SUEZ has successfully issued a €500m Green Bond 

On November 8th 2023, SUEZ, a leading French player in Water and Waste business with a unique experience of more than 160 years dedicated to environmental services, successfully priced a 10-Year €500m green bond at a 4.500% coupon. This transaction is Suez 4th Green Bond since its €2,600m inaugural in May 2022.

In accordance with SUEZ Green Bond Framework, the proceeds will be used for a partial refinancing of €1,200m acquisition facility linked to the purchase of the UK waste assets and the IWS (Industrial Waste Specialties) from Veolia, as well as potential other Eligible Green Projects under the following categories: water, waste, smart & environmental solutions.

On the back of a positive market tone, Suez picked the perfect window to open the books for a €500m “Will not Grow” with IPTs at MS+180bps area. Quickly reaching a very strong order book, both in terms of quantity and quality, the company was able to tighten by 30bps at guidance. Leveraging the positive reaction of the orderbook which peak above €3,500m, the issuer was able to further tighten the spread by 10bps to 140bps at final terms, reaching a final book in excess €2,700m.

With this strong tightening, Suez was the first corporate issuer to achieve a negative New Issue Concession (NIC) since April 2023 and the first issuer from the utilities sector since January 2023, with NIC being seen around -2bps.

Natixis participated on the transaction as active Bookrunner.

Link to the Framework

Link to the SPO (Sustainalytics)

AFD has successfully issued its EUR 500m Sustainable Bond

On September 12th 2023, AFD (“Agence Française de Développement”) executed a EUR 500m 15yr Sustainable Bond issued under its 2020 published SDG Bond Framework. This is AFD 2nd SDG issue in 2023, and its 8th SDG under this framework. With this transaction, AFD will extend its Euro Benchmark Sustainable curve to 2038.

The Bond proceeds will support AFD loans to support and accelerates the transition via their contribution to the Sustainable Development Goals.

As detailed in AFD Sustainable Financing Framework, use of proceeds may be used to (re)finance following eligible categories: energy transition, demographic and social transition, digital and technological transition, economic and financial transition, territorial, political and civic transition.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (Moody’s ESG)

Engie has successfully issued a EUR900m Green Bond 

On August 30th 2023, ENGIE successfully priced a 19Y €900m green bond at a 4.500% coupon as part of a €3bn green multi tranche offering.

The net proceeds of this issuance will be allocated to Eligible Green Projects as defined in their Green Financing Framework, that has been updated in June 2023 to further map with the EU Taxonomy criteria, including renewable energy production, energy storage, transmission and distribution infrastructure, energy efficiency and clean transportation. 

Natixis participated to the transaction as Global Coordinator and active Bookrunner.

Link to the Framework

Link to the SPO (Moody’s ESG)

Telefonica has successfully issued a EUR750m Green Bond 

On August 30th 2023, Telefonica, a multinational telecommunications company with its headquarters in Madrid, successfully priced, a perpetual NC8 €750m green bond at a 6.750% coupon.

The Green Hybrid Bond proceeds will support, in whole or in part, existing and future projects that are expected to deliver positive environmental and social outcomes in Europe and Latin America.

As detailed in Telefonica’s Sustainable Financing Framework, use of proceeds may be used to (re)finance following eligible categories: energy efficiency of networks, renewable energy, data-driven solutions with focus on saving energy and/or natural resources and inclusive connectivity with broadband deployment in unconnected, underserved or socially vulnerable areas.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (Sustainalytics)

Commercial Bank of Dubai has successfully issued its inaugural USD500mn Green Bond

On Wednesday June 7, Commercial Bank of Dubai (“CBD”) priced its inaugural $ 500mn 5-year Green bond at 5.319% (T+140bps).

This transaction was an opportunity for CBD to present its Sustainable  Financing Framework and Sustainability Strategy while seizing a good market window The transaction was  2.6x oversubscribed with a high quality and diversified investor base.

The proceeds of the transaction will be used to finance and refinance Eligible Green Projects in accordance with the Sustainable Financing Framework of CBD, including Green Buildings, Renewable Energies, Clean Transportation, as well as Pollution Prevention and Control.

Natixis acted as sole ESG coordinator and active Joint Bookrunner.

Link to the Framework

Link to the SPO (ISS ESG)

Egis has successfully issued its Inaugural Sustainability-Linked loan

On July 3rd Egis took another step forward in its sustainability journey with an inaugural Sustainability-Linked Loan. Ten days after the acquisition of McIntosh Peris by Egis, this loan reflects Egis' ambition to align its external growth strategy with its raison d'être and its objectives to increase its positive contribution to the challenges of environmental, energy and low-carbon transition.

The loan is linked to core environmental topics:

• Carbon footprint: reduction of its GHG emissions, with two KPIs, one corresponding to the proportion of turnover covered by the carbon footprint measurement, and the other relating to the reduction of this footprint in order to achieve “Net zero” carbon neutrality by 2050. 
• Project ecodesign: increase of the proportion of ecodesigned projects with a first indicator targeting the proportion of engineers trained in the Act4ecodesign eco-design approach, and a second indicator corresponding to the proportion of eco-designed projects with the goal of carrying out all its projects using an eco-design approach by 2030. 

Natixis participated to the transaction as Mandated Lead Arranger, Bookrunner and Sole ESG coordinator.

Link to the Press release

Groupe BPCE successfully issued a new EUR500mn Social Bond dedicated to Sport & Healthcare

On June 29th 2023, BPCE priced a 5y Senior Preferred Social issuance for an amount of EUR500mn, its third issuance on the SP market and also third ESG issuance, all bond products considered, since the beginning of the year.

This Social Bond proceeds will support BPCE’s loans to finance (or refinance) loans to Sport Economy and Healthcare eligible activities. The objective of the Sport Economy Bond and Public Healthcare Bond is to promote good health and well-being by respectively supporting the practice of sports activities and the French Public Hospital service, thus aiming to respond to the United Nations’ Sustainable Development Goal #3. This is BPCE’s first social bond with Use of Proceeds dedicated to these categories.

This emission is part of Groupe BPCE Sustainable Development Bond Program, a framework that has been set up in April 2020 to issue Green and Social bonds and dedicated Methodology Notes addressing Sport Economy and Healthcare are publicly available. All documents have obtained Second-Party Opinions (SPOs).

Natixis participated to the transaction as Joint Bookrunner and Sustainability Coordinator

Link to the Sustainable Development Bond Framework

Link to the Methodology Note – Sport Economy

Link to the Methodology Note - Healthcare

Eramet inaugural EUR 500 million Sustainability-Linked bond

On May 11th, Eramet successfully priced its first EUR 500 million 5 years SLB. The French mining & metal pure player operates in 4 different activities: Manganese, Nickel, Mineral Sands and Lithium.

Eramet published its Sustainability Linked Financing Framework in May 2023, including 3 KPIs and related Sustainability Performance Targets (SPTs) to address the decarbonization challenge with SBTi validated targets. Two SPTs are used in the bond:

• Scope 1 & 2 GHG emissions intensity reduction by 35% by 2025 compared with 2019 baseline  
• 67% of suppliers and customers by emissions having decarbonization targets consistent with the well-below 2°C scenario of the Paris Agreement.

The bond has been welcomed by a diversified base of institutional investors and Natixis participated to the transaction as Joint Lead Manager.

Link to the Framework

Link to the SPO (Sustainalytics)

AirFrance and AirFrance-KLM successfully contracted a new EUR 1,200m Sustainability-Linked Revolving Credit Facility

On April 18th, Air France-KLM, Air France and KLM have issued an inaugural Sustainability-Linked loan package, including a EUR1,200m RCF secured by Air France-KLM and Air France as a combined borrower, as well as a EUR1,000m RCF borrowed by KLM. Natixis acted as a joint ESG Coordinator, Global Coordinator and Documentation Agent for the Air France-KLM and Air France transaction.

ESG structure reflecting an ambitious Sustainability and Decarbonization Strategy

With this new transaction, Air France-KLM and Air France continue their path of aligning their financial strategy with their sustainability and climate roadmaps, embedding, the reduction of their  CO2 emissions, the use of Sustainable Aviation Fuel and Fleet renewal, as key performance indicators linked to the financing. The performance of the group on its chosen Indicators will impact the financing cost of the transaction, with an upward and/or downward margin adjustment mechanism.

The group’s ambition to be set as a sustainability leader in the aviation industry is backed by the “Destination Sustainability”, a comprehensive strategy articulated around two pillars: “Environment” and “People & Culture”. Along with taking action such as reducing its impact on air quality and biodiversity, as well as improving team inclusiveness and employee well-being, the Air France-KLM group deploys a decarbonization strategy based on 4 levers:

• Renewal of the fleet, with a growing share of new generation aircraft in the fleet attaining 64% in 2028
• Increased use of certified Sustainable Aviation Fuels (SAF) with a robust sourcing strategy and a commitment of 10% by 2030
• Operational improvements
• Combining different modes of transports

With a target of -30% well-to-wake scope 1&3 jet fuel greenhouse gas emissions (GHG) per revenue ton kilometer (RTK) in 2030 compared to 2019 baseline, Air France-KLM group is one of the first European airline group to have a decarbonization trajectory approved by SBTi on a “well below 2°C” scheme, since November 2022.

A Sustainability-Linked path continued by Air France-KLM group

This transaction follows a very successful EUR1,000m dual-tranche Sustainability-Linked Bond issued by Air France-KLM group in January 2023 under its recently published Sustainability-Linked Financing Framework This previous deal was pioneering  the EUR market for the aviation industry and included the most relevant and material KPI for its sector covering more than 90% of its total carbon footprint (-10% well-to-wake scope 1&3 jet fuel GHG emissions / RTK by 2025 compared to 2019 baseline). Moody’s Investor Services, which acted as a Second Party Opinion provider for the Framework, confirmed the ambition of the group by qualifying the Framework of “Significant contribution to Sustainability” and “Best Practices” alignment with market principles. Natixis was also involved in this transaction, acting as sole sustainability structuring advisor and global coordinator.

Link to the Press Release

Link to the Framework

Link to the SPO (Moody’s IS)

CADES has successfully issued its new 7yr Social Bond

On February 23rd 2023, Caisse d’amortissement de la dette sociale (CADES), the state-backed agency in charge of financing and amortizing French social debt, closed a €4-billion bond issue with a 7-year maturity, as part of its social bond programme.

This new issue of a benchmark bond in euros attracted a lot of interest from investors, and 58.4% of the bond was allocated to ESG investors, with the order book closing over €25 billion.

Since the beginning of the year, CADES has carried out three social issues, raising a total amount of €12.7 billion, i.e more than the half of the programme announced for 2023

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (Vigeo Eiris)

De Volksbank NV closes a new EUR 500m Green Senior Non-Preferred transaction

On February 23rd, De Volksbank NV issued a EUR 500m 7yr maturity Senior Non-Preferred Bond. This issuance is part of the Dutch bank Climate Action Plan to achieve a climate neutral balance sheet by 2030.

The proceeds from the issuance will be used to finance projects relating to green buildings (Dutch residential), to energy efficiency and to renewable energy.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (ISS ESG)

Nexity has successfully renewed its corporate credit with a EUR 800m Sustainability-Linked Revolving Credit Facility

On February 22nd the French real estate group Nexity added environmental criteria to its corporate credit with a five-year EUR 800m revolving credit facility..

In line with Nexity’s historical commitment to a low-carbon city, the loan is linked to three environmental-oriented KPIs: (1) greenhouse gas emissions in scopes 1 & 2 for the Group, (2) scope 3 for real estate development activities, and (3) volume of energy renovation work for the condominium management activities.These criteria follow Nexity’s latest Climate and Biodiversity strategy, approved in 2022.

Natixis participated to the transaction as Mandated Lead Arranger and Sustainability Coordinator.

Press release

Fortuna has successfully issued a new EUR196 million social ABS

On February 8th, the German digital-lending platform Auxmoney successfully placed its largest-ever asset-backed security with a EUR 196m Social ABS under the transaction “Fortuna 2023-1 class A”.

Auxmoney’s Social Bond Framework, published in September 2021, has been set up to finance its purchase of consumer loans, promoting social and financial inclusion. The proceeds of the issuance are targeted to give access to credit to consumers underserved by traditional lenders.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (ISS ESG)

Region Wallone successfully issued a new dual Social Bond

On February 8th 2023, the Belgian region priced a new dual tranche Social bond consisting of a EUR 500m 10yr and a EUR 1 billion 20yr.

This issuance is in line with Region Wallone 3rd Sustainable Development Strategy to accelerate the implementation of the Global Agenda for Sustainable Development by 2030.

The proceeds of the bond will be used for Education & employment promotion, Socio-economic advancement & empowerment, Affordable housing and access to basic infrastructure & essential services. Beneficiaries of the funds will mainly be senior citizens domiciles in the Walloon region or Belgian citizens in a situation of disability.

Natixis participated to the transaction as Active Bookrunner and Joint Lead Managers

Link to the Framework

Link to the SPO (Moody’s)

Enel successfully launched a dual-tranche EUR 1.5 billion Sustainability-Linked Bond in the Eurobond market

On February 14th 2023, ENEL priced a new €1.5bn dual-tranche Sustainable-Linked Bond. The Italian company issued its first bond with multiple KPIs per tranche.

This was also the first public issuance with a tranche of the bond (the 7y €750m) coupling a KPI linked to the EU Taxonomy with a KPI linked to GHG emissions (Scope 1 Intensity relating to Power Generation (gCO2eq/kWh)). The other tranche (the 20y €750m) of the bond is linked to two others new KPIs related to the Group’s full decarbonization path, across direct and indirect greenhouse gas emission reduction (Scope 1 and 3 GHG emissions Intensity relating to Integrated Power (gCO2eq/kWh) and Absolute Scope 3 GHG emissions relating to Gas Retail (MtCO2eq)).

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (Vigeo Eiris)

Air-France KLM successfully priced its first Sustainability-Linked dual tranche bond issuance

Air France – KLM Group (Unrated), international leader in air transport, successfully priced on the 9th January a Dual tranche Long 3 year and Long 5 year. Air France – KLM Group came to the market c.1.5 years after its latest senior vanilla bond issuance, inaugurating its very first Sustainability-Linked bond with a dual tranche emission, a premiere in EUR for the aviation industry.

Conditions of the bonds are linked to the reduction of its « well-to-wake » GHG emission intensity metric tons of CO2 equivalent per Revenue by 10% by 2025 compared to its 2019 baseline, as part of a 2030 trajectory validated by SBTi in Dec 2022. Moody’s provided a SQS2 “Very Good” score to Air France – KLM Group’s Sustainability-Linked Financing Framework.

The transaction was a success, as Air France – KLM managed to upsize the deal to €500m on both tranches after a two-day roadshow on 4 and 5 January 2023, where IPTs were released at 7.75% area for a Long 3-year €300m minimum and at 8.5% yield area for a Long 5-year 300m minimum. It seized a favourable market window and attracted final combined books of c. €2.6bn (2.6x oversubscription ratio).

Natixis acted as Sole Sustainability Advisor & Global Coordinator.

Link to the Framework  

Link to the SPO (Moody’s)

Swedbank issued a 5.5-year EUR 750M Green Bond

On January 4th, Swedbank issued a EUR 750 M Green Senior Non-Preferred with a 5.5-year maturity. This is Swedbank 2nd Green Bond transaction in euro since their inaugural EUR 1bn Green 6-year Senior Non-Preferred in 2021.

The Sustainable Funding Framework was published in September 2022 and is aligned with the Sustainability Bond Principles. The funds will support Green Eligible Projects including renewable energy, green buildings, energy efficiency, sustainable management of living natural resources, pollution prevention and control, clean transportation and sustainable water and wastewater management.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (ISS ESG)

Bayern LB successfully priced a 6y EUR 500mn Green SNP Bond

On January 31st, the bank based in Munich Bayern LB participated to the Green Bond market arena with a EUR 500mn long-6yr, issued under its Sustainable Finance Framework.

Use of Proceeds will be used to finance/refinance Eligible Sustainable Loans included in Bayern LB Eligible Sustainable Loan Portfolio , which is worth EUR 6.9 bn. Eligible Categories include Renewable Energy (EUR 2.8bn), Electric Rail (EUR 2.6 bn) and Real Estate (EUR 2.4bn). Bayern LB Sustainable Finance Framework has been set up in 2020 to issue Green Bonds and broadened in June 2022 to include rail transport.

ISS ESG provided a positive Second Party Opinion, stating that the framework is aligned with the ICMA Green Bond Principles and consistent with Bayern LP’s sustainable strategy.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (ISS ESG)

SpareBank 1 successfully launched a new Green Senior Preferred  Bond

On January 17th, SpareBank 1 visited for the first time since September 2022 the Euro market with EUR 500m Green 4-year Senior Preferred transaction

The proceeds from the issuance will be allocated to the financing of energy efficient buildings (residential and commercial), renewable energy and clean transportation.

The long November 2027 tenor fits well within the issuer’s ALM constraints as well as the current appetite from investors.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (Sustainanalytics)

Erste Group Bank successfully closed a new 8-year  Green Bond

On January 9th, Erste Group Bank has issued a new 750 million Euro Green Senior Preferred Bond. This transaction is in line with Erste Group commitment to a net zero portfolio by 2050 and its first green issuance since inaugural in 2021.

Proceeds from the issuance will be allocated to the financing of energy efficient buildings (residential and commercial) and renewable energy.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (ISS ESG)

Berlin Hyp has successfully issued its first dual-tranche Green Bond and Social Bond

On January 3rd 2023 Berlin Hyp priced a dual tranche consisting of a Social EUR 500mn (WNG) Mortgage Covered Bond with a long-3y maturity and a Green EUR 500mn (WNG) Mortgage Covered Bond with a 10y maturity.

The proceeds from the issuance will be used to finance the green and social projects included in the Green and Social Bond Frameworks. Green projects include refinancing loans for energy efficient green buildings and loans for EU Taxonomy aligned buildings. Social projects focus on loans and investments for the i) acquisition, ii) construction, or iii) refurbishment of Affordable Housing Buildings.

Berlin Hyp, one of the leading German lenders in commercial real estate, is a seasoned ESG bonds issuer, with 17 Green Benchmarks, including 7 Green Covered Bonds. Berlin Hyp was the first bank to issue a Sustainability-Linked bond in 2021, and is the first emitter ever of a dual tranche covered bond with a social and a green bond tranche.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Green Bond Framework and to the Social Bond Framework

 Link to the GBF SPO (ISS ESG) and to the SBF SPO (ISS ESG)

CNP Assurances successfully issued a Tier 2 30.5-year NC 10.5-year EUR 500M Sustainability Bond

On January 11th 2023, CNP Assurances successfully priced a new €500mn Sustainable Tier 2 subordinated bond. This is CNP Assurances’ 2nd issuance since their inaugural EUR 1bn Green 6-year Senior Non-Preferred in 2019. The transaction was almost 2x subscribed.

In December 2022, CNP Assurances has extended its existing Green Bond Framework into a Sustainable Bond Framework to include social and sustainable projects.

