DZ Bank
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Four covered bond issuers returned to the market on Wednesday and, in contrast to the start of the year when concessions were 5bp-7bp, none paid more than 2bp. -
Some Schuldschein arrangers are expecting that a syndicate’s distribution skills may become more important this year, as conditions across capital markets become difficult.
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Some Schuldschein arrangers are expecting that a syndicate’s distribution skills may become more important this year, as conditions across capital markets become more chaotic.
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On Wednesday, Deutsche Bahn sold its first bond of 2019, setting the bar with a €1bn 10 year deal that has a new issue premium of less than the 20bp limit that triple-B rated names had failed to tighten past.
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After a run of triple-B rated corporate bond issuance, A-rated names have returned to the market and paid lower premiums than the higher beta issuers had, but 10.75 years remains the longest tenor to date.
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Austrian construction firm Porr has become the first Schuldschein borrower in 2019, launching a pair of deals totalling €150m that are offered in three maturities. The deal was launched on Monday, and some of it is for green projects.
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Austrian oil and gas company OMV sold its first senior corporate bonds of 2018 on Monday after it attracted €3.9bn of demand for a pair of €500m notes with five year and 10 year tenors.
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On Monday, Austrian oil and gas company OMV’s first senior corporate bonds of 2018 attracted €3.9bn of total demand for a pair of €500m notes with five year and 10 year tenors. The demand allowed the issuer to tighten the spread by more than 20bp on the longer tranche.
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Bank Nederlandse Gemeenten failed to reach full subscription for its €750m November 2025 sustainability bond this week, with the issuer attributing the lack of orders to the volatile market conditions.
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A pair of socially responsible investment deals from public sector borrowers received mixed views on Monday from on-looking SSA bankers. Instituto de Crédito Oficial was able to tighten its spread by 3bp for its first syndication of 2018, while Bank Nederlandse Gemeenten returned for its second sustainability bond of the year.
