Germany
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Münchener Hypothekenbank is looking to execute a trade for a seven year senior non-preferred bond, in a week pockmarked by national holidays across Europe. Meanwhile, Estonian bank Luminor will start investor meetings next week for senior preferred notes. -
Spanish infrastructure and renewable energy company Acciona has returned to the Schuldschein market with a €150m-minimum triple tranche transaction. As lenders begin to loosen lines to Italy and Spain, arrangers said there may be more borrowers from those countries to come.
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Berlin Hyp (BHH) was able to price its first 10 year Pfandbrief flat to fair value reflecting the paucity of supply in this part of the curve. But even though the bonds were well subscribed, a little investor sensitivity was evident.
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LBBW attracted good demand for a $750m three year Reg S Pfandbrief on Tuesday, enabling the issue to be priced in line with where 144A deals had been indicated in the secondary market. A day later Deutsche Pfandbriefbank issued another three year.
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Schaeffler’s holding company priced on Wednesday a huge four tranche PIK toggle bond, part of a comprehensive refinancing that will cut its debt load by €500m and push out its maturities.
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JP Morgan has raised €400m by issuing a cash-settled bond, exchangeable into shares of Siemens, at an extremely aggressive price level. The purpose of the deal is not clear.
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Hot on the heels of its senior non-preferred last week, LBBW has mandated leads for a three year green Pfandbrief. The Korean Housing & Finance Corporation (KHFC) is also preparing issuance, after mandating leads for a roadshow with plans to issue a euro covered bond.
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Private debt loans in brief Mercon brews sustainability loan Transocean digs into more revolver liquidity Munich’s public service arm switches to sustainable loan
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KfW and the World Bank brought well received socially responsible bonds to the market this week that set new landmarks for the public sector borrowers.
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The frenetic pace of buying seen in covered bonds issued earlier this month may have ebbed as rates market volatility has increased, but Thursday’s dual tranche offering from ING DiBA showed that demand is still vigorous.
