Germany
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A proposed change to the Pfandbrief Act will allow German covered bond issuers to keep UK assets in their cover pools, without falling foul of Pfandbrief eligibility criteria. -
China is about to find out if it can build a bridge to European liquidity, with Qingdao Haier set to close the first IPO of D-shares in Frankfurt. The debut of the China Europe International Exchange (Ceinex), along with another much talked about equity link to London, will be a key test of whether Chinese issuers can tap new sources of funding abroad. John Loh reports.
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KfW priced through its curve on Wednesday as it wrapped up its green bond programme for the year with a more than three times subscribed trade.
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ADO Properties has been downgraded by Moody’s while marketing a Schuldschein transaction, forcing the lead arrangers to issue “substantial repricings”, according to a Schuldschein player familiar with the deal.
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The European Stability Mechanism priced its second ever dollar benchmark at a “fair” level of around 5bp over European Investment Bank’s September 2020, according to onlooking SSA bankers. Elsewhere in the dollar SSA market, Inter-American Development and NRW.Bank mandated banks for floating rate notes.
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Agrofert, the agricultural and industrial firm from Czechia, has entered the Schuldschein market in search of debt.
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Bank Nederlandse Gemeenten and KfW mandated banks on Tuesday for euro issues at opposite ends of the curve.
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Berlin Hyp’s (BHH) third green Pfandbrief attracted a solid oversubscription ratio on Friday, and though the deal offered a hefty concession to its own curve, the pricing was tight compared with other recent deals.
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Qingdao Haier has set final price guidance for its D-share IPO. The Chinese white goods maker is eyeing proceeds of up to €397.5m from a smaller than expected debut for the asset class.
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