Green & sustainable Deals


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.)

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)

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

Link to the Social Bond Framework

 

Banque Fédérative du Crédit Mutuel has successfully issued its inaugural Green Bond

On 1st october 2020, BFCM priced its inaugural €750m 7-year Green Senior Preferred benchmark bond. The Green Bond was a great success with investors, with an impressive oversubscription rate of 4.4 times.

Natixis acted as a Joint Bookrunner.

The transaction is part of ensemble#nouveaumonde strategic plan and was issued under the Crédit Mutuel Alliance Fédérale Green, Social and Sustainability Bond Framework.

The proceeds of this Green Bond will be used to finance, or refinance loans in the following Green Eligible Categories: green buildings, renewable energy and low carbon transport.

Link to the Green, Social and Sustainability Bond Framework

Link to the Second Party Opinion (Vigeo Eiris)

 

Enel successfully launched a new Sustainability-Linked Bond

On 13th October 2020, Enel successfully launched a denominated Sustainability-Linked Bond, on the sterling market totaling 500 million pounds sterling. The issue was almost six times oversubscribed, with orders of about 3 billion pounds sterling.

The new Sustainability-Linked Bond was issued under Enel “Sustainability-Linked Finance Framework. This framework was reviewed by the Second Party Opinion Provider, Vigeo Eiris.

Natixis acted as a Joint Bookrunner.

The Bond structure is linked to the UN SDG7 “Affordable & Clean Energy”. The bond is linked to the Key Performance Indicator (KPI) of “Renewable Installed Capacity Percentage” and to the related achievement of a Sustainability Performance Target (“SPT”) equal to or greater than 60% by December 31, 2022. If the target is not achieved, a 25-bps step-up in the coupon will be applied.

Link to the Sustainability-Linked Financing Framework

Link to the Second Party Opinion (Vigeo Eiris)

Link to press release

 

Land NRW placed a new Sustainability Bond

On 5th October 2020, Land NRW issued a new EUR 2.4bn 15-year Sustainability benchmark Bond at MS + 7 bps. Land NRW's sustainable transaction attracted strong demand, as it was launched with order books in excess of EUR 6 billion and more than 160 investors participated.

Natixis acted as a Joint Bookrunner.

The proceeds will be used to finance projects and initiatives of NRW with clear environmental and/or social benefits Education as Inclusion and Social Coherence, Public Transport and Local Mobility, Climate Protection and Energy Transition, Protection of Natural Resources, Sustainable Urban Development.

Modernization of Educational and Public Health Facilities.

Link to the Sustainability Bond Framework

Link to the Second Party Opinion (ISS ESG)

 

Mizuho Financial Group issued a new Green Bond

On 1st October 2020, Mizuho Financial Group, Inc. (“Mizuho FG”) successfully priced its EUR 500mn 5-year fixed rate green senior unsecured bond. The transaction received strong interest from investors, as the final book closed in excess of EUR2.5bn, approximately 5 times over-subscribed.

Natixis acted as a Sustainability Advisor and Joint Bookrunner.

The Green Bond was issued under Mizuho Green Bond Framework, which received a second-party opinion from Sustainalytics.

The proceeds of the Bond will be used to finance environmentally friendly projects, including renewable energy, clean transportation, pollution prevention and control, green buildings.

Link to the Overview of the Green Bond Framework

Link to the Second Party Opinion (Sustainalytics)

Link to press release

 

Société du Grand Paris issues two new green bonds and secures half of the financing for Grand Paris Express

On 7th October 2020, Société du Grand Paris issued a dual-tranche EUR Green 10-year and 40-year for a total amount of EUR 6 Billion. Both transactions attracted strong demand, as it was launched with order books in excess of EUR 8,5 billion. The 10-year tranche was launched with final size fixed at EUR 3 Billion.

Natixis acted as a Joint Bookrunner for the 10-year tranche.