The proceeds will support Green Eligible Projects including renewable energy, green buildings, sustainable forestry or clean transportation and Social Eligible Projects linked to healthcare, education, affordable housing, or digital inclusion.

Natixis acted as Joint Bookrunner.

Link to the Framework

Link to the SPO (ISS ESG)

Link to Press release

Ile-de-France Mobilités has successfully issued a new 10-year and 20-year EUR Green Bond Dual-Tranche

On January 25th Ile-de-France Mobilités went out on the Green Bond market with a EUR 1bn dual-tranche long-10yr and 20yr, issued under its Green Bond Framework published in May 2021.

The integrated public transport authority in Ile de France region will use the proceeds to finance eligible assets participating to clean transportation, identified in the Green Bond Framework.

These include renovation and renewal of surface public transport fleet; renovation and renewal of rail rolling stock; renovation and renewal of infrastructure enabling low carbon public transport; and improving the quality of service for mobility.

Cicero provided a Second Party Opinion awarding the framework a Dark Green rating.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (Cicero)

An inaugural Sustainability-Linked EUR 600mn 6.5y transaction successfully issued by Abertis

On January 31st Abertis Infraestructuras S.A debuted in the Sustainability-Linked Bond market with a EUR 600mn long-6.5yr, issued its under Sustainability-Linked Financing Framework published in June 2022. This inaugural bond was oversubscribed six times.

The proceeds from the issuance will be used to align Abertis’ business and funding strategy with its Sustainability Strategy planned for 2022-2030. The three KPIs selected in the Framework are used on this transaction, setting milestones in 2027 to tackle absolute greenhouse gas (GHG) emissions from scope 1&2 by 40% (tCO2e), reduce scope 3 GHG intensity by 16% (tCO2e per million km travelled) and increase the number of electric vehicle charging points (EVCPs) installed to 633 (#).

These two first indicators are considered to be aligned with the Science Based Targets Initiative (SBTi) and with a scenario of a 1.5 ºC.

Natixis participated to the transaction as Global Coordinator.

Link to the Framework

Link to the SPO (Sustainalytics)

Link to the Press release

Iberdrola has successfully issued a new Green Hybrid Bond

On January 19th , the Spanish utility Iberdrola successfully returned to the primary market for the third time in 3 months with a EUR 500m Green Perpetual bond using the same structure as its November 2021 hybrid.

This issuance is in line with Iberdrola’s plan to invest €47 billion between 2023-2025 using green and sustainable products estimated to account for nearly two-thirds of its debt by 2025.

Iberdrola’s Green Financing Framework, lastly updated in November 2022, has been set up to finance green Bonds, Loans or Green project Finance. Proceeds from the issuance will be used to  finance and/or refinance, in whole or in part, Eligible Green Projects relating to Energy Access, Renewable Capacities and Energy Efficiency

Natixis participated to the transaction as Active Bookrunner and Joint Lead Managers

Link to the Framework

Link to the SPO (Moody’s)

Avril Group has successfully issued its first Schuldschein Debt Offering

On December 8th, Avril Group, the 5th largest French food industry group and industrial and financial operator in the vegetable oil and protein sector, announced its inaugural German private placement. The EUR 90M Schuldschein has maturities of 5 and 7 years.

The financing is part of Avril’s strategy to combine financial and CSR performance criteria and is linked to three ESG criteria.

Natixis participated to the transaction as Arranger.

Link to the article

Gunvor secures its USD 1.645 billion Sustainability-Linked Revolving Credit Facility (RCF)

On November 23rd, Gunvor has signed a two tranches multi-currency RCF available to both of its entities Gunvor International B.V and Gunvor S.A.

• USD 1.375 billion with a 364-day maturity and three 364-day extension options
• USD 270 million with 3-year maturity and one 364-day extension option

The financing is linked to four Key Performance Indicators (KPI). GHG emissions are split in two KPIs: one for Scope 1&2 and one for Scope 3, considering the improvement energy efficiency of the shipping fleet. The targets are not disclosed but the group published his climate strategy with an ambition to reach a 40% decrease for Scope 1&2 GHG emissions by 2025.

The two remaining KPIs concern investments in non-fossil fuel projects and Human Right principles covering Group’s assets, JVs as well as suppliers

Natixis acted as Sustainability Coordinator and Bookrunning Mandated Lead Arranger.

Link to the article

The Public Investment Fund (Saudi Arabia Wealth Fund) issued a new USD Green multi tranche

On October, Saudi Arabia’s Public Investment Fund issued a USD Green multi tranche Bond, consisting of a 5Y USD1,250m, 10Y USD1,250m and 100Y USD500m.

PIF joined a flurry of other issuers tapping the market after a run of heightened volatility that has lasted most of the year, selling a green bond with a 100-year maturity alongside two other tranches of the issue.

PIF has a vital role in realizing the Kingdom commitment to be net zero by 2060 and has developed a Green Framework for financing drawn from the Circular Economy (CCE) launched by the Kingdom during its Presidency of the G20 in 2020PIF Green Finance Framework has been set up in February 2022, to issue Green Bonds, Sukuk, loans and other debt instruments. The eligible projects contain Renewable Energy, Energy Efficiency, Sustainable Water, Pollution prevention and Control, Green Buildings, Clean Transportation, Sustainable Management of living natural resources and land use.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO

Suez has successfully issued its second  Green Bonds issuance  

Issued on October 27th, this €1.7bn Green Bond is made up of two tranches: 6Y EUR800m and 10Y EUR900m.

The net proceeds will be used to refinance the remaining portion of the Issuer's financial debt which initially financed whole or part of Eligible Green Projects in accordance with the Issuer's Green Bond Framework. The Eligible Green Portfolio will be made of Water, Waste and Smart & Environmental solutions assets.

Following these two bond issuances, the Group will have completed in five months the refinancing of the bank debt put in place for the acquisition of the initial scope of its activities, and further strengthens its position as a major Green Bond corporate issuer.

Natixis participated to the transaction as Global Coordinator on both tranches, after having acted as Green Structuring Advisor on the Framework in May 2022.

Link to the Framework

Link to the SPO

SNCF SA has issued a new EUR 500M Green Bond issuance

On October 26th, SNCF SA, the French Public Company world leader in the mobility business, issued a Green Bond EUR 500m with a maturity of 5 years. SNCF issued under its Green Bond Framework last updated on January 2021.

The proceeds of the transaction will finance Green eligible investments in line with SNCF’s Green Bond Framework. The Framework was initially created to develop French rail infrastructure investments and was expended in 2021 to rolling stock, making it the first green Bond programme to cover both infrastructure and operations. The eligible green projects are self-funded projects supporting zero-emissions transportation as they support an optimum use of the rail transport.

Since 2016, SNCF has developed an extensive Green Bond programme dedicated to SNCF Reseau’s major renovation investments. SNCF Group has issued since 2016 22 Green Bond for a total of EUR 7.6b outstanding. This is SNCF SA second Green Bond since its EUR 1.25b inaugural Green 2030 launched in 2020.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO

Cepsa converts its five-year €2.0 billion syndicated Revolving Credit Facility (RCF) into sustainability-linked financing

For the first time, Cepsa has signed the extension of its €2.0 billion multi-currency RC under its 2030 sustainable strategy Positive Motion. Through this strategy, Cepsa intends to become leader in sustainable mobility, biofuels, and green hydrogen in Spain and Portugal.

The financing is linked to three Key Performance Indicators (KPI) including carbon and gender diversity. GHG emissions are a center piece of the sustainability-linked structure with an objective to reach a 55% decrease in 2030 vs 2019 for Scope 1&2 and a 15-20% decrease in the carbon intensity index of its energy product sales which includes Scope 1, 2 & 3. The third KPI is linked to Cepsa’s gender diversity commitment to reach 30% of leadership positions held by women by 2025.

Concerning margin adjustments, Cepsa and its banking syndicate have committed to donating 100% of interest adjustment to the Cepsa Foundation and the banks to foundations or non-profit organizations, towards projects dedicated to improving the environment as well as to social action including gender diversity.

Natixis  acted as Sustainability Coordinator

https://www.cepsa.com/en/press/green-revolving-credit-facility

CDC issued its 4th Sustainability Bond for an amount of EUR 500m and a 5-year maturity

On October 12th, the French Public Insitution Caisse des Depots et Consignations (CDC) fulfilled its commitment to issue at least on EUR Sustainability bond Benchmark per year and entered the Sustainability Bond market for the first time in 2022.

CDC aims at achieving carbon neutrality for its portfolio by 2050, and is committed, in accordance with the Protocol for defining the targets of the Net-Zero Asset Owner Alliance (AOA), to reduce by 20% its carbon footprint on scopes 1 and 2 of its portfolios of listed equities and corporate bonds between 2019 and 2025.

Under its Sustainability Bond Framework last updated in April 2022, CDC will allocate the 75% of the net proceeds of this issuance to Eligible Green Projects and 25% to Eligible Social Projects , according to its lender’s presentation. The Green Eligible categories, are based on the Technical Screening Criteria (TSC) of the EU taxonomy Climate Delegated Act, where relevant. Projects will be located exclusively in France.

Natixis participated to the transaction as Joint Bookrunner

Link to the Framework

Link to the SPO

Carrefour has announced a new Euro 500m (WNG) 6 years Sustainability Linked Bond

On October 6th, Carrefour, the French group and one of the world’s leading food retailers, issued a Sustainability Linked Bond. Carrefour last issue was its inaugural SLB, on a Euro 1.5bn dual 4.6yr and 7.6yr in March 2022. Carrefour issued under its Sustainability Linked Bond Framework, published in June 2021 and updated in May 2022 to include new targets on Climate action and Responsible Consumption and Production.

The KPIs selected on the Bonds are about Circular Economy and are the same than the ones used on the inaugural with updated SPTs. The KPIs include sustainability performance targets respectively of 21,500 tons of packaging avoided by 2027 (cumulative since 2017) and a reduction of food waste of 55% by 2027 (versus 2016). Both KPIs are set to be observed on 31 December 2027.

Natixis participated to the transaction as Global Coordinator.

Link to the Framework

Link to the SPO

Action Logement successfully launches a new Sustainability Bond

On September 21st, Action Logement Services (ALS), the agency financing public policies to support social housing in France, issued a new Sustainability bond of EUR 750m with a maturity of 15 years. This is ALS 5th benchmark issuance since their inaugural Sustainability bond in 2019.

The funds will be allocated to finance its employment and housing activites, contributions to public policy budgets, aid and personal services (including loans and guarantees), and social and intermediate housing operations in France. Social projects take into account access to affordable housing and access to basic services, while environmental projects correspond to energy efficiency, green buildings, prevention and control of pollution.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO

Sucafina Brasil & Sucafina Colombia successfully close Latam Sustainability-Linked borrowing base facility

Sucafina Brasil and Sucafina Colombia successfully close jointly a 2-year Sustainability-linked Senior Uncommitted Secured Borrowing Base Facility, securing Total Commitments of US$275 million, with an accordion option of up to US$125 million.

Starting in 2022, this Facility includes a sustainability framework, supporting the Group vision to be the leading sustainable Farm to Roaster coffee company in the world. The Sustainability-linked facility is tied to sustainability objectives, aligned with the core environmental issues for Sucafina with a strong focus on increasing the number of certified farmers, developing a carbon emissions and climate action plan, and monitoring deforestation in Brazil and Colombia.

Natixis  acted as Joint Sustainability Agent for this transaction.

Aéma Groupe successfully issued its inaugural €500m Sustainable Bond

On September 2nd, Aéma Groupe successfully issued from Abeille Vie an inaugural €500m Sustainable 11-year bullet Tier 2 subordinated bond at MS+385bps.

The amount issued will be used to finance Green and Social projects by Aéma Groupe and its affiliated companies.

The Green eligible projects are Green Buildings, Renewable Energy, Sustainable Forestry and Aquatic biodiversity conservation and use of renewable energy from the ocean. In terms of social categories, the eligible projects include Affordable Housing and Emergency Shelter.

Natixis participated to the transaction as Sustainability Advisor, Global Coordinator and Joint Bookrunner.

Link to the Framework

Link to the SPO (Moody’s)

On August 8th, 2022, Natixis acted as Joint Bookrunner for the United Mexican States’ (“Mexico”, or “UMS”) debut USD 2.2bn Long 10 years SDG bond offering ($1.8bn New Money, up to $486mm Switches). UMS secured a favorable outcome via a brief window of opportunity in the otherwise turbulent capital markets.

This marks Mexico’s first visit to the sustainable USD bond market, having previously issued sustainable EUR debut in 2020, EUR return in 2021, and MEX debut in 2022.

This also marks the third time Natixis acted as Joint Bookrunner – further reinforcing Natixis’ leading position across the sustainable debt capital markets.

A significant portion of the transaction was allocated to ESG investors (i.e., incorporating ESG criteria in their FI investments).

Link to the framework

Link to the SPO

IDF Region successfully launches its largest Sustainable Bond

On July 19th, The Île -de-France Region issued a new sustainable bond of EUR 700m at 10 years. This is the largest single-tranche transaction carried out by the issuer in the bond markets.

The funds will be allocated to (re)finance exclusively expenditures relating to one (or more) category of green and social projects. Green projects include green buildings, clear transportation, renewable energy, terrestrial and aquatic biodiversity conservation. Social projects take into consideration access to essential services such as education, health, social inclusion but also affordable housing, basic infrastructure and support for employment creation, prevention and fight against unemployment related to crises.

In a volatile environment, the Île-de-France Region carefully monitored market conditions and was able to seize an opportunistic market window for its first bond issue in 2022.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (V.E.)

Ramsay Santé topped up the first Sustainability-Linked collateral trust

Ramsay Santé topped up its collateral trust, making it one of the largest on the French market (€366.2m in cumulative contracted loan) and the first to be linked to sustainability criteria. This innovative transaction is a new milestone in the sustainable finance’s commitment of Ramsay Santé that renegotiated its syndicated Sustainability-Linked debt in April 2021 with a TLB and issuied a Sustainability-Linked Euro PP in December 2021.

Immobiliere de Santé, the main holding company for the securities and real estate assets of Ramsay Sante, has concluded an additional loan agreement (Tranche 3) for €150mn from a pool of lenders made up of various entities of Groupe BPCE, La Banque Postale, and Bpifrance. The long-term financing is intended to fund the general needs of Immobiliere de Sante and Ramsay Sante, and is backed by a trust holding the shares of the real estate subsidiaries that hold the title to nine private hospitals and clinics, with Natixis as trustee.

This collateral trust that was also topped up by €98 in June 2021 is the first on the market to be sustainability-linked: its interest rate is linked to a bonus/penalty system that depends on the degree to which the buildings concerned reach annual greenhouse-gas reduction emission targets (scope 1 & 2) over the duration of the financing.

The transaction was arranged by Natixis CIB who acted as well as Sustainability coordinator.

Link to the Press Release

Link to the Sustainability-Linked Financing Framework

Devialet has successfully contracted a Sustainability-Linked Loan

On July 2022, Devialet signed an agreement for a new initial Sustainability-linked credit facility of EUR 15mn implemented with an additional uncommitted EUR 11mn, with a 5-year maturity with linear amortization.

Devialet is an acoustical engineering company operating at the intersection of luxury and cutting-edge technology. By coupling unrivaled sound quality with a sleek and modern design, Devialet's world-class engineers set a high standard for innovation and push the boundaries of what can be achieved with audio engineering.

The Sustainability-linked facility is tied to three sustainability objectives, aligned with the core environmental and social issues for Devialet:

• Employee’s satisfaction, capturing human capital and employee wellbeing
• Energy consumption with the average idle power consumption across all Devialet’s plugged speakers
• Circular economy with the share of electronic subsystems reused or recycled from returned products.

The loan margin will be annually adjusted depending on the achievement or non-achievement of targets pre-determined at signing for each KPI.

Natixis participated to the transaction as Sustainability Coordinator and Document Agent.

Third successful appearance for LBBW this year

On July 18th, LBBW successfully returned to the primary market with their third appearance in the Green Covered Bond this year. The issuance has a size of EUR 1bn and follows two bonds previously issued this year: a EUR 750m in January and a USD 750m in February.

The Use of Proceeds will be dedicated to energy-efficient buildings and renewable energy, mainly on- and offshore wind energy projects and solar (photovoltaic and thermal) energy projects.

Acting as SPO, ISS ESG confirmed the underlying Green Bond Framework is aligned with EU Taxonomy.

Natixis participated to the transaction as Bookrunner.

Link to the Framework

Link to the SPO (ISS ESG)

Lamartine has successfully issued its Second Green Bond of the year

On July 12st Lamartine launched a new transaction for the second time in 2022 and issued a 6-year EUR 350m green bond through SAS Nerval, one of its subsidiaries.

The proceeds from the issuance will be used exclusively to finance or refinance, in part or in full, two categories of eligible projects.

First, Lamartine aims at acquiring residential green buildings located in France and certifying its building with environmental certifications, either NFE Habitat, H&E or NF Habitat HQE. Second, Lamartine will invest in individual energy performance improvement measures to improve energy efficiency.

Natixis participated to the transaction as Global Coordinator, Green Structuring Advisor and Active Bookrunner.

Link to the Framework

Link to the SPO (Moody’s)

Voltalia converted additional green bonds into new shares

On September 2nd, Voltalia SA announces the success of its offering of additional green bonds convertible into new shares and/or exchangeable for existing shares (OCEANEs Vertes) due 2025 for a nominal amount of approx. €50 million fully fungible with the OCEANEs Vertes due 2025 and issued in January 2021.

The proceeds will be used for development, construction, operation and maintenance of renewable energy plants and storage units and majority or minority acquisitions of companies significantly active in any of the renewable energy technologies described above.

Natixis participated to the transaction as Structuring Advisor, Global Coordinator and Joint Bookrunner.

Link to the Framework

Link to the SPO (EthiFinance)

Groupe BPCE successfully issued its new JPY114.4bn multi-tranche Samurai Bond

On 1st July 2022, BPCE priced a 5-tranche JPY Samurai bond issue for a total size of JPY 114.4bn. The 7NC6 Senior Non-Preferred tranche will be labelled “Sustainable Agriculture Bond”, following an inaugural BPCE EUR750mn Senior Non-Preferred Green Bond under this format issued in January 2022.

The transaction is geared to refinancing assets of the Banque Populaire banks, the third-largest banking player in the agricultural sector in France. For many years the Banque Populaire banks have been supporting agricultural transition and the transformation of production models towards a more sustainable and more local form of agriculture which respects natural resources and biodiversity and thereby enables farmers to adapt to climate change.

Natixis participated to the transaction as Joint Lead Manager

Link to the Methodological Note – Sustainable Agriculture

Link to the SPO

Bpifrance successfully issued its Green Senior Unsecured bond

On 27th June, Bpifrance, the French Agency entrusted with the permanent mission of promoting the financing and development of companies operating in France, and in particular of SMEs, has successfully issued a Green EUR1.25bn 5-year Senior Unsecured transaction.

This transaction is issued under the BPI France Sustainability Bond Framework published in March 2021.

