Commonwealth Bank of Australia (CBA) made its debut in green tier-two format for its first euro deal in unsecured format since 2018. The issuer was rewarded with what it views as a clearly definable ‘greenium’, while also satisfying pent-up European investor demand outside covered bonds and continuing the bank’s build towards total loss-absorbing capacity.
Domestic corporate bond supply continues apace in 2024 but – to now – absent labelled format. SA Power Networks’ green labelled deal and energy transition narrative provide a point of differentiation, capturing investor attention and landing the deal through theoretical price comps and with a quantifiable greenium, leads say.