Germany

The order book for Landesbank Hessen-Thueringen Girozentrale’s (Helaba) €1bn 10 year public sector backed Pfandbrief was quick to build reflecting the view that the bonds were priced cheaply and that spreads will almost certainly tighten, said bankers.

LBBW joined CaixaBank is raising social bond funding in the euro market this week, but the German lender struggled to build up demand and tighten pricing for its €500m deal.

ING, which served as agent on a Schuldschein for the first time only five years ago, has carved out an impressive niche in the market, arranging nearly every green issue.

The European Investment Bank and Nordic Investment Bank kept the strong momentum going in the SSA euro bond market on Wednesday, capitalising on the European Central Bank’s announcement of fresh stimulus last week and a lack of issuance over the summer. However, Joint Laender's deal was only just oversubscribed, which the leads attributed to investors’ hesitance to buy a negative yielding 10 year bond from a less liquid name.

Telecom Italia has returned to the Schuldschein market, but through its Italian listed holding company for the first time. Ever since Italy made tax changes for foreign lenders four years ago, Schuldschein arrangers have hoped that more Italian borrowers would come to the market. But companies are coming to the market for price and diversification above anything else.

L-Bank is preparing to issue a floating rate note linked to €STR, the recommended new risk-free rate in euros which the European Central Bank will begin publishing on October 2.

A 13.3m share sale in Zalando, the German e-commerce company, met with strong investor interest on Monday night.

KfW and Bpifrance were the first public sector borrowers out of the blocks in euros following last Thursday’s European Central Bank meeting in which it unleashed its new comprehensive stimulus package.

Erste Abwicklungsanstalt and NRW.Bank both had a boost on Monday after S&P upgraded their credit ratings a notch, following an upgrade to the State of North Rhine-Westphalia.

Nissan has sold upwards of $600m US private placements in the first US PP deal for any Japanese car company, according to several people familiar with the situation. Headline deals from car companies in both European and US private debt markets this year has led market players to believe private investors are taking a rather forgiving approach to the industry’s challenging moment. Silas Brown reports.

SSA issuers turned towards niche currencies this week to meet a range of demand across the Australian and Canadian dollar curves. KfW and the Asian Development Bank started the week printing in Australian dollars, before the World Bank joined them in the currency while also returning to the Maple market.

The IPO of TeamViewer, the German software company, is proving popular with investors. The books are covered throughout the price range, after less than a day of bookbuilding.