DZ Bank
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Two public sector borrowers hit the primary euro market on Thursday, with the International Development Association selling its biggest ever bond in the currency and France’s Action Logement Services extending its curve with just its second ever trade. -
A trio of green labelled debuts attracted “slim” demand on Wednesday, as the three senior deals had to compete with a flurry of other trades for a slice of the shrinking pre-summer investor pool.
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DZ Hyp plans to issue a €750m no-grow Pfandbrief on Wednesday as Muenchener Hypothekenbank (MuHyp) marketed its inaugural sterling benchmark to UK investors amid a sharp fall in global yields.
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A succession of debut labelled deals are filling the FIG pipeline as issuers look to make use of the last window ahead of the summer break. ESG bonds from SpareBank 1 SR-Bank and Banco BPM are set to join the already mandated Banca Popolare di Sondrio and Arion Bank in the market later this week.
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The blockchain firsts in capital markets are coming quickly. DZ Bank is marketing a corporate Schuldschein that will run back office functions on a blockchain for the entire duration of the trade — the first time this has been done — while Société Générale’s subsidiary Forge is working on various permutations of trades to be issued using this form of distributed ledger technology. While blockchain tech is still in its infancy, it is set to disrupt capital markets, creating winners and losers.
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Senior and covered bond plans were flowing into the deal pipeline on Monday, with issuers keen to buck the softer tone and print before the start of the summer break.
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A trio of borrowers looked to slip in with conventional senior deals ahead of Wednesday’s US Federal Reserve meeting, with each paying a small premium to do so.
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The European Union generated a blowout reception for its debut bond under the €800bn Next Generation EU (NGEU) programme on Tuesday, although it paid a sizeable new issue premium of 4bp-5bp according to senior bankers away from the deal.
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The European Union announced the mandate for the inaugural bond for its €800bn Next Generation EU (NGEU) scheme on Monday morning as the European Commission ruled on prohibiting banks which have been found guilty of breaching anti-trust rules from appearing on syndications for the programme.
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A spate of UK borrowers have signed loans that use Sonia as the benchmark rate from day one this week, with the consistently tricky transition given some cheer after companies said that the process is fairly simple.
