Germany
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French institutional investors, who dominate the Euro private placement market, are expecting a rise in issuance soon after the European Central Bank withdraws from buying corporate bonds. They expect their pitch to issuers will be that much sweeter as yields in the bond and Schuldschein markets rise. -
Covered bond investors have “had enough of tight spreads" said a lead manager. as demonstrated on Tuesday by the contrasting fortunes of deals from Lansforsakringar Hypotek AB (LF Hyp) and Aareal Bank. At the same time, the European Central Bank continued to scale back its order.
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Funding for leveraged buyouts in the European primary high yield market gained further share of overall issuance this week, as specialty car parts maker LKQ of Chicago sold a €1bn bond for its acquisition of German peer Stahlgruber.
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Helaba and VC Trade have launched a digital platform for Schuldschein issuance, in an ambitious attempt to cut costs for arrangers, issuers and investors alike, while making the market more transparent.
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Aareal Bank mandated leads for a six year Pfandbrief on Monday, amid evidence that the European Central Bank has started to cut back orders for the covered bond purchase programme (CBPP3).
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Europe's equity capital markets breathed a sigh of relief on Friday, as shares in Siemens Healthineers, the healthcare technology division of Siemens, rose 7% after it began trading on the Frankfurt Stock Exchange.
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The sterling SSA market snapped back into life with a flurry of new deals after a quiet few weeks — although bankers lamented that the issuance door may have closed just as quickly as it opened.
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E.On is expected to re-lever its balance sheet to support its new, more pedestrian business mix after its acquisition of Innogy is completed in 2019, according to analysts at Bernstein.
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Volkswagen’s real estate arm launched a debut green Schuldschein on Wednesday, the first of the year.
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The potential end of eurozone quantitative easing may be leading to sleepless nights for some, but top tier SSAs are welcoming the slow return to historically normal rates. KfW this week sold its first five year euro benchmark with a positive yield in nearly three years, welcoming back investors that had gone elsewhere in search of return — and auguring well for future euro issuance from the sector.
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The US affiliate of Wacker Neuson has raised $100m in the Schuldschein market with dollar notes, at cheaper pricing than it could have achieved with a US private placement.