The proceeds will be used to finance the Grand Paris Express project, with the construction of new electric metro lines and line extensions and construction, development of new stations and technical centres for electric metros (clean transportation).

Link to the Green Bond Framework

Link to the Second Party Opinion (Sustainalytics)

Link to press release

 

Bank of China Paris priced the first ever “Blue Bonds” from a Commercial Bank

On 14th September 2020, Bank of China Limited, Paris Branch (“BOC Paris”) successfully priced its USD 500m-3-year fixed rate blue senior unsecured bond.

Natixis acted as a Joint Global Coordinator on the offering

Founded in 1912, Bank of China is one of the four majors state-owned banks in the People’s Republic of China. As the first commercial bank to issue Blue Bonds, BOC demonstrates its leadership to promote a sustainable blue economy and protection of water resources.

This Blue Bonds issuance is aligned with the Green Bond Principles, protecting marine ecological environment and exploring offshore wind energy. EY verified it through a Pre-issuance Attestation Report. 

Link to the Green Bond Programme

Link to the Management Statement

Attestation Report on Pre-issuance of Bank of China’s 2020 Blue Bonds

 

Beijing Enterprises sells Euro Green Bond

Beijing Enterprises has raised EUR500 million from a five-year guaranteed Green Bond.

Natixis acted as a Sustainability Advisor and Joint Bookrunner.

The proceeds of the Bond will be used to refinance existing offshore debt incurred in connection with the funding of the eligible green assets as described under the Green Finance Framework.

"There was decent interest from Chinese banks although the euro, which was specifically requested by the borrower, is a less preferred currency than US dollars," a lead said.

Link to the Green Bond Framework

 

Cades breaks all records with Inaugural Social Bond

On September 9th 2020, Caisse d’Amortissement de la Dette Sociale (CADES) issued an inaugural EUR 5bn long 10-year Social Bond under its newly published Social Bond Framework.

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

Acting as a privileged partner of the French State to help finance the impacts of the sanitary crisis, CADES will become one of the biggest issuers in the primary market for the upcoming years.

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 the Press Release

Link to the Social Bond Framework

 

Commerzbank has successfully issued its second Green Bond

On 16th September 2020, Commerzbank successfully issued its second Green Bond with an issuance volume of EUR500 million, with a term of 5.5 years.

This non-preferred senior attracted investor interest, because the final order book at re-offer was 8 times subscribed.

Natixis acted as a Joint Bookrunner.

Commerzbank has earmarked the proceeds from the Bond for loans for onshore and offshore wind projects and solar projects in Germany, other European countries, and North America. The projects financed by the Green Bond aim to help avoid CO2 emissions of around 850.000 tons per year.

Link to the Green Bond Framework

Link to the Press Release

 

Fotowatio Renewable Ventures signed Spain’s first Climate Bonds-Certified green loan

On September 8th 2020, Fotowatio Renewable Ventures, a leading global developer of renewable utility-scale projects, have closed a non-recourse project financing of the 138 MW dc San Serván photovoltaic plant in Spain. FRV signed a EUR64 million green-loan.

Natixis acted as underwriter and sole green loan coordinator.

This is the first Climate Bond Certified green transaction in Spain. The dc Serván photovoltaic plant is expected to be fully operational by 2022. It will contribute to the Spanish government’s Long-Term Decarbonisation Strategy (ELP), which aims to neutralize the country’s greenhouse gas emissions by 2050.

Link to the Press Release

 

Successful launch of Icade Santé's Inaugural Social Bond: The first ever benchmark Social Bond for a Corporate

On September 10th 2020, Icade Santé, the leading French Healthcare Property Investment Company, successfully priced an inaugural social bond 10Y €600m senior bond issue.

This transaction is the first ever benchmark social bond issue for a corporate, all currencies included.

Natixis acted as a Structuring Advisor and Sustainability Coordinator.

