Germany
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Deutsche Telekom became the third blue chip company in a row to issue a multitranche bond with no new issue concession on Tuesday, after PepsiCo and McDonald’s had both pulled off the feat the day before. -
Lufthansa, the German airline, entered the Schuldschein market on Tuesday, only accepting orders from lenders bidding via online marketplace VC Trade. Participants are watching closely, to see whether investors will be persuaded to move into a digital world.
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The African Development Bank sold a 10 year benchmark in euros on Thursday that bankers said priced through fair value. Land Schleswig-Holstein was also in the market for the same tenor that extended its curve to 2029.
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German automobiles conglomerate Volkswagen has postponed the flotation of Traton, its trucks division, after the company could not achieve its desired valuation owing to a difficult backdrop for the automobile sector.
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Commercial banks have been flexing their muscles in the Schuldschein market, with three international deals being marketed without a Landesbank in sight.
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Deutsche Telekom became the latest blue chip company to issue a two tranche bond with no new issue concession on Tuesday, making it three deals out of three so far this week that have come without any sweetener for investors, compared with secondary spreads.
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Public sector borrowers in the euro SSA market received strong demand in both the short and long ends of the curve on Tuesday. KfW took advantage of the blistering conditions to sell its first euro benchmark with a three year maturity since 2015, while Société du Grand Paris (SGP) sold its biggest ever bond.
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Lufthansa, the German airline, entered the Schuldschein market on Tuesday, only accepting orders from lenders bidding via tech platform, VC Trade.
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Two multi-tranche triple-B euro bond offerings are on the way, from European countries, each with an unusual credit history. Abertis Infraestructuras is roadshowing all this week to refinance the bridge loan from its takeover by Atlantia and ACS, while Schaeffler is bringing its first bond as an investment grade issuer.
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Société du Grand Paris (SGP) mandated banks on Monday for its second benchmark green bond, following its debut last October. Meanwhile, KfW hit screens for a long three year benchmark, the agency’s third benchmark in euros this year.
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KfW sold a tap in sterling on Monday with lead managers maintaining that the choice of an intraday execution was “key” ahead of a vote in UK parliament on prime minister Theresa May’s revised Brexit deal.
