Germany

Austrian wood products manufacturer Egger Holzwerkstoffe sold its third hybrid capital deal on Monday, with its largest size and lowest coupon to date after a 24 hour bookbuild.

The Province of Alberta printed a strong 10 year dollar benchmark on Thursday — the first from an SSA since late January — leading the way for others to follow, said SSA bankers. Elsewhere, Export Development Canada was unable to move from price thoughts on a five year global.

German business software company SAP printed a €1.5bn triple tranche deal at tight spreads on Wednesday after more than a year and a half without issuing.

The Euro private placement market might lose some of its smaller borrowers to crowdfunding and technology platforms that offer low cost, speedy loans, market participants observe. But not all in the Euro PP market are gloomy about it.

Deutsche Pfandbriefbank’s (PBB) decision to issue a five year covered bond this week, instead of the more usual staple of seven or eight year deals, meant it was able to issue in a larger than normal size and pay little new issue premium.

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.