DZ Bank
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The European Investment Bank and the European Union kicked off April by printing impressive benchmark deals, yet despite this strong start to the quarter SSA bankers fear that a combination of the threat of a Brexit and the low yields on offer in the euro market will make conditions extremely challenging for issuers.
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Covered bond borrowers in the UK, Sweden, France, New Zealand and the Netherlands met with strong receptions for their transactions this week, which collectively raised nearly €6bn.
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The European Union proved that for the right issuers there is considerable demand at the 15 year point of the curve, with the Joint Länder planning a return to the market with a seven year benchmark for the first time since a mooted deal in February stalled. -
The European Investment Bank built a book of €8bn for a 10 year Earn on Tuesday as the 10 year Bund yield fell to a 12 month low, leading bankers on the deal to suggest tougher times may lie ahead for euro issuers.
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United Overseas Bank sold a landmark transaction this week, printing the first euro-denominated covered bond from Asia, and plans to become a frequent issuer in the market.
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The smallest of Wednesday’s three corporate bond issues in Europe was Grenkeleasing’s €125m 5.1 year bond, led by BayernLB, Commerzbank and DZ Bank.
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Deutsche Bahn printed a €500m 10 year no-grow bond on Monday, a deal that achieved aggressive pricing but did not tighten beyond its guidance stage.
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The covered bond market could see the second Singaporean deal soon, with United Overseas Bank (UOB) mandating leads for a series of European investor meetings that could result in its first deal.
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Austria has printed €5bn in a dual tranche issuance, pricing in 10 and 30 year tenors as the sovereign took advantage of a window of opportunity arising from a rally in global equities.
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AIB Mortgage Bank attracted robust demand for its €1bn seven year covered bond issued on Thursday, and WL Bank also did well despite the difficult 10 year tenor and measly spread.
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The State of Baden-Württemberg announced on Tuesday its intention to print a 10 year euro benchmark in a week in which investors await a decision on Thursday from the European Central Bank regarding interest rates.
