Germany
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Guarantor: Federal State of North Rhine-Westphalia
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Euro agencies favoured fives over the last seven days, as KfW smashed its order record and a pair of French agencies brought taps at sizes multiple times their target. With some SSA bankers saying conditions are the best they have ever seen, supply looks likely to keep coming. -
Several public sector borrowers tapped the socially responsible investment (SRI) market this week, with more deals expected in February, before what many analysts expect will be a record year for the asset class.
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Concerns over the UK’s exit from the European Union, which have increased following Tuesday’s series of votes in parliament on the matter, will not affect demand for sterling SSA paper, according to bankers.
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Bayerische Landesbank (BayernLB) and Aareal Bank found strong demand for their Pfandbrief this week. Despite pricing tightly to mid-swaps the deals offered a generous pick-up to Bunds, which ensured broad based interest.
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A quiet week for corporate bond issuance may have helped BMW Finance achieve tight pricing on Thursday, but selling its largest ever deal with new issue premiums in single digits was still an excellent outcome when compared to the premiums being paid at the start of the month.
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L-Bank’s first dollar benchmark of the year was in keeping with a trend in the currency so far this year for oversubscribed deals with low concessions, as leads calculated a 1bp new issue premium for the deal.
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Nederlandse Waterschapsbank was over three times covered for a 10 year affordable housing bond on Wednesday, allowing it to tighten multiple times during pricing to leave no concession, according to on-looking bankers. Meanwhile, the State of North Rhine-Westphalia has appointed banks to arrange a roadshow in Europe and Asia for a long dated euro sustainability bond.
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German fashion house Gerry Weber has filed for insolvency after failing to repay a Schuldschein tranche last November and after subsequent discussions with lenders about restructuring the company broke down. The result is that Schuldschein lenders are out of pocket and have yet another example of default in a market ill-suited to the idea. Silas Brown investigates.