The proceeds from this issue will be used to refinance acquisitions or projects relating to existing assets (construction, development, extension and refurbishment) located in France, which have an inherently positive social impact: access to care for all.

Link to the Press Release

Link to the Social Bond Framework

 

Mexico issues 'world's first' sovereign bond linked to U.N. sustainability goals

Launched on September 14th 2020, in a series of pioneering milestones, the € 750million, seven-year Bond represents Mexico’s first-ever Sustainable Development Goals (SDG) Bond and the first SDG Bond issued by a sovereign country. This is also the first SDG to feature the participation of the United Nations (UN), through the United Nations Development Program (UNDP).

The book peaked at EUR 4.8bn million, from 267 global investment firms. The high level of oversubscription and subsequent compression achieved allowed Mexico to print its second lowest coupon and one of its largest order books in the Euro market.

The transaction speaks to the value investors are placing on sustainable bonds and the expansion of the development finance market.

Natixis acted as a Sole SDG Sovereign Structuring Advisor.

The proceeds from this issue will be used to finance projects that may be have a tangible SDG contribution.

Link to the Press Release

Link to the SDG Sovereign Bond Framework

Link to our article on Mexico’s SDG Bond Framework

 

Munich Re has issued a subordinated green bond

On September 2020, Munich Re has issued a subordinated green bond, with the volume issued amounting to €1.25bn. The bond has a coupon of 1.25% and will mature in 2041.

This bond highlights Munich Re’s commitment to using the capital markets to help achieve a climate-friendly transformation of the economy.

Natixis acted as a Co-lead Manager.

The proceeds from this issue will be used to finance or refinance sustainable projects in accordance with the company’s Green Bond Framework.

Projects include investments of equity and debt in renewable energy, energy efficiency, clean transportation, green buildings, sustainable water and wastewater management, the eco-efficient and/or circular economy, and the environmentally sustainable management of living natural resources and land.

Link to the Green Bond Framework

Link to the Press Release

 

Orange has successfully issued its Inaugural Sustainability Bond

On September 9th 2020, Orange announced the successful launch of its inaugural Sustainability Bond for a total amount of EUR 500 million. The issue was more than five times oversubscribed, with great success from French and international Socially Responsible investors.

Natixis acted as a Joint Bookrunner.

Orange intends to allocate about 40% of this first bond issuance in digital and social inclusion projects and the rest in improving energy efficiency and promoting the circular economy.

This issuance reflects Orange five-year strategic plan “Engage 2025”. The aim of this strategic plan is to align digital and social inclusion.

Link to the Press Release

 

The World Bank (IBRD) issued its fourth EUR benchmark of the year with a EUR 1.5 Billion 15-year Sustainable Development Bond.

The World Bank (IBRD, Aaa/AAA) priced a 15-year euro-denominated benchmark bond maturing in September 2035, raising EUR 1.5 billion from institutional investors around the globe to support the financing of its sustainable development activities. This is IBRD’s largest euro-denominated bond offered at this maturity.

Natixis acted as a Joint Lead manager for the transaction.

With annual issuances between US$55-US$65 billion, World Bank bonds support the financing of programs that further the Sustainable Development Goals. World Bank bonds are aligned with the Sustainability Bond Guidelines published by the International Capital Market Association.

“This was the fourth transaction by the World Bank in the euro this year and exemplifying the strong name they have developed in this market issued a successful new transaction taking advantage of a brief but exceptional window. This deal amassed significant demand as the issuer targeted duration in an impressive final result on the longer end of the curve. As always, it is a privilege to work alongside this issuer and in particular as they continue to raise funding in their global sustainability efforts,” said Thomas Leocadio, Head of International SSA, Natixis.

Link to the Investor Presentation

Link to the description of the Framework

 

NWB Bank has successfully issued an SDG Housing Bond

On August 26th, Nederlandse Waterschapsbank (NWB) issued a new EUR 1bn 15-year SDG Housing Bond at MS + 10 bps.

