Germany
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State-owned German rail operator Deutsche Bahn took the opportunity to make the most of the European Central Bank’s corporate bond buying programme when it sold a €500m 12.5 year deal on Thursday. -
The euro public sector market for 10 year deals encountered a steep sell-off in secondary and underperformance in primary this week, as investors take a cautious approach as the European Central Bank’s quantitative easing stimulus comes to a close at the end of the year.
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The State of North Rhine-Westphalia is looking to return to the short end of the dollar market, following a well received 60 year deal this week that was its longest ever euro benchmark.
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LafargeHolcim has returned to the Schuldschein market looking for €300m, across dollar and euro tranches, alongside raising long-dated US private placements.
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KfW was able to achieve a well oversubscribed book and tight pricing for its 10 year euro benchmark on Thursday, despite a steep sell-off in the issuer’s secondary curve.
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Deutsche Pfandbriefbank (PBB) this week attracted greater demand than Aareal Bank for its December 2021 sterling Pfandbrief, even though it was priced at the same spread and had a lower credit rating. Both deals had a lot of German demand reflecting a sterling’s pick-up to euros.
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The State of North Rhine-Westphalia won strong demand on Wednesday for its longest ever trade, allowing it to print a size almost double its target.
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GlobalCapital’s 12th annual covered bond awards took place this year at BMW Welt in Munich on Thursday, September 13. The awards reflected the judgment of almost 400 market participants, including 170 investors, who reported buying €100bn of covered bonds in the past 12 months and with over €600bn in covered bond assets under management.
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The State of North Rhine-Westphalia is preparing to bring its longest ever euro benchmark.
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Landesbank Hessen-Thüringen Girozentrale (Helaba) attracted a thinly oversubscribed order book for a €1bn seven year mortgage Pfandbrief issued on Tuesday. Even though the bonds offered a generous premium to their own curve, they were priced much tighter than other recent seven year benchmarks.
