Forderbanks step up the pace as Landesbanks fall away
Of the 16 German regional development banks, NRW.Bank and L-Bank are by far and away the clear leaders when it comes to international bond issuance, having secured hard-fought reputations as agency issuers. However, their lead is expected to narrow as other state governments face up to increased funding requirements and encourage their own Förderbanks to look beyond domestic Schuldscheindarlehen and bearer bonds. Philip Moore reports.
While Germanys Landesbanks have increasingly resembled endangered species in the international capital market since the loss of their government guarantees in 2005 most notably in the unsecured market the same can scarcely be said of the largest of Germanys regional Förderbanks (development banks).
All 16 of
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