Germany
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Kommunalbanken took advantage of being the sole SSA issuer in dollars on Tuesday as it was more than twice subscribed and tightened pricing on its first dollar benchmark of the year. Concerns over volatility from this week’s US Federal Open Market Committee meeting and non-farm payrolls kept some other issuers on the sidelines, said SSA bankers — although two are braving Wednesday’s market. -
KfW brought yet another record breaking trade to the SSA market in 2019, printing a five year euro benchmark whose order book volume was an all-time high for the issuer.
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After a string of very successful 10 year covered bond trades, it was clear that seven and five year deals would “fly like hell,” said a syndicate manager on one of the deals issued on Tuesday by Swedbank and Aareal Bank.
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Berlin Hyp showed that there was plenty of demand for bonds with longer and more unusual tenors on Tuesday, surprising some on-looking bankers on its return to the preferred senior format.
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NRW.Bank is preparing to issue its first Sonia-linked bond in 2019, joining several public sector borrowers that have made their first foray into the alternative sterling reference rate market this year.
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CPPIB Capital and NRW.Bank brought well received 10 year euro green bonds on Monday, following the completion of their respective investor calls last week. Elsewhere, KfW has mandated for a euro benchmark in the five year part of the curve, having issued in the 10 year segment earlier in the month.
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BayernLB launched a 10 year Pfandbrief on Monday in line with where DZ Hyp’s recent 10 year was trading, setting the market up nicely for Aareal Bank, which has also announced issuance plans. Despite record supply last week, spreads are tighter across the board, possibly reflecting the view that volumes are set to slow as issuers head into blackout.
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The covered bond market remained in fine fettle on Friday as Eika Boligkreditt found strong demand for the seventh 10 year of the week and Helaba issued a benchmark-sized tap of an old 10 year. At the same time BayernLB picked leads for another 10 year and Cafill mandated for its first social covered bond.
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Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany
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