Bpifrance has taken into account, on a best effort basis, the recommendations of the Technical Expert Group’s (TEG) final report on the EU taxonomy (the “EU taxonomy”) published in March 2020 in establishing the Eligible Green Loan Categories. The net proceeds of Bpifrance’s Green Bonds will be used to finance and/or refinance, in whole or in part, new or existing medium and long-term loans aiming at financing solar and wind projects that meet the Eligibility Criteria set out in the Green Bond Framework.

Natixis is acting as Joint Bookrunner.   

Link to the Framework

Link to the SPO (Sustainalytics)

Commerzbank successfully issued its Green Senior Non-Preferred bond

On June 7th , Commerzbank, the second largest listed German banking group in terms of capitalization in Germany, has successfully issued its Green €500m 5.25NC4.25 Senior Non Preferred transaction. The bond attracted keen investor interest, with a volume of more than €1.1 billion, the final order book at re-offer was more than two times subscribed.

This transaction is issued under the Commerzbank Sustainability Bond Framework published in September 2018.

Commerzbank’s Green Bond Framework is aligned with the Green Bond Principles (2018 edition). An amount equivalent to the net proceeds of the Green Bond issue will be exclusively used to finance or refinance, in whole or in part, eligible Renewable Energy Loans (off- and on-shore wind, and solar energy).

Natixis is acting as Joint Bookrunner.   

Link to the Framework

Link to the SPO (Sustainalytics)

RCI Banque S.A. successfully issued its inaugural Green Bond

On July 6th, RCI Banque S.A., the financial services provider for the Alliance Renault-Nissan-Mitsubishi brands, has successfully issued its inaugural 500 million Euro Green Senior Unsecured transaction.

This inaugural transaction is issued under the RCI Banque S.A. Green Bond Framework. RCI Banque S.A. has published its Green Bond Framework in May 2022 in order to be aligned with its sustainability strategy and its shareholders strategies.

RCI Banque S.A. supports Renault Group climate action plan with an ambition to contribute to carbon neutrality by 2040 in Europe and 2050 outside Europe. RCI Banque S.A. sustainability strategy is based on 3 pillars and 3 ambitions: Climate and environment (Contribute to CO2 neutrality), Diversity and inclusion (40% of women in management-level position) and Safety and care (Great Place to Work Label in at least 5 main countries).

The proceeds will be dedicated to clean transportation projects: vehicles with zero tailpipe emissions and charging infrastructure for electric vehicles.

Natixis is acting as Sustainability Advisor and Global Coordinator 

Link to the Framework

Link to the SPO (Sustainalytics)

Unicaja Banco successfully issued its inaugural Green Senior Preferred bond

On June 23rd, Unicaja Banco, the 5th largest bank in Spain by total assets, has successfully issued its inaugural Green Euro Benchmark 3NC2 Senior Preferred transaction.

. Unicaja Banco has published its Sustainability Bond Framework in May 2022 in alignment with its sustainability strategy and its shareholders strategies.

With this framework Unicaja Banco integrates Corporate Social Responsibility (CSR) within the core of its corporate strategy, in its financial management instruments, in the commercialisation of its financial products and services, and in the development of its action plans.

Unicaja Banco’s framework is aligned to the 2021 version of the Green Bond Principles (“GBP”). The frameworkestablishes the specific sectors and types of assets and purposes to which sustainable financings must be directed, following the EU Taxonomy Regulation. The Use of Proceeds of this inaugural issuance will be dedicated to Renewable Energy and Green Buildings assets.

Natixis is acting as Joint Bookrunner.   

Link to the Framework

Link to the SPO (DNV)

Republic of France issued Euro Inaugural European Inflation Green Bond

On May 25th, 2022, Agence France Trésor (AFT) of the Republic of France issued a 2038 €4bn inflation-linked Green Bond. This deal is its first Green Bond in this format.

AFT has 2 outstanding Green OATs: the inaugural 1.75% 2039 was launched in 2017 for €7bn Euro, and has been since tapped to  €30.9bn. In mars 2021, AFT launched its second Green Bond, a 0.50% 06/2044 for €7bn, with an outstanding now at €14.1bn. With €45bn total outstanding, France is the largest Green Bonds issuer in the market.

The eligible green expenditures include: tax expenditures, investment expenditures, operating expenditures and intervention expenditures, as any of such expenditure can be used to deploy France’s climate and environmental policy. 6 Green sectors have been identified : Buildings, Transport, Energy  (R&I un renewable energies and investments in smart grids) Living resources, Adaptation , Pollution and Eco efficiency. : The Eligibility Criteria for Eligible Green projects follow the guidelines from the Climate Delegated Act of the EU Taxonomy.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (Moody’s ESG Solutions)

CAFFIL issued new Social Covered Bond

On May 18th, the Caisse Française de Financement Local (CAFFIL) has successfully issued a new 12yr Social Covered Bond. This deal is the longest ESG covered bond ever out of France.

A Social format was chosen for this benchmark, as a part of the Group’s engagement. The objective of SFIL Group is to reach 25% of total funding by 2024 under green, social and sustainable format. This transaction represents the 4th Social bond for CAFFIL and 7th ESG transaction for the Group.

SFIL Group’s Social Bond Framework has been published in 2019 and updated in May 2022. The proceeds of the issuance be used to finance an Eligible Health Loan Portfolio, which consists of French public hospitals loans.

Natixis acted as Joint Book Runner.

Link to Framework

Link to the SPO (Sustainalytics)

BPCE successfully executed its new Green Covered Bond issuance

On May 17th, Groupe BPCE successfully returned to the euro primary market with the issuance of a new 10-year 1.75% EUR 1 billion Green Covered Bond. This is BPCE Group 2nd Green issue this year after its €750 mln 6yr Green SNP in January, and BPCE SFH 3rd Green Covered Bond transaction.

The Use of Proceeds of this transaction will be used to finance or refinance loans for the construction of energy efficient dwellings with Eligible Green Buidlings belonging to the top 15% of the most efficient buildings in France.

Natixis acted as Joint Lead Manager.

Link to the Framework

Link to the SPO (Vigeo Eiris)

Unicredit Bank Austria successfully issued its inaugural Green Covered Bond

On May 17th, Unicredit Bank Austria successfully executed a EUR 500m inaugural 6yr Green Covered bond transaction.

This inaugural transaction is issued under the UniCredit Group Sustainability Bond Framework. Unicredit has published its Sustainability Bond Framework in June 2021 and has since issued 2 public green transactions : Green Senior Preferred in  June 2021 for Unicredit SpA , and  a Green Covered Bond for Unicredit Bank AG in Sep 2021

The Use of Proceeds will be dedicated to Eligible green buildings within mortgage cover pool identified based on Top 15% most energy-efficient buildings approach and EPCs of existing buildings built before 2021 and with primary energy savings and carbon emission savings estimated 214,675Mwh/year and 30,296tCO2/year, respectively.

Natixis participated to the transaction as Joint Lead Manager.

Link to the Framework

Link to the SPO (ISS ESG)

Kexim bank issued euro Green bond

On May 18th, Kexim Bank (The Export-Import Bank of Korea), an official export credit agency of South Korea, has successfully executed a €1.5 bn dual tranche transaction, which included a €950 m 3.5 yr FX conventional tranche and a €550 m  2yr FRN green tranche.

Kexim is issuing green Bonds since 2013, and has already issued $6.1bn across Green format (9 bonds), Social (1 Bond) and Sustainable (1 bond).

Kexim has established a new Sustainable Finance Framework in 2021, under which, Kexim’s eligible categories have been updated to include Renewable Energy, Clean transportation, Energy Efficiency, Sustainable Water and Wastewater management and Pollution and prevention control.

Natixis participated to the transaction as Joint Lead manager.

AFD issued a new first Sustainable bond

On May 19th, Agence Française de Developpement (AFD) successfully executed a EUR 1.5 bn 10yr Sustainable bond transaction at a 1.625% coupon.

This is AFD’s first sustainable issue in 2022 and its  4th  Sustainable Issue under its SDG Bond Framework designed in October 2020. With this  transaction, AFD will extend  its Benchmark Sustainable curve to 2032 , while taking advantage of an improved market backdrop.

AFD has identified 6 strategic trasitions structured around the 17 SDG  : Energy,  Demographic and Social, Digital & Technological , Economic and Financial, Territorial and Ecological, Politics and Civic. The Use of Proceeds of this sustainable bond will exclusively finance or refinance in part or in full projects falling under 3 cumulative Eligibility Criteria covering the 6 transitions categories:  

1. SDG contribution
2. SDG interrelation (no negative externality on other SDG :only projects with neutral or positive impacts will be selected. )
3. Thematic and technical eligibility (loan complies with at least one of the 3 technical eligibility criteria described in the Framework)

Natixis participated to the transaction as Joint Lead Manager.

Link to the Framework

Link to the SPO (Vigeo Eiris)

Suez successfully issued its inaugural triple tranche Green bond, the largest is the sector

On May 15th, Suez, a global leading player in Water and Waste management has successfully issued its inaugural multi tranche (5yr, 8yr and 12yr) Euro Green Benchmark transaction.

The transaction is unprecedented in terms of size in the water and waste utility sector.

The green bond proceeds will be used to refinance part of the issuer's financial debt which initially financed whole or part of eligible green entities. Suez Green Bond Framework is aligned with the Green Bond Principles and has been drafted in line with the EU Taxonomy criteria when relevant to determine the eligibility grid for Eligible Green projects.

Natixis is acting as Sole ESG Structurer and joint Global coordinator 

Link to the Framework

Link to the SPO (Moody’s ESG Solutions)

Orange issued Sustainability bond

On 11 May 2022, Orange (Baa 1 st / BBB+ st / BBB+ st by Moody’s / S&P / Fitch), a world leading telecommunications operator and the leader for digital convergence in Europe, successfully priced, a 10-year €500m sustainability bond.

Orange has established its Sustainability Financing Framework in 2020 in coherence with its strategic plan. This is its second sustainability transaction after its €500m inaugural sustainability bond which followed the establishment of its Sustainability Financing Framework in 2020 in alignment with its “Engage 2025” strategic plan.

Aligned with the ICMA Sustainability Bond Principles, the Use of Proceeds of this transaction are split between Social projects (Digital and Social Inclusion on target population) and  Green projects (Energy efficiency , Renewable Energy, Circular Economy and Pollution and Prevention control).

Natixis acted as Global coordinator and Active Bookrunner

Link to the Framework

Link to the SPO (Vigeo Eiris)

NN Bank issued its first Green Covered Bond

On May 10th, NN Bank successfully executed a EUR 500m inaugural 10yr Green Covered bond.

This is NN Bank’s first Green Covered Bond issue as well as the first Green Covered Bond out of the Netherlands. NN first issued in Green format with its NPS in September 2021.

NN Bank has established its Green Bond Framework in June 2021, with the aim to align the funding strategy with its ESG strategy, and to contribute to Dutch Climate Agreement (Dutch Climate Act aims to reduce CO2 emissions by 49% in 2030 and by 95% in 2050 compared with 1990).

The Use of Proceeds will be dedicated to green buildings that meet one of the following criteria:

• Energy performance Certificate A and belonging to the top 15% low carbon residential buildings for residential built before Dec 2020,
• For the ones built since January 2021, a PED at least 10% lower than the local NZEB.

Natixis is acting as Joint Bookrunner in this transaction.

Münchener Hyp issued Green Mortgage Pfandbriefe

On April 14th, Münchener Hypothekenbank, one of the biggest cooperative banks in Germany, successfully issued a new short 8yr  Green Mortgage Pfandbriefe.

Munchener Hyp has successfully placed their inaugural 5yr Green Pfandbriefe in 2018. This transacation is Munchener Hyp 2nd Green Pfandbriefe and their 3rd Green Bond outstanding.

Aligned with Green Bond Principles, the net proceeds of the issue will be used to finance or refinance  Munchener Hyp Green Mortgage Loan Program comprising of:

• Residential buildings in Germany: maximum annual energy demand of 70kWh/sqm or Residential buildings that obtained an energy performance certificate with a minimum energy performance labelled “B” (on a scale from H to A+)
• Commercial DGNB (min. Gold or Platinum) BREEAM (min. Very Good, Excellent or Outstanding) LEED (min. Gold or Platinum) HQE (min. Excellent or Exceptional) or Top 15% of national building stock by energy performance.

Natixis participated to the transaction as Joint Book Runner.

Link to Framework

Link to the SPO (ISS ESG)

Lamartine successfully issued its first Green bond

On April 14th, SAS Nerval, a subsidiary of SCI Lamartine, a French residential real-estate player directly owned by CNP Assurances and CDC Habitat, successfully executed a EUR 500m 10yr inaugural Green bond transaction.

Lamartine has established its Sustainability Bond framework on March 2022. The Framework takes into consideration, on a best effort basis, high level alignment with the requirements of the EU Taxonomy Regulation (Regulation (EU)2020/852) as well as the EU Taxonomy Climate Delegated Act, where practically possible, and the requirements of the proposed Regulation of the European Parliament and of the Council on European Green Bonds.

The eligible green categories of this transaction will be dedicated to Green Buildings and Energy Efficiency. The Eligible Portfolio refers to buildings located in France.

Natixis participated to the transaction as Global Coordinator, Green Structuring Advisor and active Bookrunner.

Link to the Framework

Link to the SPO (Moody’s ESG Solutions)

CADES has successfully issued its new 10yr Social Bond

On April 26th, 2022, Caisse d’amortissement de la dette sociale (CADES), the state-backed agency in charge of financing and amortizing French social debt, seized the first opportune market window post-presidential election to issue a landmark EUR 5bn 10yr Social Bond transaction.

The final orderbook for the bond is 62% allocated to ESG investors, 30% to banks and 23.9% to French investors.

This transaction is part of the EUR 40bn debt issuance. Proceeds will be used to finance / refinance eligible social expenditures as set out in their Social Bond Framework. Through this highly successful trade, CADES has now reached 40% of its 2022 40bn funding target.

Natixis participated to the transaction as Sustainability Advisor and Joint Bookrunner.

Link to the Framework

Link to the SPO (Vigeo Eiris)

Société du Grand Paris successfully issued its Green Bond

On Wednesday March 30th, Société du Grand Paris (SGP) launched its first EUR transaction in 2022 by issuing a € 1.75bn 20-year Green Bond at OAT + 33 bps. Natixis acted as Joint Bookrunner.

With this new maturity for the issuer (first 20-year for SGP), Société du Grand Paris demonstrates both the recognition of its signature in the International Capital Markets and its value in the ESG universe, with a high participation of ESG accounts in the trade.

The Use of Proceeds will be dedicated to finance all the infrastructure and programme management investments for the new Grand Paris Express electrified and automatic metro:

• Construction of new lines and line extensions: almost 200 km of new automatic metro lines supplementing the 400 km of existing lines in the Îlede-France region;
• Construction and development of new stations and technical centres: 68 stations and 7 technical centres planned.

These assets include all the investments made in the current year and / or made over the two years preceding the date of issue.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (Sustainalytics)

Sanofi issued its first Sustainability-Linked bond

On April 6th, Sanofi the French leading biopharmaceutical company, successfully priced a dual-tranche 3y €850m senior bond and 7y €650m inaugural Sustainability-linked bond.

Fully aligned with the ICMA Sustainability-Linked Bond Principles, Sanofi has published and marketed its Sustainability-Linked Bond Framework on December 2021, showing its intention to become an active and repeat issuer of sustainable finance instruments.

 The 7yr tranche  SLB structure is using 1 Social KPI: Sanofi Global Health’s (SGH) provision of essential medicines to address Non Communicable Diseases in Low-Income Countries and Lower Middle-Income Countries with the related Sustainable Performance Target to provide treatments to 1.5 million patients by the end of 2026 starting from 2022.

Natixis is acting as Joint Global Coordinator and Joint Sustainability Structurer on this transaction. Natixis acted as Sustainability Structurer on Sanofi SLB Framework

Link to the Framework

Link to the SPO (ISS ESG)

Pernod Ricard issued inaugural Sustainability-Linked Bond

On March 31st, Pernod Ricard, the international leader in wine and spirits, successfully issued its first Sustainability-Linked Bond.

Pernod Ricard has published its Sustainability Linked Financing Framework in March 2022, in line with its Sustainability & Responsibility roadmap which supports their 2030 plan and is aligned with UN SDGs. The group roadmap is articulated around 4 pillars: Nurturing Terroir , Valuing People , Circular making and Responsible Hosting

The Framework is composed of 3 environmental KPIs, and the following KPI and SPTs have been selected for this inaugural transaction:

• KPI #1: GHG scope 1&2 emissions SPT1 to decrease by 26% by 2025 (from a FY 2018 baseline
• KPI #2: water consumption  per unit at distilleries SPT2 to reduce by 12.5% by 2025 (from a FY18 baseline)  :

Natixis is acting as  Sole Sustainability Structuring advisor of the Framework  and Global Coordinator.

Link to the Framework

Link to the SPO (Sustainalytics)

Nordic Investment Bank successfully issued its Environmental Bond

On Wednesday March 2nd, 2022, Nordic Investment Bank (“NIB”) successfully returned to the euro-market with a new € 500mn 7-year Environmental Bond at a 0.25% coupon. Natixis acted as Joint Bookrunner.

In extending their curve, NIB managed to price inside of secondary levels with the outstanding Apr-2027 quoting MS -14 bps. Demand was also significant in the granularity of demand across a rich and diverse investor base, with 65 accounts taking part in the trade.

The Use of Proceeds will be dedicated to finance projects in energy efficiency, renewable energy generation, renewable energy generation, clean transport solutions, water management and protection, resources and waste management systems, and green buildings.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (Sustainalytics)

L’Oréal successfully launched its inaugural €1.25 bn Sustainability-Linked Bond

On March 22nd, L’Oréal SA executed a EUR 1.25 bn 0.875% 4.25yr senior unsecured sustainability-linked bond transaction.

In 2021 l’Oréal implemented the Group’s sustainability program for 2030: L’Oréal for the Future. The strategy is based on quantifiable goals to minimize the impact of Group activities on the climate, water, biodiversity and natural resources.

The SPTs of this transaction include:

• Reach zero absolute scopes 1 and 2 GHG emissions target at L’Oréal’s operated sites by 2025
• Achieve 14% reduction of “cradle-to-shelf” scopes 1, 2 and 3 GHG emissions per unit of sold product by 2025
• Achieve 50% of recycled or biobased plastics used in packaging by 2025

L’Oréal is committed to reporting regularly on its progress against each goal with clear and transparent indicators

Natixis participated to the transaction as Active Joint Bookrunner.

Link to the Framework

Link to the SPO (Sustainalytics)

Banco de Sabadell issued a Senior Non-Preferred Green bond

On March 24th, Banco de Sabadell successfully issued its first 2022 Bond with a Senior Non-Preferred Green transaction: € 750m 4- year at MS+ 220bps.

This Green Bond is Sabadell’s third ESG transaction under their Sustainable Development Goals (SDGs) Bond Framework.

