Currencies

Germany has picked banks for its eagerly awaited 30 year green bond. Bankers expect the deal to go well since it will be one of the rare German syndications to offer a positive yield.

Nordea made a rare entry into the euro tier two market on Monday, taking advantage of strong issuance conditions to steer its pricing in close to fair value.

European banks began to access the dollar market this week following first quarter earnings, while JP Morgan stole the show on Wednesday with a record low coupon for a preferred note.

Emirates telecom provider Etisalat landed in the euro market with a bond on Thursday, raising €1bn across two tranches in a currency that is fast becoming a home for EM borrowers.

Despite paying a chunky new issue premium, Deutsche Bahn was still able to score some attractive arbitrage with its latest Swiss franc deal this week, and with favourable pricing on offer for foreign names, bankers are confident more could follow.

A $7bn equivalent nine-tranche bond issued by London Stock Exchange Group in March put the newest generation of bond documentation software through its paces. It was the first deal of its size and complexity to use one of the growing array of automation technology platforms.

Banco Santander was targeting two currencies for additional tier one debt on Thursday, following closely behind a blowout euro deal for Deutsche Bank.

Zuercher Kantonalbank paid a generous spread this week for its first senior deal in euros, as rates investors showed no hesitation in adding exposure to the state-backed financial institution.

Deutsche Bank launched its first euro additional tier one (AT1) in about seven years this week, taking advantage of an impressive first quarter performance to raise €1.25bn of capital from €6bn of demand.

Rating: Aa2//AA

Morgan Stanley and Goldman Sachs received a warm welcome in the euro market this week, as they turned to the currency amid what one banker described as a “US bank supply wave”.

Damien Aellen has been promoted to co-head of Credit Suisse’s Swiss franc bond syndicate desk.