LBBW top stories

• ESG price ratchet enters Schuldschein: bonds next?

  A structure developed in the loan market, in which a company’s financing margin can be lowered during the life of the deal if it improves its environmental, social and governance credentials, has crossed over into the Schuldschein market. That raises the possibility it could make the leap to the bond market, write Silas Brown and Jon Hay.

  • 13 Jun 2019

• Volkswagen, Bright Food get big books on soft day

  It's not often a €1.75bn deal from Volkswagen Leasing is overshadowed in the corporate bond market, though that was the case on Wednesday with Berkshire Hathaway's £1.75bn 20 and 40 year stormer. But Berkshire left euros clear for Volkswagen - it only had Bright Food of China to compete with.

  • 12 Jun 2019

• Schuldschein market awaits investorappetite for sustainability-linked notes

  Schuldschein lenders are getting their first taste of environmental social governance (ESG) interest-linked notes next week, as Dürr takes its final orders on a transaction linked to its sustainability performance. According to several participants the trade has so far gone well, and will likely spark further Schuldschein borrowers using this new structure.

  • 11 Jun 2019

• KfW EUR5bn 0% Jul 24

  • 06 Jun 2019

• German SSA yields reach record lows

  KfW returned to the market on Wednesday for its second five year euro benchmark of the year. The €5bn 0% July 2024 note was issued with the lowest yield the German agency has ever paid.

  • 06 Jun 2019

• KfW goes lower than ever before

  KfW returned to the market for its second five year euro benchmark of the year. The €5bn zero coupon note was issued with the lowest yield ever printed by the German issuer.

  • 05 Jun 2019

• Fives and 10s for German SSAs

  The State of Schleswig-Holstein returned to the market with a 10 year note on Tuesday. Meanwhile, KfW has announced a new five year euro deal, following on from January’s record KfW book for the maturity.

  • 04 Jun 2019

• Reliance settles Schuldschein, the market dreams of more

  Reliance Industries settled its debut Schuldschein for €405m on Thursday, in a transaction which was widely considered a success — and promising for any arrangers looking to transport the instrument out of Europe.

  • 31 May 2019

• LBBW prices green Reg S Pfandbrief in line with 144A deals

  LBBW attracted good demand for a $750m three year Reg S Pfandbrief on Tuesday, enabling the issue to be priced in line with where 144A deals had been indicated in the secondary market. A day later Deutsche Pfandbriefbank issued another three year.

  • 21 May 2019

• LBBW to issue first green dollar Pfandbrief as KHFC hits the road in euros

  Hot on the heels of its senior non-preferred last week, LBBW has mandated leads for a three year green Pfandbrief. The Korean Housing & Finance Corporation (KHFC) is also preparing issuance, after mandating leads for a roadshow with plans to issue a euro covered bond.

  • 20 May 2019