Aligned with the Green Bond Principles, the Use of Proceeds of this transaction will support Green eligible projects including financing renewable energy projects, pollution prevention, sustainable water management, clean transportation, energy efficiency and construction of green buildings, among others.

This successful transaction, is another demonstration of Sabadell’s credit and sustainability profile recognition among investors.

Natixis participated as Joint Bookrunner.

Link to Framework

Link to the SPO (Sustainalytics)

Banco BPM successfully issued its first Green Covered bond

On March 9th, Banco BPM successfully executed a EUR 750m inaugural 5yr Green Covered bond transaction at a 0.750% coupon.

This transaction is Banco BPM’s first Green Covered bond. The bond was successfully distributed to top-quality investors across Europe and with a remarkable participation from ESG accounts (67% of the final allocation).

This transaction is fully complementary with Banco BPM commitment and strategy to address climate change in its business conduct, and follows the publication of the Green, Social and Sustainability Bond Framework in July 2021.

The Use of Proceeds will be dedicated to finance a portfolio of Green Mortgages. Eligible categories include Residential Green Buildings such as

i/loans to finance acquisition of new or existing residential housing aligned with current environmental regulation and belonging to the top 15% in Italy of the most carbon efficient buildings (kg CO2e/sqm);

 ii/loans to finance the renovation of buildings if the renovation works leads to improvement of at least two energy classes , or a Global Non renewable Energy Performance index at least 30% lower than that resulting from the pre-works EPC.

Natixis was Joint Bookrunner.

Link to the Framework

Link to the SPO (ISS ESG)

Bank of China Sydney successfully issued a Sustainability Bond

On 28th February 2022, BOCS successfully priced a USD 400 million 2,00% 3- Year Senior Unsecured Sustainability Bond.

Bank of China (BOC) is one of the most frequent Chinese ESG Bond issuers in the international markets. Key issuance include USD500m 3Y Blue bond by BOC Paris in 2020 and CNH1.35bn 2Y Green bond by BOC Frankfurt in 2021.

The proceeds from issuance will be allocated to the eligible projects including green building, public hospital, wind power, renewable power, waste management, solar power, public school and desalination plant, with an approximated total value of USD 511.03million.

Natixis participated to the transaction as an Active Joint Bookrunner.

Link to the Framework

CADES has successfully issued its 9th Social Bond as part of its Social Bond Program

On February 9th, 2022, Caisse d’amortissement de la dette sociale (CADES) issued a EUR 2bn 7-year Social Bond. The final orderbook for the 7-year bond, which pays 0.6% reached EUR 2.4bn, with 54% allocated to ESG investors, 49% to banks and 33% to French investors.

This transaction is part of the issuance programme to finance € 40bn debt assumption operations which is scheduled to run until the end of 2022. The proceeds will be used to finance / refinance eligible social expenditures as set out in their Social Bond Framework.

With this transaction, CADES has until now successfully carried out three social issues so far this year, raising a total of €11.1bn on the international financial markets.

Natixis participated to the transaction as Sustainability Advisor and Joint Bookrunner.

Link to the Framework

Link to the SPO (Vigeo Eiris)

Caja Rural de Navarra successfully issued its first Green bond

On February 9th, Caja Rural de Navarra successfully executed a EUR 500m inaugural 7yr Green Mortgage Covered bond transaction at a 0.75% coupon.

This is Caja Rural de Navarra’s first green covered bond after its two sustainable covered bond issued in 2016 (EUR 500m 0.625% 2023) and in 2018 (EUR 600m 0.875% 2025), and a Sustainable 3yr Senior preferred FRN issued in 2017.

Caja Rural de Navarra has established its Sustainable framework in 2016, and has updated it in December 2021 so that it’s aligned with the Technical Screening Criteria of the EU Taxonomy and the draft of the EU Green Bond Standard.

The Use of Proceeds will be dedicated to (re)finance the construction, renovation and ownership of Energy Efficient buildings, intended to be aligned with the Technical Screening Criteria for Activities 7.1 (Construction of New Buildings), 7.2 (Refurbishing of Existing Buildings) and 7.7 (Acquisition and ownership of Buildings).

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (Sustainalytics)

Ile de France Mobilités issued dual-tranche Green bond

On February 7th, Ile de France Mobilités successfully issued its first 2022 Bond with a dual-tranche Green transaction: € 700m 10- year at OAT+31 bps and € 600m 20-year at OAT+33 bps.

Ile-de-France Mobilités’ Green Bond Framework was established in May 2021 and received a Cicero Dark Green Rating. Ile-de-France Mobilités becomes a Green Bond issuer since 2021, by issuing an inaugural green Dual 10yr and 20yr in May, and a 15yr Green Bond in November. This new Dual Bond offering will complete and extend Ile de France Mobilités maturity profile.

Aligned with Green Bond Principles, the net proceeds of the issue will support clean transportation, with the likely share of net proceeds:

• renovation and renewal of surface public transport rolling stock,
• renovation and renewal of the public rail transport rolling stock
• renovation and renewal of infrastructure enabling low-carbon public transport
• improving the quality of service for mobility

Natixis participated to the transaction as Joint Lead Manager.

Link to Framework

Link to the SPO (Cicero)

The World Bank Group (IDA) successfully issued its Sustainability bond

On January 11th, the International Development Association successfully returned to the euro primary market with the issuance of a new 20-year 0.700% 2 EUR billion sustainable development bond. The result of the transaction was another strong achievement by IDA, as they continue to realize strategic milestones in the € currency.

The International Development Association has updated its Sustainable framework in June 2021. The Use of Proceeds will support the financing of a combination of green and social projects, programs, and activities in IDA member countries.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Enel issued a new EUR 2.75bn triple-tranche Sustainable-Linked Bond

On January 21st, ENEL priced a new €2.75bn triple-tranche Sustainable-Linked Bond, which represents its first issuance in the EUR DCM arena and also the first issuance offered by an Italian corporate in 2022: € 1.25bn short 4y, € 750m 9y and€ 750m 13y.

The coupons of the notes are linked to the achievement of Enel’s sustainable objective: the reduction of Direct Greenhouse Gas Emissions, contributing to United Nations Sustainable Development Goal 13 (Climate Action).

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (Vigeo Eiris)

Webuild successfully launched its inaugural €400m Sustainability-Linked Bond

On January 19th, Webuild executed a EUR 400m 3.875% 4.5yr senior unsecured sustainability-linked bond transaction. This transaction took place after Webuild published its SLB Framework in November 2021.

Webuild KPI is the Carbon intensity (Scope 1&2) in Tco2 Eq/€m , with an objective to reduce by -50% in 2025 vs Baseline 2017. This is in the context of a longer term strategy aimed at:

• Reducing Carbon Intensity (Scope 1 & 2) by at least 55% by 2030
• Introducing absolute SBTi-validated targets to 2030 for both Scope 1 & 2, and Scope 3
• Continuing raise ambition to reach net-zero around mid-century

Natixis participated to the transaction as a Joint Bookrunner, ESG Structuring Advisor and Coordinator.

Link to the Framework

Link to the SPO (Vigeo Eiris)

RTE successfully launched its first Green Bond

On January 5th, 2022, Réseau de Transport d’Electricité RTE, the sole transmission system operator for high and extra high voltage electricity in France opened both green and French corporate primary market in 2022, issuing with success its first green bond, €850m 12y.

With this issuance, RTE enters the green market segment and demonstrates its ability to mobilize resources to modernize its investments. the proceeds will be allocated to the following Green Eligible Projects:

• developing the interconnected European system;
• developing the transmission and distribution infrastructure and equipment
• developing infrastructure dedicated to creating direct connection or expanding existing direct connection to renewable energy generation facilities
• optimizing the electricity network

Natixis participated to the transaction as Active Bookrunner.

Link to Framework

Link to the SPO (Vigeo-Eiris)

BPCE successfully launched an inaugural “Sustainable Agriculture” bond

Groupe BPCE had raised a EUR 750m 6NC5 Senior Non-Preferred green bond, under the Sustainable Agriculture category. Groupe BPCE is the first European bank issuing under this format.

The transaction is geared to refinancing assets of the Banque Populaire banks, the third-largest banking player in the agricultural sector in France. For many years the Banque Populaire banks have been supporting agricultural transition and the transformation of production models towards a more sustainable and more local form of agriculture which respects natural resources and biodiversity and thereby enables farmers to adapt to climate change.

Natixis participated as Sustainability Advisor and Sole Bookrunner.

Link to the Methodological Note – Sustainable Agriculture

Link to the SPO (ISS ESG)

ICADE issued a €500m Green Bond

On January 12th, ICADE executed a EUR 500m 1,000% 8yr Senior Unsecurred Green bond transaction. This transaction took place after Icade updated its Green Financing Framework in December, and successfully requalified its outstanding €600m 2031 senior bond as Green Bond.

The net proceeds of the Bonds will be used to finance and/or refinance its more than €2.5bn Eligible Green Projects and to pursue its strong commitment to reduce carbon intensity in its activities.

Natixis participated to the transaction as Sole Green Structuring Advisor and Coordinator.

Link to the Framework

Link to the SPO (Sustainalytics)

Credem successfully launched its inaugural €600m Green Bond

On January 12th, Credem issues for the first time a 6NC5yr SP €600m green bond. The issue will be done under its newly established Green, Social & Sustainability Bond Framework. Credem has adopted its first sustainability Bond Framework in December 2021, in a willingness to further advance its commitments to sustainability issues.

This transaction is Credem’s first euro benchmark public senior preferred which allows Credem to progress on their MREL requirement.

The bond proceeds will be initially allocated to refinance or finance Green Buildings.

Natixis participated to the transaction as Joint Lead Manager.

Link to the Framework

Link to the SPO (ISS ESG)

CaixaBank issued a €1 bn Social Bond

On January 13th, CaixaBank accessed for the first time the debt capital market this year with a 6NC5yr SP €1bn social bond. This Social Bond is the issuer’s eighth ESG transaction framed within CaixaBank’s Sustainable Development Goal Framework.

The issuer is taking advantage of the current good market conditions to proceed with this SP, targeting refinancing of maturities and optimization of MREL; maintaining a comfortable buffer over regulatory requirements.

Aligned with Social Bond Principles as well as with CaixaBank’s Socially Responsible Banking Plan, the Use of Proceeds will support:

• Decent Work and Economic Growth / SDG 8 (77.6% of the portfolio)
• No Poverty & Access to essential services / SDG 1 (19.3% of the portfolio)
• Good Health and Well-Being / SDG 3 (2.6% of the portfolio)
• Quality Education / SDG4 (0.5% of the portfolio)

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (Sustainalytics)

Aareal issued its first Green Bond

On January 11th, Aareal executed a EUR 500m 6y Senior Preferred inaugural Green bond transaction.

Proceeds will be used to finance or refinance in whole or in part Eligible Assets in Aareal Bank's Green Finance Framework – Liabilities, namely Green Buildings and Energy efficiency upgrade.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (Sustainalytics)

IDFM successfully launched its second Green bond transaction of the year

On Wednesday November 17th, Ile de France Mobilités (IDFM) launched its second Green bond transaction this year, by issuing a 15-year €500mn Green Bond at OAT + 30bps.

The net proceeds of the issue will be exclusively used to finance eligible projects, accordingly with Ile-de-France Mobilités’ Green Bond Framework established in May 2021.

Natixis participated to the transaction as Joint Bookrunner.

Link to Framework

Link to the SPO (Cicero)

YBS successfully issued its first EUR Social Covered Bond

On November 9th, Yorkshire Building Society (YBS) has issued a 7yr €500m social covered bond.  This is YBS’ first EUR Covered Bond transaction since October 2020.

YBS is the 3rd largest UK Building Society.

Proceeds will be used to finance or refinance Eligible Social Projects, in line with YBS’s Social Financing Framework.

Natixis participated to the transaction as Joint Lead Manager.

Link to the SPO (S&P)

Sustainable US. Private Placements to finance TransMilenio low-carbon bus fleets

In November 2021, TransMilenio announced the completion of USD 126 million sustainable notes under a US Private Placement format ("USPP") to finance three separate concessions for the supply of clean transportation solutions.

TransMilenio S.A. is the public transportation authority for the District of Bogota in Colombia.

This is one of a handful of USPPs to ever be issued in Colombia, the first Colombian USPP to ever be issued as a Sustainable Bond and Climate Bonds Certified, and the first USPP to ever finance Transmilenio concessions.

Natixis participated to the transaction as Ratings Advisor, Sole Placement Agent, and Sole Sustainability Coordinator.

Link to the Press Release

Strong Return to the Capital Markets for Ville de Paris

On Tuesday November 23rd, Ville de Paris took advantage of one of the last market windows of 2021 to launch a new € 300mn No-Grow 20-year Sustainable bond.

After more than a year after its last public transaction, Ville de Paris decided to make its comeback on the markets, joining a series of successful trades in an overall resilient primary market to background volatility. The mandate for the € 300mn No-Grow 20-year transaction appeared on screens on Monday 22nd at 12:46 CET.

The result of the trade was a clear success for Ville de Paris as the timing of the transaction and the rarity of the signature allowed the issuer to gather strong and high-quality investor demand

Natixis participated to the transaction as Joint Bookrunner.

Link to Framework

Link to the SPO (Vigeo.Eiris)

Telefónica successfully priced their second Sustainable bond of 2021

On November 15th 2021, the international leader in telecommunications services such as fixed and mobile phone services, cybersecurity, IOT, big data and cloud solutions, Telefónica Europe B.V., priced a €750m Sustainable PerpNC6.5 hybrid bond.

Pioneer in sustainable financing within the industry (first telco to issue a sustainable hybrid bond), Telefónica makes with this transaction further progress in integrating sustainability into its business strategy.

The proceeds of the Notes will finance or refinance Eligible Projects.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to SPO (Sustainalytics)

Talanx successfully launched its inaugural Green Tier 2 Bond

On November 24th, Talanx placed its first Green Bond (Tier 2) with a volume of EUR 500m and a maturity of 21 years.  It is the 1st EU Taxonomy aligned Green Bond issued by an insurer.

Proceeds will be used to finance or refinance new projects. Eligible assets are the following one:

• Renewable energy projects
• Green buildings

This transaction marks the issuer’s return in the debt capital market after a 4-year absence (latest T2 benchmark issued in November 2017).

Natixis participated to the transaction as Joint Lead Manager.

Link to the Framework

Link to the SPO (Sustainalytics)

SGP successfully completed its last trade of 2021 with a EUR 3bn dual-tranche Green transaction

On Tuesday November 16th, Société du Grand Paris (SGP) launched their last transaction for 2021, with a € 3bn dual-tranche 10Y & 30Y Green benchmark

On Tuesday 16th of November, Société du Grand Paris successfully launched its ninth and tenth Green bond issuances under its “Green Euro Medium Term Note” programme. This was via a dual-tranche transaction for a total amount of 3 billion euros with 1.75 billion 10-year tranche (with a 0.300% Coupon) and a 1.25 billion 30-year tranche (with a 1.000% Coupon).

This EMTN programme was recently awarded first place in the « Largest Certified Climate Bond & Largest Subnational Green Bond » awards by the « Climat Bonds Initiative » in 2020.

This transaction, the last of the year for the issuer, attracted 33 investors on the 30-year tranche and 57 investors on the 10-year one, with combined orderbooks reaching 3.4 billion euros. Despite a volatile rates environment, many international investors reaffirmed their strong support for the Grand Paris Express project.

Natixis participated to the transaction as Joint Bookrunner.

Link to Framework

Link to the SPO (Sustainalytics)

SFIL successfully completed its second Green Bond

On Tuesday November 23rd, SFIL launched a €500m 10y Green Bond. This is SFIL second Green transaction in the market and its first Green transaction for 2021 after the inaugural €500mGreen Bond in November 2020.

SFIL is the French local government and export refinancing agency.

Key green eligible areas of the Framework are clean local public transportation, waste management, water treatment and renewable energy

The deal enjoyed a very strong reception with an orderbook reaching €2.5bn (2.5x oversubscribed) and more than 80 investors, reflecting the enlarged name recognition of SFIL in the agency segment.

Natixis participated to the transaction as Joint Bookrunner.

Link to Framework

Link to the SPO (Sustainalytics)

Landesbankinn successfully launched its second Green Bond of the year

On Tuesday the 16th of November, Landsbankinn executed a EUR 300m 0.75% 4.5yr Senior Preferred Green bond transaction. This was Landsbankinn’s second Green bond transaction following their inaugural in February this year

Following the release of their Q3 results and the success of their inaugural Green bond in February, Landsbankinn decided to come back to the EUR Senior Preferred market in order to take advantage of the tight spread conditions.

Natixis participated to the transaction as Joint Lead Manager.

Link to the Framework

Link to the SPO (Sustainalytics)

Elis successfully closed its first Sustainability-Linked Revolving Credit Facility

In November 2021, Elis, a French international multi-service provider, offering textile, hygiene and facility service solutions, closed a €900m Revolving Credit Facility with a 5y maturity (extensible 1y+1y), together with 13 banks.

The loan agreement includes a margin adjustment mechanism linked to two sustainability KPIs:

• KPI #1: Water intensity reduction: achieve a 30% water consumption reduction per kg of linen delivered over the period 2018-2030 in the European laundries
• KPI #2: Gender diversity: increase the proportion of women in executive and management positions to 42% by 2030, versus 34% in 2020

Natixis acted in the transaction as Mandated Lead Arranger.

Link to the Press Release

Gunvor signed a $1.45bn sustainability linked RCF

For the first time, Gunvor introduced ESG KPIs in the Group’s flagship corporate Revolving Credit Facility (RCF).

The RCF now comprises four KPIs that will be annually tested and externally verified, namely:

• the reduction of scope 1 and 2 emissions,
• the improvement of energy efficiency of the shipping fleet and reduction of scope 3 emissions,
• the investment into non fossil fuel projects, and
• the assessment of the Group’s assets and JVs against Human Right principles.

The Facility received strong support from Gunvor’s banking partners and attracted new banks, increasing the total facility amount from the previous year.

Natixis acted in the transaction as Book Mandated Lead Arranger and Sustainability Coordinator.

Link to the Press Release

EDF successfully launched its seventh Green bond since 2013

On 23 November 2021, Électricité de France SA (“EDF”) (A3 st / BBB+ st / Aneg), the French producer and supplier of electricity, successfully priced, without marketing, a 12Y €1.750bn green bond at a 1.000% coupon.

EDF completed its seventh Green bond since 2013, reaffirming its leadership in this segment with an equivalent amount issued of €8.7bn across EUR, USD and JPY. Prior to this issuance, EDF consistently dedicated more than 95% of the proceeds to new renewable capacity, with the remainder being invested in hydro facilities and biodiversity projects. The net proceeds of this issuance will be allocated to Eligible Green Projects as defined in its updated 2021 Green Bond Framework.

Natixis participated to the transaction as Active Bookrunner.

Link to Framework

Link to the SPO (Vigeo-Eiris)

AXA IM Alts’ European Logistics has successfully issued its first Green Bond

On November 15th 2021, AXA Logistics Europe Master has priced a two-tranche 5yr & 8yr green bond for €800m.

