Germany
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Sterling issuance may be slowing down after its record start to the year, but investor demand shows no signs of cooling — as KfW proved with a tap on Monday that was nearly double its original target size. Any “bank treasury friendly” borrowers should find healthy demand if they follow in the currency, said bankers. -
Erste Abwicklungsanstalt (EAA) looks set to have the dollar market to itself on Tuesday with its first benchmark of the year, and is foregoing the price discovery process.
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Saddled with the problems of its parent group and in the absence of a top rating, Deutsche Hypo had to settle for what it could get in the market on Monday. The fact that it raised €625m of 10 year funding at a level close to its curve was therefore something of a minor triumph.
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Symrise, the unrated German flavours and fragrances company, has entered the Schuldschein on the hunt for loans to help finance its $900m acquisition of International Dehydrated Foods.
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New issue premiums almost seem to be a thing of the past in this week’s dollar market. As one head of SSA DCM put it: “the secondary market is just too cheap for primary”.
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L-Bank will go on the road to promote the first ever Reg S dollar benchmark priced over the dollar risk free rate, Sofr.
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L-Bank will go on the road to promote the first ever Reg S dollar benchmark priced over the dollar risk free rate Sofr.
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Rentenbank printed at a tight spread on Thursday with a 10 year euro benchmark, swelling the deal to €1.25bn.
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Of the 13 German Pfandbriefe issued this year, a trio of deals issued by DZ Hyp, BayernLB and Deutsche Pfandbriefbank are vying for the top covered bond mark.
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Rentenbank hit screens on Wednesday to announce a 10 year euro benchmark, joining a resurgence of long-dated euro supply.
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UniCredit’s German subsidiary, HVB, attracted much more demand for a €500m tap of a 10 year benchmark on Wednesday than when the bond was originally issued in January. Not only that but it did so at a tighter spread and new issue concession. The strong execution underscores just how much market sentiment has improved.
