Germany
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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, April 6. The source for secondary trading levels is ICE Data Services. -
Schuldschein bankers are working out what pricing is fair during the Covid-19 crisis, as investors observe sharp widening in euro bond spreads.
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Adani Transmission has raised a further $90m US private placement, according to market sources, after it became earlier this year the first Indian company to raise debt in the market since 2007.
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Despite an unsuccessful experience in selling a trade through an auction in March, L-Bank’s international funding officer, Sven Lautenschlaeger, has not been put off by the format. He believes it is the best way to sell a bond as it gives investors the power to set the price.
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The State of North Rhine-Westphalia (Land NRW)’s borrowing programme for the year is on the up and could reach an all-time high in response to the region’s fiscal package to counter the impact of the coronavirus pandemic.
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Thursday’s market was heaving with SSAs printing euro deals, many of them opting for themed deals, some of which are specifically addressing the coronavirus outbreak, with bankers suggesting that these are enjoying the hottest demand.
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CPPIB Capital and L-Bank found strong demand for two year dollar deals on Thursday as central banks seek haven assets with chunky spreads to US Treasuries. For L-Bank, it also brought a sense of redemption after it had to pull a deal two weeks ago in the same currency and maturity following a lack of demand.
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Imperial Tobacco signs new RCF, no plans for drawdown — British Airways stretches dollar revolver maturity — Fiat Chrysler bridge loan in place as HY remains shut — Shell builds cash pile again with $12bn revolver
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KfW made an impressive statement by taking out size with a small new issue premium for a three year euro deal on Wednesday. Bankers say the deal is a sign of concessions reaching a floor following the huge premiums offered since the return of SSAs to the primary market.
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L-Bank mandated banks on Wednesday for a second attempt at a two year dollar benchmark after it had to pull a deal in the same currency and maturity two weeks ago following a lack of demand. This time, it has opted for a more conventional approach of a traditional syndication and will follow a string of well received trades in the short end of the dollar curve.
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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, March 30. The source for secondary trading levels is ICE Data Services.