AXA Logistics Europe Master is a leading pan-European, open-ended, logistics real estate investment fund managed by AXA Investment Managers Real Assets.

The Fund aims to continue to pursue its growth strategy, with the acquisition and development of sustainable logistics centers, with energy efficient premises, incorporating wellbeing facilities for staff.

This represents the first bond issuance undertaken by AXA Logistics Europe, attracting strong demand with a circa four-times oversubscribed order book.

Natixis participated to the transaction as Active Bookrunner.

Link to the Framework

Link to the SPO (Sustainalytics)

Atos successfully issued its inaugural Sustainability-Linked Bond

On November 4th, Atos, the French leader in web services offerings (cybersecurity, clouds and super calculators) has launched its inaugural SLB, a senior unsecured 8y €800m.

The bond financial characteristics are tied to the company's performance in terms of greenhouse gas emissions reduction, namely a 50% reduction by 2025 compared to 2019. This target has been approved by the Science-Based Target initiative (SBTi) and is aligned with the ambitious of keeping global warming at 1.5°C limit.

The bond issuance was more than 2 times oversubscribed. 

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (Sustainalytics)

BPCE successfully launched its first USD Social bond issue

Groupe BPCE had raised a USD 1 billion 6NC5 Senior Non-Preferred Social bond, together along with its return to the vanilla Tier 2 space after a hiatus of more than 5 years.

This is an inaugural ESG benchmark issuance in USD for BPCE, and the first ever USD ESG bond from a French bank. The deal is in line with BPCE’s commitment to “green & sustainable growth” as a repeat sustainable issuer.

Natixis participated to the transaction as Sustainability Advisor and Joint Bookrunner.

Link to the Framework

Link to the SPO (V.E)

Carmila successfully closed a Sustainability-Linked facility

In October 2021, Carmila closed a €810m Revolving Credit Facility in two tranches: (i) a 3y tranche, and (ii) a 5y tranche. The proceeds will be used for refinancing outstanding debt.

As part of the loan agreement, 2 sustainability KPIs have been identified and selected to be tied to the facility’s margin, aligned with Carmila’s ambitious strategy to halve its greenhouse gas emissions by 2030 and to achieve BREEAM certification for its entire asset portfolio by 2025.

Carmila is the third largest listed owner of commercial property in continental Europe.

Natixis participated in the transaction as Mandated Lead Arranger and Sustainability Coordinator.

Link to the Press Release

Industrial and Commercial bank of China issued Green Bond form Luxembourg branch

On 21th October 2021, ICBC Luxembourg Branch successfully priced a 3-year EUR 500 million Green bond.

The proceeds of this green bond will be to finance and/or refinance eligible green assets included into the following categories: renewable energy, clean transportation, energy efficiency, sustainable water and wastewater management.

In August 2021, ICBC has updated its Green Bond framework and has engaged Sustainalytics as Second Party Opinion.

Natixis participated to the transaction as Joint Global Coordinator.

Link to the Framework

Link to the SPO (Sustainalytics)

Leonardo successfully signed its first ESG-linked credit facility

On October 07th, Leonardo has signed a new Revolving Credit Facility, the first to be ESG linked. The ESG-linked Revolving Credit Facility ("ESG-RCF"), signed for € 2.4 billion, is divided into a tranche of € 1.8 billion with a maturity of 5 years and a tranche of € 600 million with a maturity of 3 years. 

In line with both Leonardo Sustainability strategy, at the basis of the Industrial Plan, as well as the Long-Term Incentive Plan, the RCF is linked to two specific ESG indicators, including the reduction of CO2 emissions through the eco-efficiency of industrial processes and the promotion of women employment with degrees in STEM disciplines. These ESG parameters are also contributing to the achievement of the Sustainable Development Goals (SDGs), which are the basis of ca. 50% of the Group's investments.

Natixis participated to the transaction as Co-Arranger.

Link to the Press release

Séché Environnement has successfully issued its Inaugural Sustainability-linked bond

On October 28th 2021, Séché Environnement successfully priced an inaugural 4Y €300m 7Y SLB. The Group intends to use the proceeds to refinance its debt and for general corporate purposes.

The bond financial characteristics are tied to (i) the company's performance in terms of greenhouse gas (GHG) emissions reduction and (ii) GHG emissions avoided by its customers thanks to Séché Environnemen’s recycling activities, in France.

Séché Environnement business activities being intrinsically linked to the low-carbon and circular economy, the company demonstrates with this transaction how its funding obligations support its sustainability objectives.

Natixis participated to the transaction as Joint Lead Manager.

Link to the Framework

Link to the SPO (S&P)

The World Bank (IBRD) issued a EUR 2 Billion 25-year Sustainable Development Bond

On the 13th of October 2021, World Bank Group successfully returns to the euro primary market with the issuance of a new 25-year 2 EUR billion sustainable development bond.

The proceeds of this bond were flagged by the World Bank to highlight the urgency of mainstreaming climate action. Thus, making this transaction the first benchmark launched under this new initiative.

The trade resulted in another success for the World Bank Group which has successfully built a curve as a frequent issuer in this strategic currency.

Natixis acted as a Joint Lead manager for the transaction.

Link to the Framework

Groupe Monnoyeur has successfully issued its first Sustainability-Linked Euro PP

On September 27th 2021, Groupe Monnoyeur has priced a triple-tranche 7yr, 8yr & 10yr Sustainability-Linked Euro Private Placement for €150m.

This issuance, in the private debt market, is linked to two key performance indicators (KPIs) which cover environmental and social objectives:

• a reduction of GHG emission (scope 1,2 and 3) aligned with a 1.5°c  scenario
• a gender balance in the recruitment of nontechnical positions

This sustainability-linked format reflects the Groupe Monnoyeur’s commitment in the ecological and social transition and allowed to attract high quality investors.

Natixis participated to the transaction as Active Bookrunner.

Link to the Press Release

Engie’s has successfully issued its second Green Bond of the year

On the 20th of October 2021, ENGIE, a global reference in low-carbon energy and services, successfully priced, without marketing, an 8Y €750m green bond at a 0.375% coupon as part of a €1.5bn green dual tranche offering.

Engie returned to the green market for a second time this year, following its successful perpetual NC10 hybrid issuance in June 2021. With this issuance, Engie completed its fifth Green bond since March 2020 and thus comforted its status as the largest corporate green bond issuer (€15bn since their first Green Bond issuance in 2014). The net proceeds of this issuance will be allocated to Eligible Green Projects as defined in their Green Financing Framework.

Natixis acted as Active Bookrunner on the 8 years tranche and was previously appointed as Sustainability Advisor.

Link to the Framework

Link to the SPO (Vigeo Eiris)

Risun successfully closed a Sustainability-Linked facility

In September, Risun Group closed a 129m USD 2-year sustainability linked facility.

As part of loan agreement, 3 sustainability KPIs have been identified and selected to be embed into the facility:

• KPI #1: Greenhouse gas emission
• KPI #2: Nitrogen Oxides (NOx) emission
• KPI #3: Particulate emission

HKQAA did provide Natixis with an external review of the selected KPIs to make sure those are meaningful with ambitious targets. In late Dec. 2020 HKQAA carried out on-site due diligences to the main industrial assets of Risun Group and reviewed a number of documents published in Chinese by Risun (Annual Report, CSR report, technical processes of each plants, …) to compare Risun’s sustainability data with Chinese & EU standards.

Natixis participated in the transaction as Mandated Lead Arranger, Global Coordinator and Sustainability Coordinator.

Saur has successfully issued its Inaugural Sustainability-linked bond

On September 9th 2021, Saur, leading pure-player in the water infrastructure industry in France, Spain and Portugal, successfully priced an inaugural 4Y €450m & 7Y €500m dual-tranche SLB. With this transaction, the Group refinanced its debt and extended its maturity.

The bond financial characteristics are tied to the performance of the company's Carbon Intensity and Water Withdrawals KPIs. The Group hence confirms its ambition to place social responsibility at the heart of its growth model, around its mission, Stand for Water.

The transaction attracted a large demand with a c. 6.0x oversubscribed books on average, enabling Saur to print €450m and €500m with respective spreads of MS+55bps & MS+85bps.

Natixis participated to the transaction as Global Coordinator and Sustainable Structuring Advisor.

Link to the Framework

Link to the SPO (DNV)

NORD/LB issued its first Green Mortgage after 3.5 years of absence in the primary market

On September 15th, Nordddeutsche Landesbank successfully issued its first Green Mortgage of EUR 500m with a tenor of 5 years. The bond is covered by a pool of estate loans.

The funds will be exclusively allocated to ecologically sustainable financing, namely energy-efficient buildings (green buildings).

The order book was around four times oversubscribed.

The integration of Deutsche Hypo being successfully completed, this issuance marks an impressive return of Nord/LB to the capital market after 3.5 year of absence.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (ISS ESG)

Legrand has successfully issued its Inaugural Sustainability-linked bond

Legrand (rated A-), global player in electrical and digital building infrastructure, priced an inaugural 10Y 600m€ Senior unsecured SLB. The net proceeds of the issuance will be used for general corporate purposes.

Aligned with Legrand’s Sustainability-linked Financing Framework, the SLB Step-ups depend on the achievement of two KPI targets, namely the reduction of the Scopes 1&2 GHG emissions (KPI 1) of 50% compared to the KPI 1 Baseline as defined in the Prospectus and Percentage of reduction of the Scope 3 (“KPI 2”) of 15% compared to the KPI 2 Baseline as defined in the Prospectus.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (Vigeo Eiris)

ING-DiBa successfully issued its first Green bond after over 2 years of absence

On September 29th 2021, and after two years of absence on the benchmark segment, ING-DiBa made a return with the execution of an inaugural €1.25bn 7Y Green Bond.

ING-DiBa will use the proceeds for the financing and/or re-financing of green buildings in accordance with ING’s Green Bond Framework.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (ISS ESG)

Europcar Mobility has issued its first Sustainability-linked bond

On September 23th, Europcar successfully issued an inaugural €500m 5NC2 SLB.  

The bond’s coupon is tied to the achievement of two environmental KPIs and related sustainability performance targets (SPT)s: average carbon emissions for the fleet and green vehicle numbers in the fleet (+12.25 bps step-up for each ).

The proceeds will be used to refinance outstanding notes. The Europcar Mobility Group, key player of the car rental sector, is restructuring its debt after the business was hit by pandemic-related travel restrictions..

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (Vigeo Eiris)

Enel issued a record €3 bn triple-tranche sustainability-linked bond

On September 21st, Enel accessed for the fourth time the debt capital market this year with a 4Y €1.250bn, 7Y €1bn & 11Y €1.250bn triple-tranche sustainability-linked bond. The proceeds will be used for general corporate purposes and for refinancing of the outstanding debt.

The new bonds will have a margin step-up mechanism linked to Enel’s “Direct Green House Gas Emissions”.

The bond was more than 3 times oversubscribed with a significant participation of Socially Responsible Investors (SRI). The success of this new issuance is a clear acknowledgement of the Group’s sustainability strategy.

Natixis participated to the transaction as Active Bookrunner.

Link to the Framework

Link to the SPO (Vigeo Eiris)

First Inaugural Sustainable Bond for Caixa Geral de Depositos (CGD)

On September 14th, 2021, CGD launched their Inaugural €500m 6NC5 SP Sustainability bond. This transaction represents the first Sustainable bond for CGD and for the entire Portuguese banking system.

Based on their newly created Sustainable Finance Framework, CGD will finance and/or refinance, individually or on a portfolio basis, Eligible Social and Green Projects such as green buildings, clean transportation, access to essential services (healthcare) and employment generation.

This deal is aligned with CGD’s 2021-2024 ESG Strategy and Funding Plan, and it will contribute to effienctly build up CGD’s MREL (Minimum Requirement for own funds and Eligible Liabilities).

Natixis participated to the transaction as Joint Lead Manager.

Link to the Framework

Link to the SPO (Sustainalytics)

CADES has successfully launched its 8th Social Bond as part of its Social Bond Program

On September 8th, 2021, Caisse d’amortissement de la dette sociale (CADES) issued a € 5bn 10-year Social Bond.

Since the start of the year, CADES has already successfully issued seven social bonds under its Social Bond Framework.

This 8th new issuance of €5bn successfully contributes to the achievement of 86% of total issuer’s funding programme for this year (€40bn), positioning the issuer among the well-advanced SSA signatures.

The proceeds of CADES Social Bond will be used to finance / refinance Eligible social expenditures as set out in the Social Bond Framework.

Natixis participated to the transaction as Sustainability Advisor and Joint Bookrunner.

Press Release

Link to the Framework

Link to the SPO (ISS ESG)

BPCE has issued the first French Green RMBS

On September 24th, 11 Banques Populaires and 15 Caisses d’Epargne, all belonging to the BPCE Group, issued the First Public Green Security from a French RMBS Issuer with a €1.5bn securitization of a portfolio of French residential loans granted to individuals to finance owner-occupied properties in France. Both Classes A and B Notes are comprised in the deal.

After the issue date and during the life of the Notes, the sellers intend to allocate the proceeds to the financing of new eligible loans dedicated to Eligible Green Buildings Assets.

The RMBS is structured as a “green bond” under (i) Groupe BPCE Framework of Sustainable Development Bond Program and (ii) Groupe BPCE Methodology Note for Green Bonds: Green Buildings eligible category.

Natixis participated to the transaction as Sole Bookrunner.

Link to the Framework

Link to the SPO (Vigeo Eiris)

Banco Commercial Portugues enters the ESG market with an Inaugural €500m Social bond

The €500m Social Senior Preferred transaction is BCP’s second presence in the primary bond market, and also represents the second ever Portuguese FIG sustainable bond deal.

The transaction will be aligned with BCP’s Strategic Plan 2021-2024 as well as with their Funding Plan and will contribute to diversify BCP investor base.

The proceeds will be used to finance or refinance on a portfolio basis Eligible Social Assets as defined in the BCP’s Green, Social and Sustainability Framework.

Social eligible assets embed following sectors: Covid-19 Recovery, Microcredit Financing, Access to Essential services such as Healthcare & education.

Natixis participated to the transaction as Joint Lead Manager.

Link to the Framework

Link to the SPO (Sustainalytics)

AFD successfully completed its 3rd SDG Bond in the Euro market

On September 22nd, Agence Française de Développement (“AFD”) launched its 3rd euro-denominated transaction in 2021 by issuing a € 2bn 10-year SDG Bond.

This AFD’s third Sustainability transaction has been issued under the SDG Bond Framework developed by Natixis, in autumn 2020.

The proceeds of AFD SDG Bond will be used to finance / refinance Eligible green and social expenditures such as renewable energies, access to essential services (health, education), clean transportation and socio-economic development and promotion.

Natixis participated to the transaction as Joint Bookrunner and original Sustainability Advisor.

Link to the Framework

Link to the SPO (V.E.)

ALS successfully priced its 3rd Sustainable Bond

On September 28, Action Logement Services (“ALS”, rated Aa2/AA) launched its third euro-denominated transaction on the debt market by issuing a € 1bn 10-year Sustainable Bond.

ALS is the agency financing public policies to support Social Housing in France.

The proceeds will be used to finance/refinance Eligible Green and Social expenditures such as Access to basic services, Access to affordable housing, Energy efficiency, Green Building Design and Pollution prevention & Control.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (V.E.)

ABN AMRO has successfully issued its Inaugural Green Senior Non-Preferred Bond

On 15th September, ABN AMRO announced a new inaugural Green SNP 8yr €1bn transaction.

ABN AMRO serves retail, private and corporate banking clients with a primary focus on the Netherlands and with selective operations internationally.

Updated in April 2018, the ABN AMRO’s Green Bond Framework specifies that the proceeds will be used to finance / refinance Green eligible projects, which include energy efficiency, renewable energy and circular economy.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (ISS ESG)

NRG has successfully issued a new Sustainability-Linked Bond

In August, NRG issued a 10.5-year 3,875% $1.1 billion HY Sustainability-Linked Bond. This was their second to date and the first High-Yield issuance from within its sector outside of Europe. The first transaction being NRG’s $900 million Secured 7NCL Sustainability-Linked Bond issued in November 2020.

The KPI is related to absolute GHG Emissions with scope 1, 2 and Employee Business Travel (Scope 3). The baseline has been set in 2014 and the target represents a 50% reduction in 2025.

Natixis acted as Joint Bookrunner & Sole Sustainability Structurer and Coordinator, supporting NRG’s in-full redemption of their 7.25% Unsecured Notes and $355 million of their 6.625% Unsecured Notes.

Link to the Framework

Link to the SPO (V.E)

Valeo successfully launched its Inaugural Sustainability-Linked Bond

At the beginning of August, Valeo, a leading automotive supplier and partner to automakers worldwide, successfully entered the market with an inaugural Sustainability-Linked Bond 7yr €700m 1.000% priced at MS+125bp.

The carbon emissions KPI is aligned with Valeo’s commitment to achieve, by 31-Dec-2025, the SPT defined by the reduction of its emissions across its entire value chain (scopes 1, 2 & 3) in absolute value from 49.6 million tons emitted in 2019 to 37.95 million tons in 2025, directly based on its commitments to carbon neutrality by 2050 and its 2030 decarbonation trajectory approved by the SBTi.

Valeo is rated 3rd out of 80 companies in sustainability performance within its sector by SPO provider ISS ESG, therefore the issuance of a SLB further confirms Valeo’s commitment in its July 2021 Green and Sustainability-linked Financing Framework.

Natixis participated to the transaction as Active Bookrunner.

Link to the Framework

Link to the SPO (ISS ESG)

Argos entered into a USD 300m Sustainability-linked loan

Argos North America Corp. entered into a USD 300m syndicated credit. Cementos Argos S.A. and Argos USA LLC will act as guarantors in this operation.

The 3-years facility is linked to two internal Sustainability KPIs:

- Net CO2 emissions intensity per ton of cementitious products

- Percentage of women in leadership positions

Natixis acted as Joint Lead Arranger, Joint Bookrunner and co-Sustainability coordinator.

Link to the Press release

The Royal Adelaide Hospital successfully issued a sustainable loan in AUD

In August, the Royal Adelaide Hospital (RAH) refinanced its existing term debt facilities with an A$ 2.2 billion social and green loan.

This transaction marks several major milestones, being the largest green loan for a Public Private Partnership (PPP) in Australia to date, the first to be issued with a social loan component in Australia, and the largest combined green and social loan in the healthcare sector globally.

Located in Adelaide, South Australia, RAH is Australia’s most advanced hospital and the single largest social infrastructure project in South Australia’s history. The project was procured under a PPP framework with the Government of South Australia (rated Aa1 by Moody’s and AA+ by S&P).

Natixis participated to the transaction as Mandated Lead Arranger.

TotalEnergies & Envision Joint Venture launched the first international non-recourse project financing in China’s renewable sector

In August 2021, TEESS, a 50/50 joint venture company established by TotalEnergies and Envision, has reached financial close of a first part of a total US$80 million non-recourse debt.

The proceeds will be allocated to the financing of a 170 MW solar portfolio.

