Germany
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KfW opened the door for dollar issuers after a quiet few weeks in the currency, although the issuer — and SFIL, which followed it — had to navigate some price discovery after last week’s Italy-led volatility. -
Public sector borrowers had one of their busiest weeks of the year in sterling, with a supranational trade in particular getting a strong reception. More could follow next week, with demand strong from Asian investors, said bankers.
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Four Pfandbriefe got traction this week but the limelight was stolen by Commerzbank which issued its fourth covered bond of the year, its largest in four years and its first with a five year tenor since 2015.
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LBBW and the Stuttgart Stock Exchange have created a Schuldschein digital technology platform called Debtvision, with all the grand ambition and fanfare that Helaba exhibited when launching its rival VC Trade system in March. Whether the town is big enough for the both of them remains to be seen.
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NRW.Bank is preparing the next line in its green bond offering and hired banks on Thursday to run investor meetings next week.
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DG Hyp is set to become the fourth Pfandbrief issuer this week and has mandated leads for a €500m nine year mortgage-backed deal.
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The Federal State of Berlin printed a 15 year trade on Wednesday — its first €1bn bond since 2015, according to Dealogic. The trade was joined by a five year from Corporación Andina de Fomento.
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KfW reopened the public sector dollar market on Wednesday by picking up a hefty $4bn from a well oversubscribed book. Société de Financement Local will be next up, after mandating banks for a trade.
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A surprise sale in European auto rental company Sixt, was greeted warmly by investors and allowed the controlling Sixt family to reap some of the rewards of the company’s meteoric share price performance.
