Germany
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The IPO of Exasol, the German database analytics firm, has launched on the Frankfurt exchange in the same week as Pexip, the Norwegian video conferencing firm, priced its Nkr2.14bn ($206m) listing in Oslo following a fully electronic marketing process. -
A block of 840,000 Delivery Hero shares was placed with investors on Monday night after a number of employees exercised stock options in the German food delivery company.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, May 11. The source for secondary trading levels is ICE Data Services.
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Euro area banks have increased their reliance on preferred senior funding during the coronavirus crisis, fuelling speculation that some lenders may be expecting a softening of their minimum requirements for own funds and eligible liabilities (MREL).
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Several borrowers have entered the Schuldschein market after car parts maker Robert Bosch fired the starting gun on the market's reopening last week. Market participants are now eager to know which will be the first non-German issuer.
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Five public sector borrowers are marketing dollar bonds across the curve kicking off what it is expected to be a busy week in the currency.
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The lure of prestigious, fee-paying Bund syndications has driven banks to up their bids in Germany’s auctions, driving up the bid to cover ratio on its auctions and bringing down the sovereign’s cost of funds.
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Despite a crash in dollar swap spreads as the US Treasury announced a record borrowing binge this week, SSA bankers remain bullish on supply, with KfW rumoured to be plotting a return to dollars after leaning heavily on euros for its benchmark funding this year.
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The Norges Bank surprised the market with an unexpected base rate cut to a record low of zero on Thursday. Since the start of the year, coronavirus volatility and wildly gyrating oil prices have buffeted the value of the kroner.
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Rentenbank jumped into a quiet Kangaroo market on Thursday to print its first Australian dollar bond since August 2019.
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Issuance in the financial institutions bond market had a preferred senior flavour this week, with issuers finding this the most cost-effective funding compared with other asset classes. In addition, some of them can use it to fulfil regulatory requirements.
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