Ranked among China’s tier-one companies providing on-site distributed generation solar solutions, TEESS has currently 140 MW in operation, supporting 65 I&C customers in China, including leading worldwide companies. With the ambition to  become one of China’s largest service providers of the distributed solar sector, TEESS has currently 140 MW in operation, and targets a portfolio of over 500 MW of projects in operation in the next two years.

Natixis participated to the transaction as Mandated Lead Arranger.

Munich Re successfully priced its second Green long 20nc10 Tier 2 Benchmark.

In August Munich Re closed its second Green Bond of EUR 1bn 21yr 1.000% priced at MS+110bp.

The proceeds from the issuance will be used to finance eligible categories : Renewable Energy, Energy Efficiency, Clean Transportation, Green Buildings, Sustainable Water and Wastewater Management, Eco Efficient and/or Circular Economy, Environmentally Sustainable Management of Living Natural Resources and Land Use. Pending full allocation, funds will be allocated to temporary investments such as cash, cash equivalents and/or other liquid instruments in line with market practice.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (Sustainalytics)

SHAM (Groupe Relyens) successfully issued a EUR 84m 10-year Tier 2 Sustainability Bond

In July 2021, SHAM (Groupe Relyens) issued a EUR 84m 10-year bullet subordinated Tier 2 Sustainability Bond, a first issuance of this type for a French Insurer.

In line with its “raison d'être” and its commitments, proceeds will be used for projects with a high environmental and social impact with public hospitals, SMEs carrying out medical R&D or companies in the social and solidarity economy. It will strengthen the Mutualist Group’s regulatory capital in a context of strong development in Italy, Spain and Germany. This operation is part of the Relyens Group’s strategic project and its commitments to support, as an Insurer and Risk Manager, Healthcare and Territory stakeholders carrying out a mission of general interest.

Natixis participated to the transaction as Sole Structuring Advisor of the Sustainability Framework and Sole Joint Bookrunner.

Link to the Press release

Landesbank Baden-Württemberg (LBBW) successfully launched its third EUR benchmark of the year

In July 2021, LBBW launched a Green Senior Non-Preferred €500 million with a duration of 7y. Having issued one Social 10y in January and one conventional 8y in April, this green new issue is LBBW’s third approach to the Euro benchmark segment of the Senior Non-Preferred market, and thus the issuer’s second in ESG format this year.

LBBW decided to take advantage of a favorable pre-summer season and thereby make further progress in their already well-advanced funding plan.

The 7yr tenor fits well into LBBW’s curve and ALM profile.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (ISS ESG)

Unédic issued a new social bond of EUR 2 billion

On July 20th, Unédic issued its fourth Social Bond for the funding year 2021 through the long term EMTN program.

The new EUR 2bn benchmark transaction, backed up by the explicit guarantee from the French state, was priced at OAT 11bps. Thus, EUR 10bn of Social Bonds have been issued by Unédic since the beginning of the year, representing more than 75% of its EUR 13bn bond program for 2021.

Natixis participated to the transaction as Joint Lead Manager and Sustainability Advisor.

Link to the Framework

Link to the SPO (ISS ESG)

Link to the Press Release

Mexico has issued a second sovereign bond linked to the U.N. Sustainable Development Goals

On July 6th, Mexico renewed its commitment to the Sustainable Development Goals (SDGs) by issuing its second SDG Sovereign Bond - a €1,250m SDG 15-year SEC Registered bond issuance.

This financing will be linked to public programs that contribute to the achievement of social SDGs in the country, particularly in reducing inequality gaps. This bond was issued under their “SDG Sovereign Bond Framework” that was released in February 2020.

After peaking at more than €2.7bn, the book settled to reoffer at €1.8bn from roughly 151 accounts.

Natixis participated to the transaction as Joint Bookrunner following our role as  Sustainability Structurer of their Framework last year.

Link to the Framework

Link to the updated SPO

Link to the Press Release

Benin opens a new chapter for Sustainable Finance

On July 15th, Benin successfully launched its inaugural Sustainable Development Goals (“SDG”) Bond €500mn 12.5Y (WAL).

The funds raised will be used exclusively to finance various social and environmental projects contributing to Benin’s commitments to the United Nations SDGs. It represents a landmark transaction in the emerging market space as this is the very first SDG issuance coming from an African sovereign.

At the same time, the Republic of Benin formalized a partnership with the United Nations Sustainable Development Solutions Network (SDSN) creating a unique feedback-loop and feeding impact reporting. The SDSN's observations will guide Benin's SDG Bond Steering Committee in adjusting/reweighting Use-of-Proceeds selection to maximize impacts.

The Benin’s issuance opened a new page in the history of the Sustainable finance / SDG finance in Africa and represents a key milestone for the issuer in the primary capital markets: Pricing of new notes inside existing EUR curve (with an estimated greenium of 20 bps) and, Broadening and diversification of issuer’s investor base.

Natixis acted as Joint Sustainability Structuring Advisor of the SDG Framework and Joint Bookrunner on the inaugural transaction.

Link to the Framework

Link to the SPO (V.E)

Link to Natixis’ Newsroom

Enel issued a triple-tranche EUR3.25 billion sustainability-linked bond, the largest sustainability-linked transaction ever priced on the market

On June 8th 2021, Enel (Baa1/BBB+/A- all stable) priced a new € 3.25bn triple-tranche Sustainable-Linked Bond (SLB), which represents the largest sustainability-linked transaction ever priced on the market: € 1.00bn 6-yr, € 1.25bn 9-yr and € 1.00bn 15-yr.

The transaction was the fourth issuance in row of this kind since Enel opened the SLB market segment in 2019.

The new notes’ structure is linked to the achievement of Enel’s sustainable objective to reduce Direct Greenhouse Gas Emissions (Scope 1), contributing to the United Nations Sustainable Development Goal 13 (Climate Action). The ultimate goal of the Group is to reach the full decarbonization of its energy mix by 2050.

Natixis participated to the transaction as Active Bookrunner.

Link to the Framework

Link to the SPO (Vigeo Eiris)

Terna visited the EUR debt capital market for the first time in 2021 by successfully launching a new €600m 8-yr green bond

On June 16th  2021, Terna (Baa2 st / BBB+ st by Moody’s and S&P) tapped the EUR debt capital market for the first time this year by successfully launching a new  green bond at 8-yr tenor (due June 2029) for €600m (upsized from the €500m expected initially announced).

This is the fourth green bond Issued by Terna in the EUR market since 2018. Last appearances less than one year ago with a green €500m 12-yr printed in July 2020 and €500m 10-yr conventional bond in September 2020.

The new green bond Framework aligned with the EU taxonomy’s technical screening criteria has been welcomed by the investors’ community and contributed to the success of the transaction.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (Vigeo Eiris)

Ramsay Santé topped up the first collateral trust to be linked to ESG criteria

In June, Ramsay Santé topped up its collateral trust, making it one of the largest on the French market and the fist to be linked to ESG criteria after renegotiating its syndicated debt this April with a TLB indexed to the company’s ESG performance.

Immobilière de Santé, the main holding company for the Ramsay Santé group’s long-term investments in securities and/or real-estate assets, signed a contract for an additional €98m loan. This financing is backed by a collateral trust carrying the shares of real-estate subsidiaries that own the buildings of three private hospitals located in the Ile-de-France region, and for which Natixis is the trustee: Hôpital Privé d’Antony , Hôpital Privé des Peupliers and Hôpital Privé Marne Chantereine.

This collateral trust is the first on the market to be sustainability-linked: its interest rate is linked according to a bonus/malus system that depends on the degree to which the buildings concerned reach annual greenhouse-gas reduction emission targets (scope 1 & 2) over the duration of the financing.

Natixis participated to the transaction as Active Bookrunner and Sustainavility Advisor.

Link to the Press Release

Generali successfully issued a first Green Catastrophe Bond

In June 2021, Generali has entered into a collateralized multi-year reinsurance agreement with Lion III Re DAC, which has issued a single tranche of notes in an amount of € 200m to fund its obligations under the reinsurance agreement. The Cat Bond is exposed to windstorms in Europe and earthquakes in Italy. The demand from capital market investors has allowed the protection to be provided to Generali at a premium of 3.50% per annum.

Lion III Re DAC transaction is the first catastrophe bond embedding green features in accordance with the Generali Green ILS Framework, underlining once more the commitment of the Group in promoting green finance solutions: (i) Generali's freed-up capital resulting from this transaction will be allocated to green projects, (ii) the collateral will be invested into highly rated green notes issued by the EBRD, (iii) there will be a dedicated reporting of the allocation of freed-up capital in eligible projects as well as EBRD reporting on its Green Projects Portfolio which will be provided.

Natixis participated to the transaction as Joint Bookrunner and as Sole Sustainability Coordinator.

Link to the Framework

Link to the SPO (Sustainalytics)

Link to the Press Release (Generali - Natixis)

Banco Santander successfully launched a €1bn senior non preferred green bond

This successful transaction, with such a high quality and granular book, is another demonstration of Banco Santander’s tremendous credit recognition among investors.

This benchmark is Banco Santander ´s second appearance in the SNP bond markets in 2021 following their 6 NC 5 yr back in March.

This deal comes on the back of a robust credit market and advancing in the 2021 Funding Plan for Santander, which includes a significant focus on Senior debt Format.

This transaction represents the third Green Senior Bond for Santander, being the previous one launched back in June 2020.  The net proceeds will be used to finance and refinance loans related to renewable energy (Wind and Solar).

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (Vigeo Eiris)

Waterland successfully secured its first ESG Equity Bridge Facility for its eighth fund

In June 2021, Waterland Private Equity Investments closed a €500m Equity Bridge Facility linked to ESG targets for Waterland Private Equity Fund VIII (‘WPEF VIII’). It provides WPEF VIII with the flexibility to efficiently manage its investments while matching investors’ capital calls frequency thus ensuring sound management of working capital and liquidity.

The facility is governed by a set of ESG KPIs, one tied to the management company and others reflecting Waterland’s strategy to have portfolio companies strive to have a positive impact on Environment, Social performance, and Governance. In return, WPEF VIII benefits from a reduction in margin on the facility upon meeting those KPIs, reflecting the lenders’ own ESG support and commitment.

Natixis participated to the transaction as Lead Arranger and Sustainability Coordinator.

Link to the Press Release

Groupama issued an inaugural Green Tier 3 Notes

On June 30th, Groupama successfully priced an inaugural €500m Green 7y bullet Tier 3 subordinated bond at MS+93bps.

Groupama intends to allocate an amount equal to the net proceeds raised by the issuance to Eligible Green Assets dedicated for projects such as green buildings, renewable energy, clean transportation, energy efficiency and environmentally sustainable management of living natural resources and land use. Groupama has also taken into account the ‘EU Taxonomy’ on environmentally sustainable economic activities in determining eligible Uses of Proceeds.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (Sustainalytics)

UniCredit issued its first Senior Preferred Green bond, attracting huge interest from investors

On June 28th 2021, UniCredit SpA (Baa1 stable by Moody’s / BBB stable by S&P / BBB- stable by Fitch) was under the spotlight thanks to its inaugural €1bn 8NC7 Senior Preferred Green bond.

The proceeds raised from the transaction, are destined to fund renewable energy, clean transportation, and green buildings with the aim of supporting the United Nations Sustainable Development Goals (UN SDGs) number 7 (Affordable & Clean Energy), number 9 (Industry, Innovation & Infrastructure) and number 11 (Sustainable Cities & Communities).

This issuance underlines UniCredit's strong commitment to sustainability and the strategic importance of ESG for the Group. It took place under UniCredit's newly established Sustainability Bond Framework, which allows the Group to issue green, social, and sustainability bonds, which will be a recurring part of the Group's funding activity going forward.

Natixis participated to the transaction as Joint Lead Manager.

Link to the Framework

Link to the SPO (ISS ESG)

Groupe BPCE printed its biggest ESG bond ever: BPCE SFH successfully launched its second Green Covered Bond

This transaction is BPCE’s SFH second Green Covered Bond following on an inaugural issue in May 2020, and in line with the Group commitment to green growth along with being a repeat sustainable issuer.

The Issuer intends to allocate the proceeds of the issuance to finance or refinance, in whole or in part, new and/or existing loans for the construction or acquisition of energy efficient dwellings eligible to the Green Building category, as described in the Issuer's Methodology Note for Green Bonds.

Natixis participated to the transaction as Joint Lead Manager.

Link to the Framework

Link to the SPO (Vigeo Eiris)

Faurecia has successfully extended its long-term syndicated credit line becoming sustainability-linked

In June 2021, Faurecia signed an Amend and Extend agreement of its syndicated credit line initially signed in December 2014. The new agreement increases the total amount of the credit line from €1.2bn to €1.5bn and extends the maturity to five years from June 2023 to May 2026 with two one-year extension options.

The credit line becomes sustainability-linked based upon the reduction of Faurecia’s CO2 emissions between 2019 and 2025, where the group aims at being CO2 neutral for its scopes 1 & 2. Faurecia has built a roadmap for CO2 neutrality, which has been approved by the Science Based Targets initiative (SBTi) in November 2020, and is consistent with the reduction required to keep global warming to 1.5°C, the goal of the Paris Agreement.

Natixis participated to the transaction as Lead Arranger and Sustainability Coordinator.

Link to the Press Release

Paprec successfully launched a €450m 7NC3 green senior secured note

A successful €450m 7NC3 Green SSN issuance enabling Paprec to fund two bolt-on acquisitions whilst also refinancing existing recycling assets at a record-low coupon rate bond.

Pursuing an organic development and an acquisitive strategy, proceeds from the offering will be used to fund the bolt-on acquisitions of Dalkia Wastenergy (TIRU) and CNIM O&M. In addition, it will also be used to redeem the company’s Green €225m 2025 FRN.

This transaction becomes a record-low coupon for a Paprec’s fixed rate bond of 3.500% with this new Green Bond, in accordance with Paprec’s Framework as proceeds are linked to the refinancing of existing waste management assets and fund the acquisition of two waste-to-energy companies.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Press Release

Link to the SPO (Cicero – Medium Green)

UBS achieves an impressive outcome for its debut Green bond

Sustainability is integrated into the way UBS conducts business and with the wide range of sustainable product offerings, UBS aims to help clients and investors to meet their sustainability ambitions. Raising Green funding is a natural next step for UBS.

The Eligible Asset pool includes mortgage loans financing Minergie-certified real estate in Switzerland. UBS's intention is to maintain a healthy buffer of assets over liabilities of at least 110%.

UBS will finance and / or refinance Group-wide Eligible Assets, in whole or in part, that target climate mitigation through low carbon emissions.

Natixis participated to the transaction as Joint Lead Manager.

Link to the Framework

Link to the SPO (Sustainalytics)

Gecina has successfully issued its €500m Green Bond

On June 22st Gecina (A3 / A- by Moody’s and S&P) issued a new Green Bond of € 500 million, with a maturity of 15 years and a coupon of 0.875%. This operation is the first issue carried out since the transformation of all of the Group's outstanding bonds into Green Bonds.

This issue perfectly fits in the Gecina program, aimed at supporting the continuous and global improvement of the Group's portfolio of assets, and in particular its environmental performance. It is based on an ambitious and dynamic Green Bond Framework focusing on green buildings (construction, operation and renovation).

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (ISS ESG)

Repsol launched 2-tranches EUR Sustainability-Linked Inaugural Bond under its new Transition Financing Framework

On June 29th, Repsol priced a 2-tranches €1.25bn inaugural Sustainability-Linked Bond (8yr & 12r) at 0.375% and 0.875% coupons respectively.

The deal comes after Repsol presented its new Transition Financing Framework to investors to accompany its 2021-2025 Strategic Plan and commitment to become a net zero emissions company by 2050. Under this Framework, Repsol would be able to issue several financing instruments (bonds and/or lonas) under flexible formats, i.e., sustainability-linked format and/or Use of Proceeds (green and transition) format.

This Sustainability-Linked Bond used Repsol’s carbon intensity indicator (g CO2e/MJ) which includes Scope 1,2 & 3 GHG emissions. The company's targets are set at -12% by 2025 for the 8yr tranche and -25% by 2030 for the 12yr tranche.

Natixis participated to the transaction as Global Coordinator and Sustainability Structuring Advisor.

Link to the Framework

Link to the SPO (ISS ESG)

BFCM successfully placed its second Green Senior Preferred benchmark with dedicated ESG investors

Credit Mutuel Alliance Federale set-up last year its Green, Social and Sustainability Bond framework, to support the Group’s effort in financing green and social activities, in line with its DNA as a mutualist group.

This transaction is BFCM’s second Green Bond following on an inaugural issue in October 2020, and in line with the Group commitment to green growth along with being a repeat sustainable issuer as described in its ensemble#nouveaumonde strategic plan.

Natixis participated to the transaction as Joint Lead Manager.

Link to the Framework

Link to the SPO (Vigeo Eiris)

Naturgy has successfully extended and amended its Revolving Credit Facility to become sustainability-linked

In June 2021, Naturgy signed an Amend and Extend agreement of its existing Revolving Credit Facility to impact its margin adjustment depending on its capacity to reach an internal sustainability KPI. The agreement increases the total amount of the facility from €1.750bn to €2bn, for a maturity of three years, with two one-year extension options.

The credit line becomes sustainability-linked based upon Naturgy’s ability to reduce its 3-year rolling average Electricity Generation Emissions Factor (tCO2/GWhe) by 5% per year from 2022 to 2026. The company will therefore benefit from an interest rate discount if it manages to reach this annual 5% reduction target compared with previous year.

Natixis participated to the transaction as Mandated Lead Arranger.

Successful syndication of the €620m CSR-linked Senior Secured Facilities in favour of Santé Cie

Santé Cie is the n°4 French homecare services provider addressing the needs of 160 thousand patients treated for long-term pathologies in France through a network of 91 agencies.

On Wednesday 26th May 2021, Santé Cie successfully syndicated its inaugural €620m CSR-linked Senior Secured Facilities.

Natixis participated to the transaction as Physical Bookrunner and Mandated Lead Arranger.

Swedbank AB successful return to the Green Senior Non Preferred market with €1bn 6 non call 5year

On Monday, 10 th May 2021 Swedbank AB announced a new 6 non call 5 yr Green Senior Non-Preferred (Unsecured transaction An e-Roadshow and investor calls were set up to reintroduce their Green Bond Framework after an absence of a little over 3 years in the EUR markets 500 m unsecured 5 yr trade in October 2017 and an SEK trade in March 2018.

This is Swedbank’s second issuance in EUR SNP since January 2021 and their first ever in callable format.

Natixis participated to the transaction as Joint Lead Manager.

Link to the Framework

Link to the SPO (DNV-GL)

Société du Grand Paris launched its 2021 inaugural EUR benchmark Green Bond

On Thursday April 29th, Société du Grand Paris (SGP) realized its first EUR transaction in 2021 by issuing a € 2bn 25-year Green Bond at OAT + 20 bps. Société du Grand Paris successfully returns to the Euro market for its 2021 Green debut, demonstrating the quality and recognition of its signature and achieving the lowest reoffer spread against OAT, ever since 2018.

