Germany
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The Association of German Pfandbrief banks (VDP) has criticised a Berlin local government decision to cap rents, which it believes will hit investor confidence and lower construction activity. Despite these concerns, the outlook for Pfandbrief supply is positive and remains underpinned by solid fundamental factors. -
Commerzbank took advantage of a rise in yields to launch a nine year Pfandbrief on Monday. With yields rising 6bp overnight amid an improvement in risk sentiment, bankers suggested a positive yielding long seven year can expect a fair reception.
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Commerzbank was careful to leave a bit of premium on the table for investors on Wednesday, as it took home €500m of seven year funding ahead of the Thanksgiving holiday in the US.
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Grenke priced an additional tier one (AT1) bond on Tuesday, enjoying strong appetite from domestic investors. The German lender raised €75m, an additional €25m compared with the expected size.
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GlobalCapital understands that Germany is finalising plans for the issuance of its debut green bond, which will be sold in the first half of next year alongside an ordinary Bund with the same maturity and coupon.
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German family-owned tissue and toilet paper manufacturer Wepa is marketing €550m of senior secured notes with an intention to extend maturities and slash interest expenses. It is following a number of other double-B issuers in to the market.
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Grenke on Monday announced new plans for additional tier one (AT1) bond on Monday. The bank and leasing company could be looking at a small issuance window for its offering, with DCM officials predicting an early end to the year for deal flow.
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In this round-up, the China Europe International Exchange (Ceinex) is working on establishing a Stock Connect scheme between China and Germany, the National People’s Congress criticises the Hong Kong High Court’s decision around the anti-mask law and the People’s Bank of China lowers its benchmark interest rates.
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Perhaps the last two public sector bond benchmark issues of the year hit screens in euros this week and, judging by their reception, the market is closing right on time.
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Schuldschein salespeople, ever on the hunt for new investors with deep pockets, are targeting institutions with environmental, social and governance (ESG) portfolios as the trend for green deals flourishes.
