Germany
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Österreichische Kontrollbank will complete its benchmark funding for the year with a no-grow $1bn five year. Meanwhile, Erste Abwicklungsanstalt has lined up its second dollar deal of the year in the three year part of the curve. -
Covered bonds have drifted wider over the last few weeks, reflecting heavier than expected supply and diminished market maker interest. Even so, the primary market is functioning healthily, boding well for prospective debut deals from Münchener Hypothekenbank and SMBC, deals that could surface as early as Tuesday.
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DFV Deutsche Familienversicherung, the German insurance technology company, may be valued at up to €289m when it lists on the Frankfurt Stock Exchange in November, according to terms released on Monday.
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Some Schuldschein investors claim a slew of transactions being shown to lenders have reached their desks only because the arrangers are trying to sell on their own exposure to troubled borrowers. But deal arrangers have reacted forcefully, and said such claims are sheer fantasy. Silas Brown reports.
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The clearing arm of Eurex, the German derivatives bourse, is widening the scope of its partnership programme to cover repo and over the counter (OTC) FX markets.
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Rentenbank is looking to issue one more benchmark before the end of 2018 with what would be the agency’s third of the year.
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Berlin Hyp returned to the euro market on Tuesday to increase the size of its inaugural preferred senior notes to €500m, at an unchanged spread from the original issue of 13bp over mid-swaps.
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Erste Group has arranged a Schuldschein via blockchain, through a platform it helped construct alongside Linux Foundation’s Hyperledger Fabric.
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Qingdao Haier sealed the first D-share IPO in Frankfurt after pricing near the bottom of expectations, but managing to sell more shares to raise €278.3m.
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A three times subscribed deal by KfW this week showed that there is plenty of green demand for issuers looking to print in the format in the remainder of the year, as a fellow German agency moved forward with plans to bring a trade.
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Investors were in defensive mode in the dollar market this week as they snapped up short dated trades and floating rate notes, with demand particularly heavy from central banks and official institutions. Bankers are hopeful that benchmark supply will return next week.
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