Germany
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Eika Boligkreditt and Aareal Bank are expected to reopen the covered bond market on Tuesday, after announcing post-summer holiday mandates on Monday. Both are looking to complete seven year deals. -
German issuers have wasted little time in selling preferred senior debt, after regaining access to the funding product through a legislative change last month. Berlin Hyp reopened the market with a tightly priced but thinly subscribed deal on Monday, and Commerzbank is looking to follow close behind with a debut offering of its own.
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Berlin Hyp is set to become the first German bank to sell a preferred senior bond after issuers regained their access to the funding tool through recent legislative changes.
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UK and Irish building materials group Grafton has raised €160m in a dual tranche US private placement (US PP) transaction.
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Concerns over the upcoming budget from Italy’s populist government — as well as the months’ long economic crisis in Turkey — took its toll on government bond yields in the eurozone periphery this week. But a hunt for safe assets among investors did play into the hands of top tier credits.
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Senvion, the German maker of wind turbines, has raised €62.5m of fresh capital to fund its expansion in new markets such as India, where the Indian government has announced plans to build 30,000 mega watts of offshore wind capacity by 2030.
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KfW received solid demand for its €1bn global June 2020 benchmark tap on Tuesday, as investors lapped up the rising swap spreads caused by political tensions in Italy and economic crisis Turkey, and looked for safe assets.
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Even as the market expands, many private debt investors are failing to capitalise on the breadth of the asset class, concludes a report by actuarial firm Willis Towers Watson (WTW).
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UK real estate investment trust Segro has sold €300m 10 and 15 year US private placement (PP) notes, to a group of institutional investors.
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Berlin property company ADO Properties had planned to issue its second corporate bond in recent weeks, following a successful investor update. However, a high profile bribery case in Israel has put the deal on hold for now.
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The European Securities and Markets Authority recently fined a clutch of Nordic banks for breaking credit rating regulations. The decision could have implications for the Schuldschein market — where arranging banks issue similar ratings to investors.
