DZ Bank
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Banco Sabadell and ASB Finance launched senior bonds in the euro market on Monday, with the former hitting the ‘sweet spot’ of investor appetite and the latter struggling to achieve the same level of demand as its Kiwi peer ANZ New Zealand had last week. -
ANZ New Zealand was well received after opting for a longer maturity on its return to the euro senior market this week, welcoming €1.2bn of orders for its €500m 10 year.
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Commerzbank attracted only €700m of demand for a €500m non-preferred senior bond this week, with a lead manager suggesting the deal showed the ‘state of the market’ as it welcomes an influx of tightly priced supply.
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Deutsche Pfandbriefbank was marketing a five year senior preferred bond in the euro market on Thursday. The deal was launched at a spread unmoved from price thoughts, with order books only €125m larger than the deal size.
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Europe's corporate bond market opened emphatically for business on Tuesday, as seven issuers banished all memories of the summer holiday. Despite there being plenty of choice for investors, demand was high across the board. Multiple deals were two to three times oversubscribed, while the largest, a €3.5bn four trancher from Siemens, the machinery maker, was nearly 4.5 times covered.
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KommuneKredit failed to set the market alight with the first euro syndicated public sector bond since mid-July, excluding deals from German Laender. The Danish agency only managed to sell €500m for the 11 year benchmark and was unable to tighten the spread during pricing.
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Danish agency KommuneKredit mandated banks on Monday for its first euro-denominated bond of the year and the first euro syndicated public sector bond since mid-July, excluding German regions.
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The Free Hanseatic City of Bremen priced a €750m 2049 trade on Tuesday, stretching out its curve by 10 years to become the second German SSA bond issuer in as many weeks to borrow for longer in able to offer a positive yield to investors.
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Issuers are set to gravitate towards selling higher yielding regulatory debt in the post-summer issuance window, so that they can attract investors and compensate for low overall interest rates. But FIG bankers are unsure what concessions will be needed to get deals away.
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Schleswig-Holstein stretched its euro curve out by a decade on Wednesday, as market participants warn that the world of positive yielding German sub-sovereign debt is shrinking.
