Germany
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A single SSA benchmark is all bankers expect to emerge this week, as the market hunkers down to await the second quarter. -
The pipeline of high yield deals from German real estate borrowers is finally building up after more than two years of work with underwriters and lawyers. A new €300m bond from Corestate should pave the way for more players to shift their funding from bank loans to bonds, said market participants.
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Deutsche Börse has said it will build a blockchain-based securities lending platform that will be open to all custodians.
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New technologies are marching into the securities issuance process. This week came bids to shake up two very different kinds of private debt — traditional corporate Schuldscheine and funky structured notes.
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Watford Community Housing has raised £200m from a mixture of loan facilities and private debt. Housing association transactions have been “keeping PP agents busy” in a quieter month in the sterling private placement market.
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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.
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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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