Germany
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Landesbank Hessen-Thueringen Girozentrale (Helaba)’s decision to issue a rare three year covered bond as part of a two part offering, clearly paid off despite concerns over the lack of yield. -
After a run of triple-B rated corporate bond issuance, A-rated names have returned to the market and paid lower premiums than the higher beta issuers had, but 10.75 years remains the longest tenor to date.
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Belgium and KfW received well oversubscribed order books for 10 year euro benchmarks on Tuesday, with several public sector borrowers set to follow in the euro market this week.
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Austrian construction firm Porr has become the first Schuldschein borrower in 2019, launching a pair of deals totalling €150m that are offered in three maturities. The deal was launched on Monday, and some of it is for green projects.
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Investors in some tier one instruments issued by HSH Nordbank are taking their complaints to court in Germany, claiming that the way in which the notes were written down and the coupon payments missed was improper.
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BNP Paribas has hired a senior originator at BayernLB to cover the Schuldschein market.
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FMS Wertmanagement was quick to execute its inaugural Sonia-linked bond on Monday amid strong sterling floater demand. That hunger is showing no signs of abating, with International Finance Corporation looking to follow with its own debut Sonia bond on Tuesday.
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The European Financial Stability Facility rebooted the euro public sector market on Monday with an intraday execution ahead of what SSA bankers expect to be a busy week for supply. Belgium and KfW are already on screens for benchmark trades in the 10 year part of the curve.
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US private placement agents are preparing bids for transactions with higher yield targets than much of last year. But as borrowers are forced to offer chunky new issue concessions to lure public bond investors into primary markets, US PP agents are confident that pricing in their market is still enticing for issuers.
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KfW has appointed a senior funding manager to its new issues team in Frankfurt, with responsibility for sterling and dollar deals.
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US private placement market participants are expecting a busier time than usual as volatility due to the UK's departure from the European Union pushes borrowers away from the sterling bond market.
