Germany
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Korean Housing Finance Corporation (KHFC) issued its first €1bn-sized covered bond on Wednesday and priced the deal inside fair value. At the same time, Société Générale issued a €1bn 10 year green covered bond flat to its curve with eye-catching demand. -
German supermarket chain Lidl has raised a £515m-equivalent loan from a consortium of Chinese and Taiwanese lenders for two of its European subsidiaries, in the company’s first outing in Asian capital markets.
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LBBW has revealed that most investors in its latest green bond were signatories to the UN Principles for Responsible Investment. The novel disclosure offers a ‘more reliable’ way of describing green participation in new bond issues, according to the bank.
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The European Central Bank launched a strategic review of its monetary policy strategy on Thursday, but otherwise kept its fairly dovish stance on eurozone rates more or less unchanged.
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Landesbank Baden-Württemberg (LBBW) became the first issuer of non-preferred senior bonds in green format in sterling this week. The German lender took advantage of favourable market conditions to print in line with other recent sterling issuers.
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Delivery Hero’s €1.75bn convertible bond, the largest in EMEA for five years, has provoked concern from some investors that the market may be mispricing risk, despite the popularity of the deal.
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DIC Asset, the German commercial real estate company, has raised €110m to finance the acquisition of new properties, following a capital increase supported by Deutsche Immobilien Chancen and RAG Stiftung.
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Nederlandse Waterschapsbank and the State of Brandenburg took advantage of a lack of euro SSA supply this week to bring well subscribed deals on Tuesday. The Asian Development Bank will be looking to follow with a 10 year euro benchmark on Wednesday.
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Arrangers are confident that a wave of international issuers will enter the Schuldschein market soon, with German borrowers having kick-started proceedings at the beginning of the new year.
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A major shareholder in SLM Solutions Group, the German maker of 3D printers, sold a chunk of his stake in the company, via an accelerated bookbuild on Thursday.
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Landesbank Baden-Württemberg (LBBW) is set to become the first issuer of green non-preferred senior paper in the sterling bond market, as well as the first financial institution to include sustainability ratings in a new deal mandate.
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