Germany
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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.
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Rentenbank raised €1bn of 10 year cash on Wednesday. The deal did not reach full subscription and the leads were unable tighten the spread from guidance, thanks to a rates sell-off affecting demand from Asia.
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LEG Immobilien, the German property company, marketed a multi-tranche bond on Tuesday. Investors looked at the curve of domestic rival Vonovia to divine relative value.
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Investors showed some price sensitivity when confronted with the State of North Rhine Westphalia’s (Land NRW) dual tranche sustainable offering on Wednesday. Nevertheless, compatriot issuer Rentenbank will add to euro SSA supply this week after mandating banks for a new 10 year benchmark.
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German supermarket group Rewe has entered the Schuldschein market, looking for at least €300m to pay in part for its acquisition of German wholesaler Lekkerland.
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The State of North Rhine Westphalia (Land NRW) was the only public sector borrower to announce a euro benchmark transaction on Monday, as it appointed banks to lead new 10 and 20 year sustainability bonds.
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DZ Bank has appointed a new head of covered bonds in a move that acknowledges the bank’s growing league table presence in the euro covered bond market, particularly in Canada and Slovakia.
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All maturities are open for deals in the euro market, thanks to a widening in benchmark spreads over the past few weeks. SSA issuers are taking advantage of the conditions by issuing in a range of tenors.
