DZ Bank
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Sub-benchmark deals are not so much of a novelty anymore: a trio of rare names filled their boots with diminutive deals this week, with each attracting bumper demand. -
As benchmark issuance remains on the side-lines, smaller issuers have come out to play, with rare borrowers Cassa Centrale Raiffeisen dell’Alto Adige and Luminor Bank on the hunt for deals Lilliputian in size on Tuesday. A handful of larger issuers are keeping a close eye, and could come to the market with small deals of their own in the coming weeks.
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The European Union received strong demand as it tapped a June 2035 line on Wednesday to finance loan disbursements under its Covid-19 Macro-Financial Assistance (MFA) programme.
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Rating: Aaa/AA/AAA
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Adidas, the German sportswear company, has signed a €1.5bn loan to replace an emergency facility from KfW signed during the worst of the coronavirus pandemic. It has raised €3bn of debt since taking the crisis loan.
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The European Union achieved an impressive result once again on Tuesday, raising €14bn for its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme on Tuesday.
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The European Financial Stability Facility made a quick and impressive visit to the euro market on Monday, concluding its funding needs for the year, ahead of the European Union’s second outing under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme, which is expected to be priced on Tuesday.
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Three banks launched new senior deals in euros on Monday, taking advantage of a jubilant tone in the market following Joe Biden’s victory in the US presidential election. That sentiment received a further boost during the morning trading session when Pfizer and BioNTech revealed successful Covid-19 vaccine trials.
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Leonine, the German film and television production company, has signed loans totalling €189m, as some lenders say the market is likely to wind down early this year after the feast of bridge financings in the second and third quarters.
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The European Investment Bank hit screens on Monday afternoon to announce what will be its final benchmark deal of the year, with the issuer set to use every inch of its €70bn borrowing authorisation for 2020.
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DZ Hyp returned to the covered bond market for the fourth time this year on Thursday to issue a €1bn eight year mortgage Pfandbrief. The deal showed that any uncertainty over the relative value of covered bonds has been firmly swept away after the European Union’s blow out debut earlier this week.