In 2018, Société du Grand Paris became the first issuer to structure a 100% Green EMTN program exclusively involving the issuance of green bonds that started in 2018. This May 2046 €2bn 0.875% offering is SGP’s 7th benchmark transaction. Earlier this year, SGP announced a €10bn funding program for 2021. The proceeds will be used to finance the Grand Paris Express project.

Natixis acted as Joint Bookrunner.

Link to the Framework

Link to the SPO (Sustainalytics)

SBAB issued a successful Green Senior Preferred Bond

On Thursday, 20th May 2021, SBAB AB launched a new long 5yr Green Senior Preferred (SP) Unsecured transaction with the size set at EUR 500m.

The proceeds of the SBAB Green bond will be used in accordance with SBAB Group’s Green Bond Framework 2019, which has a medium green shading in a second opinion provided by Cicero.

SBAB has set a carbon emissions reduction target (15% reduction) by 2025. Decided on climate compensating (carbon offset) every year for 100% of their measured emissions, making them a Net Zero financial actor.

Natixis acted as a Joint Lead Manager.

Link to the Framework

Link to the SPO (Cicero)

Noreco signed a USD 1.1bn RBL Facility comprising ESG content & progressive targets achievements pathways

Noreco has signed a USD 1.1bn reserve-based lending facility to support financing for the redevelopment of a North Sea gas field. The 7-year facility replaces an existing USD 900m conventional reserve-based lending facility that is currently drawn down by USD751m.

The margin payable under the Facility remains in line with the borrowing cost of the existing RBL and the Facility also includes an accordion option of up to USD 400 million that may be used to support potential future commercial opportunities. 

The margin is tied to pre-defined targets related to emissions intensity and renewable electricity generation at company-level. The margin adjustment related to these targets will be “progressively” applied over the life of the facility.

Natixis participated to the transaction as Mandated Lead Arranger and Sustainability Advisor.

Link to Press Release

Imerys successfully launches a Senior Unsecured Sustainability-Linked Bond

On May 6th 2021, Imerys SA (Baa3 (stable) / BBB- (stable)), the world leader in industrial-based specialty solutions for industry, launched a new €300m Long 10Y senior unsecured note, its first ever Sustainability-Linked Bond. Natixis acted as Active Bookrunner on this transaction.

This marks Imerys’ return to the market, after last issuing a €600m 10Y bond in January 2017. The proceeds were used then to finance the acquisition of Kerneos, an industrial company, for an Entreprise Value of €880m.

This new €300m L10Y will be used for General Corporate Purposes, and will include an adjusted trigger premium: 0.25% of the principal amount of the SLB in 2026 and 0.50% of the principal amount of the SLB in 2031 if the sustainability performance targets are not reached (KPI covering scope 1 and 2 expressed in tons of CO2 equivalent emissions per million
Euros of revenue following a 2°C trajectory as approved by SBTi and tested in 2025 and 2030 against a 2018 baseline).

The successful transaction proved once again the strong investor appetite for Green and Sustainable issuances.

Natixis participated to the transaction as Active Bookrunner.

Link to the Framework

Link to the SPO (Cicero)

Ile de France Mobilités successfully launched its inaugural Green Bond

On Tuesday May 25th, Ile de France Mobilités (IDFM) launched its inaugural Green bond transaction by issuing a dual-tranche €1bn Green Bond: €500mn 10-year tranche at OAT + 25bps and €500mn 20-year tranche at OAT + 26bps.

IDFM is the Organizing Authority for Mobilities (AOM) in the region of Ile-de-France and a 100% local public entity (Etablissement Public Administratif). IDFM expressed its strong commitment to transport sustainability and established its Green Bond Framework in May 2020. 60% of IDFM total financing in the coming years is expected to be issued in the bond market under this framework, which is labelled “Dark Green” by Second Party Opinion provider Cicero.

Natixis acted as Joint Bookrunner.

Link to the Framework

Link to the SPO (Cicero)

European Union completed its 2021 SURE Funding

On Tuesday 18th of May 2021, the European Union finished a remarkable feat of securing more than € 89bn within 7 months under its SURE Social Bond programme to make way for its larger sister NGEU programme. To finish this 2021 funding, the EU issued a new dual tranche that consisted of a € 8.137bn 8-year and a € 6bn 25-year.

The temporary Support to mitigate Unemployment Risks in an Emergency (SURE) is available for Member States that need to mobilize significant financial means to fight the negative economic and social consequences of the coronavirus outbreak on their territory. It can provide financial assistance up to €100 billion in the form of loans from the EU to affected Member States and address sudden increases in public expenditures for the preservation of employment. 

SURE is a crucial element of the EU's comprehensive strategy to protect citizens and mitigate the severely negative socio-economic consequences of the coronavirus pandemic.

Natixis acted as Joint Bookrunner.

Link to the Framework

Link to the SPO (Sustainalytics)

Groupe BPCE printed its biggest ESG bond ever: BPCE SFH successfully launched its second Green Covered Bond

This transaction is BPCE’s SFH second Green Covered Bond following on an inaugural issue in May 2020, and in line with the Group commitment to green growth along with being a repeat sustainable issuer.

The 9.5yr tenor fits well within the issuer’s ALM constraints.

The Issuer intends to allocate the proceeds of the issuance to finance or refinance, in whole or in part, new and/or existing loans for the construction or acquisition of energy efficient dwellings eligible to the Green Building category, as described in the Issuer's Methodology Note for Green Bonds.

About €1.7bn demand coming from Sustainable Investors, of which 57% with strong or medium ESG scores. In terms of allocations, 78% of the issue went to Sustainable Investors.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (Vigeo Eiris)

Air Liquide successfully launches its first green bond issue by raising 500 million euros

Air Liquide has successfully launched its first green bond issue, by raising 500 million euros which will be dedicated to financing and refinancing the development of several sustainable projects, in particular in hydrogen, biogas and oxygen. This operation is in line with its first SRI-labeled bonds, which the Group had issued as early as 2012 to finance the expansion of its Home Healthcare business. This new bond issue will notably contribute to the financing of the ambitious sustainable projects the Group announced on March 23, 2021.

This transaction, significantly oversubscribed by investors, was executed under the Group's Euro Medium Term Note (EMTN) programme. With this issuance, Air Liquide is raising €500 million with a 10-year maturity at a yield of 0.461%. Proceeds from this issuance will allow Air Liquide to refinance its September 2021 bond maturities in advance and will secure sustainable financing to support the Group’s long term growth under very competitive conditions.

This issue will be rated « A- » by Standard & Poor’s and « A3 » by Moody’s.

Natixis participated to the transaction as Joint Lead Manager.

Link to the Framework

Link to the SPO (Sustainalytics)

Bank of China successfully launched the first ever Green bond offering across three BOC overseas branches

On 21 st April 2021 Bank of China Frankfurt Branch successfully priced a 2-year RMB 1.35 bn senior unsecured green bond due 2023. 

The Offering is aligned to the Green Bond Principles 2018. The proceeds of the Green Bond offering will be used to finance and/or refinance the eligible green projects in China and overseas, in renewable energy, clean transportation, and green building categories, contributing to various UN SDGs.

Eligible projects for BOC Frankfurt’s issuance are related to Clean Transportation,

including metro projects in Southern and Central China (which is expected to reduce CO 2 by 3919 tons/ year in the prime stage), and a battery electric vehicle manufacture project overseas.

This is a drawdown under BOC’s USD40 billion MTN Programme.

Natixis acted as a Joint Global Coordinator in this transaction.

Link to the Framework

BNG Bank successfully launched a new Sustainability Bond under a renewed Framework

In April 2021, the Dutch public sector agency BNG Bank issued a 12-year sustainability bond of EUR 2bn under their renewed Sustainability Bond Framework.

BNG Bank provides municipalities with financial support working on behalf of and for the Dutch Public Sector. The bank and its lending are driven by social impact rather than by maximizing profits. The new Framework includes a new methodology to select eligible loans which is based on SDG-linked (Sustainable Development Goals) municipal expenses, categorized using COFOG codes as developed by the OECD and published by the United Nations Statistical Division.

With this SDG-linked issuance, BNG Bank has raised more than EUR 11bn in sustainability bonds.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (ISS ESG)

Iberdrola successfully signed a new Sustainability-Linked credit facility

In April 2021, Iberdrola signed EUR 2,5bn 5y new Sustainability-Linked multi-currency credit facility which as the option for a two-year extension with Natixis and a pool of 20 other banks.

The margin adjustment of the facility is tied to Iberdrola reducing its carbon emissions intensity to 70 grammes per kWh or less by 2025 across the company and increasing the share of women in leadership positions to 30% or more by 2025. For the first time, the company has also committed to donate part of its margin savings to support these same key performance indicators objectives.

Natixis participated to the transaction as Mandated Lead Arranger.

Link to the Press Release

IDA successfully closed a new Benchmark Bond in EUR as part of its Funding Program

In April, The International Development Association (IDA) priced its second transaction in the Euro market with a 15-year benchmark bond that raised EUR 1.75 billion.

The funding supports IDA’s member countries sustainable development activities, including projects and programs to address the human and economic impacts of COVID-19.

The bond which matures in April 2036 attracted nearly 60 orders from a diverse group of high-quality investors including many that participated in an IDA transaction for the first time.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Neinor Homes’ €300 Million Green Bond Issuance

Neinor Homes has successfully completed its first bond issuance, achieving the targeted amount of 300 million, with 5.5 years of maturity and at a 4.5% cost. The operation is one of the first green bond issuances from a European listed developer.

The issuance was well received by investors, being +5x oversubscribed.

Neinor Homes will allocate an amount equivalent to 100% of the net proceeds of the bond to residential projects which help to achieve the United Nations Sustainable Development Goals (SDGs), and which have a clear positive impact on the environment.  The eligible green projects will have a BREEAM certification of at least “Good” and with an Energy Performance Certificate of at least B.

Natixis participated to the transaction as Co-Manager.

Link to the Framework

Axa successfully launches an inaugural Green Tier 2 Bond

In March, AXA priced an inaugural EUR 1bn 1.375% 20.5nc10.5 Green Tier 2 bond at MS+140bps.

The proceeds from the issuance will be used to finance or re-finance Green Projects as set out and defined in the Group’s Sustainability Bond Framework. These include projects relating to green buildings, renewable energy, clean transportation, energy efficiency and the protection of natural resources and sustainable forestry.

In 2019, AXA launched a new phase of its climate strategy and doubled its green investment target to Euro 24 billion by 2023. With this issuance, the Group further increases this target by Euro 1 billion to Euro 25 billion.

Natixis participated to the transaction as Joint Lead Manager.

Link to the Framework

Link to the SPO (Sustainalytics)

ORPEA successfully launched an inaugural Sustainable Bond

On March 25th, ORPEA issued an inaugural Sustainable Bond EUR 600m with a 7-year maturity at MS +235 bps.

This transaction combine both green and social use of proceeds. Funds for the green assets and projects will be used to finance or refinance low-carbon buildings and refurbishments to dedicated energy efficiency works. Funds for social assets and projects will be allocated to improve access to essential services such as: Nursing homes specialized in long-term care for dependent elderly people, Psychiatric Hospitals and Post-acute and Rehabilitation Hospitals.

Natixis participated to the transaction as Joint Sustainability Structuring Advisor and Joint Bookrunner.

Link to the Framework

Link to the SPO (ISS ESG)

Credit Agricole Italia has successfully issued its Inaugural Green Covered Bond

On March 8th, Credit Agricole Italia launched the first Italian Green Covered Bond with EUR 500m transaction due 2033.

The Green Bond Framework defines the Green Real Estate assets as “Loans or investments to finance new or existing residential buildings aligned with current environmental regulation and belonging to the top 15% of the most carbon efficient buildings (kg CO2e/sq m) in their respective countries”. They were defined using two approaches: based on Energy Performance Certificates (EPC) and on the year of construction.

The transaction was a huge success with final spread set at MS+9bp, the tightest ever for an Italian CB.

Natixis participated to the transaction as Joint Lead Manager.

Link to the Framework

Link to the Appendix : Eligibility criteria for Italian Green Residential Real Estate

Link to the SPO (V.E.)

CADES successfully closed a new Benchmark Bond in EUR as part of its Social Bond Programme

On March 10th, Caisse d’amortissement de la dette sociale (CADES), privileged partner of the French State to help finance the impacts of the sanitary crisis, issued a EUR transaction € 5bn 8-year Social Bond at OAT + 15bps.

The Bond was issued under its recent Social Bond Framework, for which Natixis acted as a Sustainability Advisor and Joint Bookrunner on this transaction.

These proceeds of CADES social bond will be used to finance / refinance Eligible social expenditures as set out in the Social Bond Framework.

Since its inaugural issuance last year, CADES has already successfully carried out five social issues under this framework, raising a total of €22.3 billion on the financial markets. Following this latest issue, CADES has already completed more than 55 % of the €40 billion funding program planned for 2021.

This issue was once again a great success bringing together 167 investors (68% ESG investors).

Link to the Press Release

Nordea successfully launches inaugural Green Senior Non-Preferred Bond

On March 15th,  Nordea launched an inaugural EUR 500m 10y Green SNP bond at 0,5% (10Y).

Nordea has already issued two Senior Preferred Green bonds (EUR 1.25bn in total) with a focus mainly on Green Buildings and Renewable Energy. Nordea will allocate the funds of this transaction for (re)financing of assets within the eligible Green Bond Asset Categories: Renewable Energy, Energy efficiency, Green Buildings, Pollution prevention and Control, Clean Transportation and Sustainable management of living natural resources.

The final spread of MS+52bp represents the tightest EUR SNP/Hold-Co issued YTD in 2021, in addition to being the tightest 10yr SNP/Hold-Co spread to date in the EUR market.

Natixis acted as Joint Bookrunner for this transaction.

Link to the Framework

Link to the SPO

BPER Banca successfully issued its inaugural Social Bond

On March 25th, BPER Banca took the main market stage with its inaugural EUR 500mln 6NC5 senior preferred Social Bond at MS + 175bps.

The transaction is the first Social Bond being issued by an Italian bank.

The proceeds will be allocated to Covid-19 related lending, mainly to SMEs as part of the broader Sustainability Bond Framework outlining several green and social eligible project categories.

Natixis participated to the transaction as Active Bookrunner.

Link to the Framework

Link to the SPO (ISS ESG)

Islamic Development Bank issues largest Sustainability Sukuk ever

On March 25th, The Islamic Development Bank raised US$ 2.5 billion with its Sustainability Sukuk, which is also its biggest US$ public issuance to date. The Bank priced the 5-year Trust Certificates under its US$ 25 billion Trust Certificate Issuance Programme. It was priced at par with a profit rate of 1.262%, payable on a semi-annual basis. This is the Bank’s first public issuance in 2021.

Proceeds of the Sustainability Sukuk will be allocated to finance/refinance green (10%) and social development projects (90%) that are eligible under the IsDB’ s Sustainable Finance Framework.

Natixis participated to the transaction as Joint Lead Manager.

Enel signed the largest ever Sustainability-linked RCF

On March 5th, Enel S.p.A. and its Dutch subsidiary Enel Finance International N.V. signed the largest ever sustainability-linked revolving credit facility for an amount of EUR 10 bn and a maturity of 5 years.

The General Corporate Facility is tied to the Key Performance Indicator (“KPI”) of Direct Green House Gas Emissions, in line with the Group’s “Sustainability-Linked Financing Framework”.  Vigeo Eiris provided a Second-Party Opinion on this Framework in January 2021.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Press Release

Fnac Darty raised EUR 100m for a Sustainable RCF loan

In March 2021, Fnac Darty renegotiated the terms of its credit facilities by amending its RCF credit line to raise the total amount to €500 million from the previous amount of €400 million. This line of credit will have a maturity of 5 years, which can be extended at Fnac Darty’s request until March 2028.

In line with the strategic goals of the new strategic plan “Everyday”, this new credit facility includes a Corporate Social Responsibility (CSR) component that will permit the Group to improve its financing terms if the designated targets are achieved.

Natixis participated to the transaction as Mandated Lead Arranger and Sustainability Advisor.

Link to the Press Release

Trafigura closed its first Sustainability-Linked loan structure

In March 2021, Trafigura closed a European multi-currency syndicated revolving credit facility (365-day ERCF) totaling USD1.85 billion and an extension and increase of its USD3.65 billion 3-year facility 3-year ERCF, as sustainability-linked loans.

This new SLL structure includes three KPIs to be tested annually and verified by a third party expert, relating to cutting operational greenhouse gas emissions (Scope 1 & 2), responsible sourcing of metals (in line with ISO 20400:2017) and growing Trafigura’s renewable power portfolio. The facility agent will apply a penalty or discount on the margin, depending on the number of KPIs met each year.

Natixis participated to the transaction as Sustainability Coordinator.

Link to the Press Release

ELSAN has successfully placed an inaugural Sustainability-Linked Term Loan

ELSAN has successfully refinance its entire debt of €1.7bn with a Sustainability-Linked Term Loan.

On the occasion of C2S’ acquisition, ELSAN has decided to tie its financing to ambitious goals based its CSR pillars. The interest rate of the loan will be indexed to the company’s achievement of three objectives with a premium/discount mechanism i.e. patient satisfaction, medical waste reduction, and improvement in the quality of work life of its employees.

This Sustainability-Linked Term Loan marks a first in the private hospitals sector in Europe, and has attracted strong interest from investors, who increasingly seek to incorporate Environmental, Social and Governance criteria (ESG) into their investments.

Natixis participated as Active Bookrunner and Sustainability Structuring Advisor for this transaction.

Link to the Press Release

CaixaBank successfully launches a new Green Senior Non-Preferred Bond

On February 2nd,  CaixaBank launched a EUR 1bn 8yrNC7 Green SNP bond at 0,5%, following its November 2020 EUR 1Bn 6yrNC5 Inaugural Green SNP Bond.

CaixaBank will allocate the funds to finance / refinance projects that contribute to environmental sustainability, including climate change mitigation and prevention of pollution. In line with its inaugural issue, Caixabank will allocate the funds collected to promote SDG 7 “affordable and clean energy” and SDG 9 “industry, innovation and infrastructure”.

This issue was met with significant interest from SRI investors as 62% of the deal has been awarded to them.

Natixis acted as Joint Bookrunner for this transaction.

Link to the Framework

Link to the SPO (Sustainalytics)

De Volksbank NV issued an inaugural Senior Non-Preferred Green Bond off their new EU Green Bond Standard aligned framework

On February 23rd, De Volksbank NV issued a EUR 500m 7yr maturity callable Senior Non-Preferred Bond at MS + 65 bps. The new issuance of De Volksbank uses their newly updated Green Bond framework aligned with the EU Green Bond standard taking into account the EU Taxonomy.

