Germany

Swedish Export Credit Corporation on Wednesday priced what bankers away from the deal said was a “very strong trade”, as it printed in the same five year tenor that has brought success for SSAs over the last few weeks. But one borrower is set to attempt a tenor that has not been visited since late January.

On Wednesday, German business software company SAP printed a €1.5bn triple tranche deal at tight spreads following more than a year and a half without issuing, while American IT services firm DXC sold its first non-dollar deal.

The IPO of Siemens Healthineers was covered on day one of its bookbuild on Tuesday after its parent, Siemens, set a price range designed to please potential investors in the IPO of its medical technology division.

SSA borrowers are piling up in dollars. Swedish Export Credit Corporation (SEK) will bring a five year benchmark on Wednesday, coming on the heels of Oesterreichische Kontrollbank’s (OeKB) own deal in the tenor on Tuedsay.

The State of North Rhine Westphalia broke its size record with a sustainability bond on Tuesday, printing €2.025bn and cutting 2bp from guidance to offer a skinny new issue premium.

Secondary trading platforms, buoyed up by Carillion and Steinhoff’s credit difficulties, are predicting a growth in trading activity in the Schuldschein market. Major players remain sceptical, however, questioning how widespread use of such trading platforms will ever become.

The SRI market is in full swing. Two borrowers are set to come to market on Tuesday, while a third is going on the road to promote its return to the format.

Wihuri Packaging on Monday became the third Finnish borrower to enter the Schuldschein market ever, and the second issuer from the Nordic countries to issue this year.

Siemens has chosen to set a price range designed to please investors on the IPO of its medical technology division Siemens Healthineers, rather than seeking an aggressive valuation.

Commerzbank has mandated joint leads for a seven year mortgage backed Pfandbrief.

Sunday's Italian election is looming in the minds of those in the European SSA market. But despite the political risk posed, there is next to no volatility in evidence.

Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany