and Sustainability Coordinator for ACWA Power USD 758M Sustainable Loan

ACWA Power and Natixis are proud to announce that the Taweelah IWP has obtained the first-ever “sustainable loan” qualification for a water desalination project globally.  Closed in September 2019, this USD758 million project finance loan, with a contractual tenor of 32.4 years, will finance what will become the largest reverse osmosis plant in the world when completed in 2022.

The tariff offered by ACWA Power for the Al Taweelah IWP was the lowest achieved to date in the world for desalinated water.

Natixis acted as initial mandated lead arrangerdocumentation bankhedge providerglobal facility agent and sustainable loan coordinatorNatixis also acted as sole arranger and investment agent under the Islamic Equity Bridge Loan for ACWA Power’s equity portion

This project finance loan is dedicated to the financing of the design, construction, operation and maintenance of a state-of-the-art, 200 million imperial gallons per day reserve osmosis plant and associated infrastructure and facilities. The plant will be constructed in the existing Taweelah complex, in the Emirate of Abu Dhabi, United Arab Emirates. The project also includes a 68 MW peak photovoltaic power plant to complement the energy supply from the procurer’s grid. The project, when constructed, will also set another world record by utilizing the lowest amount of energy per gallon of desalinated water produced.

Vigeo Eiris confirmed that this project is aligned with the four components of both Green Loan Principles and the Social Bond Principles. According to Vigeo Eiris, the Taweelah project will constitute “a state-of-the-art desalination plant, including modern and energy efficient technologies for water production (seawater reverse osmosis), higher standards and monitoring of its effluents’ water quality”. The technology employed is considered by the World Bank as the most energy efficient and best-in-class among existing desalination technology.

Thanks to the photovoltaic power plant integrated to the project, renewable energy is expected to account for at least 30% of the project’s electricity consumption within ten years, with a target of raising this figure to 55% by the end of the first quarter life of the project. The project is expected to substitute two local thermal desalination plants of lower capacity to be decommissioned in the coming years, improving local air quality and reducing greenhouse gas emissions.

Link to press release: https://pressroom-en.natixis.com/news/taweelah-iwp-obtains-the-first-ever-sustainable-loan-qualification-for-a-desalination-project-5fe3-8e037.html


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