Europe
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German pharmaceutical company Bayer is set to contribute to one of the largest weeks of the year by issuance volume for the corporate bond market. Other issuers are watching the developments of that deal closely and planning their own movements around it. -
LBBW’s debut green Pfandbrief attracted a larger order book from a wider set of international investors compared with a vanilla deal, suggesting the bonds have good scope to perform relative to ordinary deals.
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Legal & General has announced a £325m buy-in to Heathrow’s pension scheme, while simultaneously lending £160m to the London airport company through a private placement note.
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LBBW has mandated leads for its first Pfandbrief secured on green mortgages. The transaction follows a similar deal last week from DNB Boligkreditt and comes after LBBW’s inaugural green senior deal launched in December 2017. Several other covered bonds are expected next week.
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This week's funding scorecard looks at the progress French agencies have made in their funding programmes as the first half of the year draws to a close.
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It is a mark of how far the market has come from a barren week at the end of May that not just one, but three deals, totalling €2.75bn, were priced on Friday. The European Central Bank meeting and the expectation of a deal from German pharmaceuticals company Bayer played their part in the issuers’ decisions on timing and the order books justified those choices.
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Portugal’s Caixa Geral de Depósitos is lining up a tier two transaction, as bankers look forward to the reopening of primary markets in Europe.
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The Helsinki listing of Finnish property firm Kojamo was priced on Thursday and rose in trading on Friday morning, continuing the good run for Europe’s IPO market.
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