Natixis acted as a Joint Lead Manager.

The proceeds will be used to provide loans to the social housing sector in the Netherlands falling within the following eligibility categories: Affordable housing, Socioeconomic advancement and empowerment, access to essential services, affordable basic infrastructure, employment generation.

Each eligible asset are defined to promote the UN Sustainable Development Goals.

Link to the Press Release

Link to the SDG Housing Bond Framework

 

Agence France Locale issued an Inaugural Sustainability Bond

On July 6th 2020, the Agence France Locale (“AFL”) issued its first Euro benchmark of 2020 with an inaugural long 7-year Sustainability bond at OAT + 35 bps.

Natixis acted as joint bookrunner on this transaction.

AFL issued the inaugural sustainability bond under its new Sustainability Bond Framework, presented to investors on June 29th. A Second Party Opinion was delivered by Vigeo Eiris.

The proceeds will be used to finance or refinance loans granted by AFL to Local Authorities falling within the following eligibility categories : Education and culture, Employment, Access to essential health services, Social inclusion, Low-carbon public transportation, Pollution prevention and control, Renewable energy, Sustainable water and wastewater management, Affordable housing, and Affordable and sustainable infrastructure.

Link to the Investor Presentation

Link to the Sustainability Bond Framework

 

Generali successfully concludes the placement of its second Green Bond

On June 30th, Generali announced the issuance of a Green EUR Denominated Tier 2 Bond due in July 2031 under its existing Green Bond Framework. The new 11y bullet Green Tier 2 issue was successfully priced AT MS+255BPS.

Natixis acted as a Joint bookrunner.

The proceeds will be allocated to finance/refinance Green Eligible project Bonds, Equity Investments, Assets, falling within the following eligibility categories : Green buildings, Renewable energy (electricity and heat production), Energy efficiency, Clean transportation, Sustainable water management, Recycling, Re-use & Waste management.

Link to the Press Release

Link to the Green Bond Framework

 

Tereos takes out the first sustainability-linked loan in the Brazilian sugar and ethanol sector with a new US$ 105 million long-term financing

On June 15th 2020, Tereos Sugar & Energy Brazil (“TSEB”), one of the leading producers of sugar and ethanol in Brazil, closed a new USD105 million credit facility, the first sustainability-linked loan in the Brazilian sugar & ethanol industry. This facility agreement is also the first operation of this kind on a global level for Tereos Group, present in 18 countries.

Natixis acted as Joint Bookrunner, Mandated Lead Arranger and Sustainability Coordinator.

Through the sustainability-linked mechanism, Tereos commits to four ambitious sustainability performance targets under four key performance indicators, including annual reduction in GHG emissions per ton of processed cane, annual reduction in water consumption per ton of processed sugarcane, an annual increase in certified sugarcane in addition to an improved score for environmental, social & corporate governance (ESG) formal evaluation.

As part of the facility, Tereos will have an interest rate margin reduction for each year if it meets its sustainability performance targets, with an independent auditor providing a validation.

Link to the Press Release

 

Unédic repeats past performance with its second Social Bond issuance.

On June 10th, Unédic issued its second EUR Social benchmark bond for the funding year 2020 and its first Social bond under the long term EMTN programme.

The new EUR 4bn benchmark transaction, backed up by the explicit guarantee from the French state, was priced at OAT 25bps. Final orderbook finished in excess of EUR 8.75bn which represents the largest orderbook ever achieved by Unédic. 

Link to our article on the issuances

Link to the Social Bond Framework

 

CaixaBank issued its first Covid-19 Social transaction

On July 1st 2020, CaixaBank came out with a €1bn 6yNC5y Senior Preferred 1st Covid-19 Social transaction, inaugural callable bond for the issuer. Natixis acted as a Joint Bookrunner.

This bond is a Social bond as defined in its Sustainable Development Goals Framework published in August 2019, with a SPO delivered by Sustainalytics.

