Germany
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The Schuldschein market is back to its active self with over 20 borrowers marketing deals. This is sweet vindication for arrangers, who’ve had to deal with concerns after borrowers Steinhoff and Carillion fell from grace at the end of 2017 and start of 2018. -
The State of North Rhine-Westphalia’s decision to tap into a glut of long end euro demand won the praise of BondMarker voters, as it fell just short of an average score of 8.0.
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Société d’Infrastructure Gazières, a holding company jointly owned by CNP Assurances and Caisse des Dépôts whose sole asset is a 24.91% minority stake in natural gas network GRTgaz, has issued a €586.4m Euro PP bond.
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Deutsche Bank’s additional tier ones soared in value by about three cash points at the beginning of the week, after the firm surprised investors by saying that it was expecting to make a strong profit for the second quarter of 2018.
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Investor appetite remains strong for longer dated euro SSA bonds, encouraging the likes of EFSF and KfW to tap the long-end of the curve this week. But the question is: will the demand last, and for how long?
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Austrian machinery maker Andritz has launched a €300m four tranche Schuldschein, with the intention to see if lenders could be lured out along the maturity curve with its five, seven, 7.75 and 10 year tranches.
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Goldman nabs senior BAML bankers — Credit Suisse fined $77m — StanChart names Singapore CEO — Ceinex makes progress with D-shares — Ambit hires ECM head
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German property company Aroundtown raised funding in a fifth different currency of 2018 on Wednesday, when it saw an opportunity to issue corporate bonds more cheaply in sterling than in euros.
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Investors are upbeat about the prospects for Italian government bonds, believing that “market forces” will act as buffers to the effects of exuberant populist government policy. The sovereign should be supported at the long end during an auction this week, said some But in the core of the eurozone core, some investors are looking to keep things short.
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Bayerische Landesbank (BayernLB) attracted more demand for its €500m nine year than Hypo Vorarlberg Bank (Vorhyp) did for its €500m eight year this week, even though the Austrian deal benefits from greater scarcity value.