The proceeds from the issuance will be used to finance projects relating to green buildings, to a more efficient use of energy and the production and development of renewable energy.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (ISS ESG)

Iberdrola issued the largest Green Hybrid ever:  €1bn PNC6 and € 1bn PNC9

As announced in 2020, Iberdrola intended to increase their hybrid stock by €2bn and on February 2nd they successfully accomplished it. Iberdola priced a dual tranche €1bn PNC6 and €1bn PNC9 Green Hybrid bond at 1.450% and 1.825%. Becoming the largest Green Hybrid Bond issued ever.

The use of proceeds will be used to finance and/or refinance, in whole or in part, Eligible Green Projects defined under Iberdola’s Green Bond Framework.

This transaction collected a huge interest among investors who were confident on Iberdola’s sound credit profile and ESG commitment.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (Vigeo Eiris)

NatWest launched a successful Inaugural Affordable Housing Social Bond

On February 23rd NatWest issued its inaugural Affordable Housing Social Bond due 2029 for an amount of EUR 1bn with an interest rate of 0.780%. The issue follows the October 2020 update to NatWest’s Green, Social and Sustainability Bond Framework and NatWest’s inaugural Social bond launched in November 2019.

The eligible loan portfolio will consist of loans originally provided to not-for-profit, registered housing associations operating in the UK which provide greater access to affordable housing in the UK.

It is the first EUR transaction from a UK Bank in 2021 and since Brexit and it is the first EUR HoldCo Senior transaction from NatWest Group since November 2019. The book closed in excess of EUR 4.0bn making it the second largest order book of 2021 YTD in the EUR market. SRI investors showed strong interest for the transaction.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (Sustainalytics)

SpareBank 1 Østlandet has successfully issued its Inaugural Green Bond

On February 24th, SpareBank 1 Østlandet debuted in the Green Bond market with EUR 500m Senior Preferred transaction due 2028 at MS + 42 bps. This transaction follows the recent publication of SpareBank 1 Østlandet Green Bond Framework.

The proceeds from the issuance will be used to finance projects such as Green Buildings, Renewable Energy, Clean Transportation, Environmentally Sustainable Management of Living Natural Resources and Land Use.

The transaction was a success with a final book above EUR 800m at reoffer, along with a non-existent NIP.

Natixis participated to the transaction as Joint Bookrunner.

Link to the Framework

Link to the SPO (Cicero)

Unédic issued a new social obligation of EUR 3 billion

On February 9th, Unédic issued its first Social Bond for the funding year 2021 and the second through the long term EMTN program.

The new EUR 3bn benchmark transaction, backed up by the explicit guarantee from the French state, was priced at OAT 15bps. Final orderbook finished in excess of EUR 8bn. Thus, the operation was highly successful with investors.

Natixis participated to the transaction as Joint Lead Manager and Sustainability Advisor.

Link to the Press Release

Voltalia issued its inaugural Green Convertible Bond

Voltalia reaffirms its commitment to align its renewable energy business and financing with its corporate sustainability commitments & values

On January 5th, 2021, Voltalia issued its inaugural green convertible bond due 2025 at par for a nominal amount of approx. €200m, with interest at a rate ranging from 0.75% to 1.25% from the Issue Date. The nominal unit value of the bonds will be set at a premium of 35% to 40% above Voltalia’s reference share price.

The innovative structure of Voltalia’s overarching Green & Sustainability-linked Financing Framework combining both use-of-proceeds and sustainability-linked formats, establishes Voltalia’s leadership and commitment in terms of sustainable finance and Corporate Social Responsibility and creates direct links between the sustainability ambition, the growth strategy and the funding strategy.

This inaugural issuance used the use-of-proceeds format where the net proceeds will be allocated to finance and/or refinance Eligible Green Projects as defined in the Framework.

Natixis acted as Global Coordinator, Joint Bookrunner and Sole Green Structurer in the transaction.

Link to the Framework

Link to the Second Party Opinion (EthiFinance)

Nederlandse Waterschapsbank (NWB) issued a new Housing Bond

On Tuesday January 19th, Nederlandse Waterschapsbank (NWB) issued a new EUR 500mn 16-year SDG Housing Bond at MS+2 bps.

As a leader for sustainable bond issuances in the Netherlands and internationally, NWB has committed to raising at least 25% of its annual funding through SDG issuances.

The issuer has recently re-branded its housing bonds to sustainable from social as they target both on environment and social impacts across 8 of the Sustainable Development Goals.

Natixis acted as Joint Bookrunner for this transaction

Landesbank Baden-Württemberg (LBBW) successfully launched its first EUR benchmark of the year
On January 11th 2021, LBBW launched a senior non preferred €750 million social bond with a duration of ten years.

Natixis acted as Joint Bookrunner.

LBBW a regular issuer of green and social bonds, choose to issue a social SNP benchmark for its first benchmark transaction in 2021.

The 10-year tenor corresponded well to the issuer’s ALM constraints and allowed to satisfy the investor demand for yield pick-up.

More than 60% of the book was allocated to signatories of the UN Principles for Responsible Investment (UNPRI).

World Bank (IBRD) provides duration & diversification

On Wednesday January 13th, the World Bank (IBRD) issued its first EUR benchmark of the year, with a EUR 2bn 40-year Sustainable Development Bond at MS+23 bps.

Natixis acted as Joint Bookrunner.

This was the longest public issuance by the World Bank in €, and the success of the operation speaks for itself.

Taking advantage of an opportunity to diversify and add duration, the World Bank provided a highly visible trade that impressed both investors and issuers alike.

Cades launches first euro social benchmark of 2021

On Wednesday January 27th, Caisse d’amortissement de la dette sociale (CADES), privileged partner of the French State to help finance the impacts of the sanitary crisis, realized its first EUR transaction in 2021 by issuing a € 4bn 10-year Social Bond at OAT + 16bps.

The Bond was issued under its recent Social Bond Framework, for which Natixis acted as a Joint Bookrunner on this transaction.

These proceeds of CADES social bond will be used to finance / refinance Eligible social expenditures as set out in the Social Bond Framework.

Having already launched 2 successful transactions in USD and GBP, Cades successfully returns to the Euro market for its 2021 debut offering investors a new liquid reference benchmark.

This issue was once again a great success bringing together more than 160 investors (55% ESG investors).

Banque Ouest Africaine de Développement (BOAD) issues an inaugural Sustainable Bond

BOAD issued its 12-year inaugural EUR sustainable bond offering in the RegS/144A market totaling €750mn at 2.843%.

BOAD's return to the market since 2019 achieved several milestones:

• The largest book for the issuer since its foray on the International Capital Market in 2017 with over €4.4bn
• The first sustainable bond ever issued by an African entity
• Funding for eligible Green & Social projects and Pandemic response initiatives

Natixis acted as Joink Bookrunner and Sole Structuring Advisor of Sustainable Framework with key development projects including social infrastructure, climate initiatives and poverty-relief efforts.

Link to the Press Release

Link to the Framework

Link to the SPO (Vigeo Eiris)

Acea’s has successfully issued its Inaugural Green Bond

On January 21st Acea SpA debuted in the Green Bond market arena with a EUR 900mn dual-tranche long-4yr and 9.5yr, issued under its recently published Green Financing Framework.

The proceeds from the issuance will be used to finance the sustainability projects included in the 2020-2024 Business Plan. These include projects relating to the protection of water resources, the resilience of the electricity distribution system, energy efficiency, e-mobility, development of the circular economy and increased production of renewable energy.

A remarkable debut for Acea which completes its first green bond issuance worth €900m, collecting a huge interest by investors’ community which allowed the Company to achieve final spreads well below its secondary curve (7 times oversubscribed).

Natixis participated to the transaction as Active Bookrunner.

Link to the Framework

Link to the SPO (ISS ESG)

The new Eureden Group issued a Sustainability-linked Euro PP

On December, 7th 2020, the Brittany-based cooperative specialized in agriculture, food and agri-retail successfully issued with a group of top tier investors, a €46m 3-tranches Sustainability-Linked Euro PP with 5, 7 & 8-years tenors.

The coupon step-up/step-down mechanism is based on 3 KPIs aligned with the ESG objectives of the Group:

• The health and safety of employees
• The development of alternatives to phytosanitary products
• The development of renewable energies

Natixis acted as joint Bookrunner and Documentation Agent on this Euro PP transaction.

Previously, on September 2020, Eureden first concluded its €547m inaugural Sustainability-Linked syndicated facility with 15 banks, composed of term loans and a RCF, all with a maturity of 5 years. Natixis acted as Active Bookrunner on the syndicated facilities. 

The signature of these two facilities will enable the Group to refinance its existing debt, finance its working capital and general corporate needs and support its development through investments and external growth operations.

Albioma’s successful inaugural Sustainability-Linked Euro PP

On 30th of November 2020 Albioma successfully priced for the second time since May 2014 a dual tranche 7 yr & 8 yr Euro PP for €100 m. Thanks to oversubscription and stronger credit quality since 2014 this new Euro PP is larger, longer and cheaper.

Albioma’s Sustainability-Linked Financing Framework has been tied to one Key Performance Indicator (KPI) and its associated Sustainability Performance Targets (SPTs). The KPI chosen is the Energy Mix indicator measuring the share of Renewable Energy volumes in (GWh) in the Energy Production Mix for any given year. The Sustainability Performance Targets are a 80% share of Renewable Energy in the Energy Production Mix by 2023 and 90% by 2025. 

Depending on whether the targets are met, a margin adjustment mechanism (bonus/malus) that may reach up to 25 base points will produce a variation in the interest rate applying to the bonds.

The Sustainability-Linked format chosen by Albioma and its strong results allowed to attract high quality investors.

Natixis as Arranger and Sustainability Structuring Advisor for this transaction.

Link to the Framework

Link to the Second Party Opinion (Vigeo Eiris)

The Fibre 44 Project Company led by the Consortium comprised of Axione, Vauban and Banque des Territoires (CDC) just qualified its project financing as a “Sustainable Loan” last December 22nd.    

The project aims at building and operating a Very high-speed broadband network in the Loire Atlantique Département.

Vigeo Eiris was appointed as the Second Party Opinion Provider and confirmed the framework was aligned with the Green Loan Principles and the Social Bond Principles making it the “First Sustainable Loan” in France.

Natixis acted as joint Bookrunner and sole Sustainability Advisor on this transaction.

BPCE issues €100 million of transition bonds, invested by AXA IM, to finance Natixis’ assets contributing to the energy transition

On December 9th, 2020, AXA Investment Managers, on behalf of AXA Group, invested in a €100 million of senior non-preferred transition bond issued by BPCE (10-year maturity with a coupon of 0.55%).

The proceeds will be used to refinance Natixis’ assets contributing to energy transition, consisting of project and/or corporate loans from relevant sectors, i.e. high emissions reduction potential as well as their contribution to a low carbon economy (such as transport, power, midstream gas, mining and metals).

The transition bonds have two key innovative features. The selected portfolio includes:

• “Sustainability-linked” corporate loans integrating a credit margin adjustment linked to the achievement of KPIs related to the climate and the energy transition.
• Project loans selected based on Natixis’ in-house Green Weighting Factor methodology, an innovative mechanism that links Natixis’ analytical capital allocation to the degree of climate and environmental performance of each financing, enabling it to actively manage and steer its balance sheet’s climate impact and transition strategy.

More information available here

The Pierre Fabre group has renegotiated its revolving credit facility by linking it to CSR criteria

Pierre Fabre's renegotiated revolving credit facility now includes a bonus-penalty system that links the cost of the credit facility to two CSR criteria driven by “Green Mission Pierre Fabre”:  

• the reduction of the Group’s carbon footprint (a 30% reduction of emissions by 2025 versus 2015);
• the implementation of an innovative social- and eco-designed product initiative (100% of new product developments as from 2019, 50% of the entire product portfolio by 2023, excluding pharmaceutical specialties). 

Natixis acted as a mandated lead arranger in the transaction.

Link to the Press Release

Buyout of Kersia by IK Investment: First LBO financing in France that includes sustainability-Linked features

The acquisition of Kersia by IK Investment has been financed through a Sustainability-linked syndicated leverage loan structure including RCF & term loan B tranches, in line with the LMA’s Sustainability-linked loan Principles.

Natixis was pleased to act as Sole Sustainability coordinator for this transaction.

See our article on the deal

Société Française de Financement Local has successfully issued its Inaugural Green Bond

On November 13th, 2020, SFIL, the 100% publicly owned leading French Agency supporting Local Investment and Export, successfully priced an inaugural €500m 8-year Green Bond.

After three successful Thematic-Bond issuances from SFIL’s subsidiary CAFFIL in 2019 and 2020 under a covered bond format (2 Social and 1 Green), SFIL is expanding its ESG issuance footprint with a first Thematic-Bond issuance from SFIL in the SSA market.

This Green Bond offering is done out of the same overarching framework, on which both CAFFIL and SFIL are possible issuers.

Natixis acted as a Joint Bookrunner in this transaction and as Green Structuring Advisor for SFIL CAFFIL Green bond framework.

Link to the Framework

Link to the SPO

Schneider Electric launched the first ever Sustainability-linked convertible bond

On November 24th, 2020, Schneider Electric, the French multinational providing energy and digital solutions for efficiency and sustainability, issued the first ever sustainability-linked convertible bond for a nominal amount of approximately €650 million. The zero-coupon bonds are convertible into new or existing shares and are due in 2026.
For this transaction, Schneider Electric has defined three KPIs with associated sustainability performance targets and methodologies, which will be tracked, reported and externally verified:

1. Deliver 800 megatons of saved and avoided CO2 emissions for customers by 2025
2. Increase gender diversity: 50% women hiring, 40% women among front-line managers, 30% women in leadership teams by 2025
3. Train 1 million underprivileged people in energy management by 2025

Link to the Framework

Link to the SPO

NRG Energy issued the first ever SLB from North America

On November 18th, 2020, NRG Energy successfully priced a bridge takeout financing with a $900mm 7NCL Senior Secured Sustainability-Linked Notes.

The Sustainability-Linked Bond represents a great milestone for NRG, and for the broader sustainability themed financing market, as it represents many firsts including:

1. 1st ever SLB from a North American issuer;
2. 1st ever SLB from a Power Company outside of Europe; and
3. 1st ever SLB with a “most ambitious target” clause – ensuring any future issuance must be of equal or greater climate ambition.

The SLB tranche was a huge success, and the client has also committed to appointing Natixis as an Active Bookrunner in its 2021 bond issuance in recognition of the work achieved.

Natixis acted as Joint Bookrunner and Sole Sustainability Structurer & Coordinator (Senior Secured Notes due 2027) and as Senior Co-Manager (Senior Secured Notes due 2025) in support of NRG’s $3.63 billion acquisition of Direct Energy.

This transaction is one of the year’s largest acquisitions in the U.S. energy space to be structured and executed in 2020, and its very strong reception in the market reflects the tremendous depth and liquidity of both the investment grade and high yield markets.

Link to the Framework

Link to the SPO

Engie’s new Green Hybrid Bond breaking records

On November 19th, 2020, Engie, the global reference in low-carbon energy and services, successfully priced a new €850m PerpNC8 Green Hybrid.

Returning to the EUR primary market after its triple senior tranches in March 2020 & its single senior tranche in June 2020, Engie issued a new PerpNC8 bond in parallel to a tender offer on three hybrid bonds, one of them being a Green bond - the first time a Green hybrid bond is tendered.

Earlier in the year, Natixis acted as Green Structuring Advisor 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 new €850m PerpNC8 Green Hybrid will be allocated to 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.

With this new issue, Engie issued €2.35bn of Green bonds in 2020 and thus comforted its status as uncontested largest corporate green bond issuer (€12bn since their first Green Bond in 2014).

Natixis acted as Active Bookrunner in the transaction.

86% of allocations were made towards investors considered as sustainable by Natixis.

Link to the Framework

Link to the Second Party Opinion (Vigeo Eiris)

Colonial signs €1 billion Sustainability-Linked Loan

On November 5th, 2020, Spanish Real Estate company Inmobiliaria Colonial has signed a €1bn SLL through a revolving syndicated credit facility.

The new loan is structured in two tranches of €500 million each and will provide the company with liquidity for its business over the next five years, with the possibility of extending it for a further two years. It replaces two credit lines that totaled €850m.

The banking pool is made up of various national and international financial institutions, including CaixaBank acting as the agent bank, and BBVA, BNP and Natixis, as well as CaixaBank again, acting as sustainability agents.

Michelin bags €2.5bn Sustainability-Linked Loan

Michelin, the French tyre maker, has signed a 2.5bn multi-currency Sustainability-linked Revolving Credit Facility.

The Facility has a tenor of 3 years and includes two 1-year extension options, exercisable at the end of year 1 and 2, at each lender’s sole discretion. The proceeds from the Facility will be used for general corporate purposes including the refinancing of the Company’s existing EUR 1,500,000,000 facility dated 12 July 2011 as amended on 20 July 2012 and 10 December 2014.

The CSR clause links pricing to a set of sustainability performance targets including reducing greenhouse gas emissions and reduction of the environmental impact of its sites.

Natixis acted as a mandated lead arranger in the transaction.

Airbus signed a Sustainability-Linked credit facility

On October 21st, 2020, the French aerospace company signed a €6bn sustainability-linked revolving credit facility.

The borrower’s new facility has a three-year maturity and was provided by more than 30 banks among which Natixis was designated as a lead arranger in the transaction.

Airbus’s financing was used to term out €3bn of the €15bn liquidity facility put in place in March to bolster the company’s liquidity in the wake of the Covid-19 crisis, and to refinance the company’s existing €3bn RCF, which was due to mature in October 2021.

One of the KPI is Airbus’ performance as measured by the CDP Climate Change score. CDP is a not-for-profit charity that runs a global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts.

Agence Française de Développement has successfully launched its Inaugural SDG Bond

On October 22nd 2020, Agence Française de Développement (AFD) successfully priced an inaugural €2 billion 7-year Sustainable bond.

The EUR 2 billion transaction was significantly oversubscribed with a final order book reaching over EUR 5 billion.

AFD issued this SDG Bond under its newly published SDG Bond Framework.

Natixis acted as a Sole Structurer on the structuration of the framework and as a Joint Bookrunner.

This Framework was designed in relation with UN Sustainable Development Goals (SDGs), which are at the heart of AFD Group’s strategy and are fully incorporated into loans identification and selection processes.

Link SDG Bond Framework

Link to the Second Party Opinion (Vigeo Eiris)

New success for CADES with its €5 billion Social Bond

On 29th September 2020, la Caisse d’Amortissement de la Dette Sociale (CADES) issued a new EUR 5bn long 7-year Social Bond. 
The Bond was issued under its recent Social Bond Framework, for which Natixis acted as a Joint Structurer.

This issue was once again a great success with an order book of €13.8 billion, bringing together more than 200 investors (66% ESG investors).

Natixis acted as a Joint Bookrunner.

Acting as a privileged partner of the French State to tackle the impacts of the sanitary crisis. CADES will, in the upcoming years, potentially become one of the most active issuers in the primary market: €20bn of financing in 2020 and €116bn between 2021 and 2023.

The proceeds of CADES social bonds issuances will be allocated to financing and/or refinancing the previous, current, future deficits of the various branches/regimes of the Social Security system.  

Link to press release