The proceeds will be used as loans and be granted to micro-enterprises and SMEs, to mitigate the economic and social impacts derived from COVID-19 in the most economically disadvantaged regions of Spain.

Link to the Investor Presentation

Link to the Sustainable Development Goals Framework

 

Natixis sole green coordinator for financing of Kincardine, set to be the world’s largest floating offshore windfarm

Cobra Instalaciones y Servicios S.A. (“Cobra”) has raised £380m for the financing of Kincardine Offshore Windfarm Limited (“Kincardine”), which comprises the construction of a 50MW floating offshore wind farm, located south-east of Aberdeen, Scotland.

Natixis was one of the mandated lead arrangers, underwriters and bookrunners and acted as a Green Loan Coordinator for the transaction.

Through the certification process conducted by Natixis, the financing of the project was awarded the “Certified Climate Bond” label by Climate Bonds Initiative (“CBI”). Vigeo Eiris has been mandated as verifier of the Marine Renewable Energy Criteria. These scientific criteria ensure that the certified loan is consistent with the 2°C warming limit in the Paris Agreement. Under the certification, Cobra will report regularly on the project’s adherence to KPIs defined in accordance with CBI guidelines.

When completed, Kincardine will be the largest floating offshore windfarm in the world.

Link to the Press Release

 

Sparebanken Vest Boligkreditt issued its first Green Covered Bond.

On Tuesday 30th June, Sparebanken Vest Boligkreditt (SVEGNO issued their first public benchmark in 2020, as well as their inaugural Green Covered Bond. Natixis acted as a joint bookrunner

The final order book involved more than 50 accounts and it is estimated that around 60% of the book was driven by green / ESG investors.

Sparebanken Vest intends to allocate the net proceeds of this Green Covered Bond to a finance or refinance a loan portfolio of new and existing energy efficient residential buildings in Norway (Residential Green Buildings).  

Link to the Green bond framework

 

Islamic Development Bank issued an inaugural Sustainable Sukuk

On Thursday 18th June, the Islamic Development Bank successfully priced its inaugural Sustainable Sukuk issuance under its Sustainable Finance Framework (under the Social Projects Category).  Natixis acted as a Joint Bookrunner.

The proceeds from the 5 year USD 1.5 billion Sukuk will be allocated to IsDB’s Member Countries in tackling the aftermath of the Covid-19 pandemic.

This transaction represents the 15th public issuance (out of 16 issuances) including the debut/inaugural 5-year EUR 1 billion Green Sukuk last 27th November 2019 for which Natixis has been mandated by IsDB since 2013 as a strong testament of our relationship with the supranational.  

Link to the Sustainable Finance Framework

Link to the Press Release

 

KBC issued its second Green Bond

On June 9th 2020, KBC Group NV (“KBC”) priced a 7NC6 €500m (no grow) Green Senior HoldCo. This is KBC’s second Green Bond following their inaugural 5yr Senior HoldCo printed in June 2018 and also its first callable Senior HoldCo. Natixis acted as a Joint Bookrunner for the transaction.

The proceeds will be allocated to finance/refinance Green Eligible Assets,  as defined by the eligibility criteria described in KBC’s Green Bond Framework.

Link to the Green Bond Framework

 

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

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

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

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

Link to the Press Release

 

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

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

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

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

Link to the Press Release

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

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

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

Link to the Investor Presentation

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

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

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

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

Link to the Investor Presentation

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

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

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

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

Link to the Press Release

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

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

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

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

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

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

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

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

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

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

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

Link to the Press Release

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

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

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

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

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

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

Link to the Press Release

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

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

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

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

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

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

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

Link to the Press Release

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

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

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

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

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

Link to the Press Release

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

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

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

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

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

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

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

Link to the Press Release

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.)

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)

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.)

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)

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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.

 

Link to the Framework

Link to the SPO (Sustainalytics)

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)

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)

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)

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)

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

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)

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)

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

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

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.