Germany

A solitary syndication from KfW broke the otherwise placid waters of the public sector debt market on Wednesday.

Paradigm Housing Group, a UK housing association, has sold £100m of 30 year US private placement notes to a single investor, using a lengthy delayed draw.

Raiffeisen-Landesbank Steiermark is expected to open order books on Thursday for a €500m 15 year Austrian Pfandbrief, LBBW is planning a UK roadshow with a sterling Pfandbrief in mind and Aktia Bank has announced plans for a euro covered bond roadshow.

Two unnamed Nordic issuers are considering raising long dated US PP dollar debt in the next few weeks, according to an agent in the market. But Nordic issuers are often tricky to tempt away from their local markets.

Interest rate derivatives platform CurveGlobal launched futures based on the sterling overnight average, a designated successor to Libor, on Monday. The chief executive of the platform, Andy Ross, told GlobalCapital that he expected the new product to “develop over time”, and that the platform would not release any other Sonia futures until liquidity improved sufficiently.

The investment grade corporate bond market in the US finished April on a high, with more than $8bn of issuance on Monday. Issuers wanted to get the deals done before the US Federal Reserve met on Tuesday and it was a European issuers that led the way.

The impact of Brexit on the UK’s small and medium-sized companies appears to be waning — welcome news for the sterling US private placement market — according to Intermediate Capital Group research.

White goods maker Qingdao Haier has won approval from its shareholders to float D-shares on the Frankfurt-based China Europe International Exchange (Ceinex).

Hanover has become the first city to issue a green Schuldschein. The hope is that this transaction will be the first of many.

A flattening and rising US Treasury yield curve may be sparking concerns of a slowdown for the US economy but it is having the opposite effect on the short end of the dollar market for public sector borrowers, writes Craig McGlashan.

Phoenix Community Housing, a non-profit housing association from London, has raised £60m of private debt using delayed draw.

The Schuldschein market has been eerily quiet this week. German borrowers dominated a diminished deal flow while arrangers mulled over further price tightening to attract debut corporates and encourage existing issuers to refinance in the market.