LBBW draws deeper and more diverse demand for green Pfandbrief first

LBBW’s debut green Pfandbrief attracted a larger order book from a wider set of international investors compared with a vanilla deal, suggesting the bonds have good scope to perform relative to ordinary deals.

• 18 Jun 2018

LBBW to issue its first green Pfandbrief

LBBW has mandated leads for its first Pfandbrief secured on green mortgages. The transaction follows a similar deal last week from DNB Boligkreditt and comes after LBBW’s inaugural green senior deal launched in December 2017. Several other covered bonds are expected next week.

• 15 Jun 2018

Land Berlin EUR1bn 1.3% Jun 33

• 07 Jun 2018

Arms race in Schuldschein mart as LBBW launches tech platform

LBBW and the Stuttgart Stock Exchange have created a Schuldschein digital technology platform called Debtvision, with all the grand ambition and fanfare that Helaba exhibited when launching its rival VC Trade system in March. Whether the town is big enough for the both of them remains to be seen.

• 07 Jun 2018

Berlin scoops €1bn at 15 years

The Federal State of Berlin printed a 15 year trade on Wednesday — its first €1bn bond since 2015, according to Dealogic. The trade was joined by a five year from Corporación Andina de Fomento.

• 06 Jun 2018

German investors show deal was Würth waiting for

German screws and fastenings wholesaler Würth this week found its domestic investor base had stayed loyal after a three year hiatus from the corporate bond market. However, it also found material offshore interest too.

• 17 May 2018

Pfandbrief issuers could look away from euros

Deutsche Pfandbriefbank (PBB), which completed its second euro benchmark Pfandbrief of the year this week, is expected to consider issuance in dollars or sterling, as are other German issuers that have big foreign currency assets.

• 16 May 2018

LBBW's covered bond canary in the coal mine

Pfandbrief borrowers rarely issue sterling deals of more than £250m, so when LBBW priced a £750m transaction with demand of £1.4bn this week, alarm bells were ringing. The astounding wall of money chasing the safest of safe assets may say as much about the state of the market as it does about the value of the deal itself.

• 10 May 2018

LBBW issues record-breaking sterling covered bond

At £750m, the debut sterling covered bond issued by LBBW on Wednesday was by far the largest ever of its kind sold by a European bank, with the trade attracting demand that was off the scale compared with anything that had previously been issued in the currency.

• 09 May 2018

EFSF cleans up at 30 but draws criticism

The European Financial Stability Facility attracted a heavily oversubscribed book for a deal on Tuesday and was able to tighten its pricing considerably, but onlooking bankers did not seem taken by the supranational’s strategy.

• 26 Apr 2018