Germany
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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.
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Commerzbank has mandated joint leads for a seven year mortgage backed Pfandbrief.
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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.
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Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany
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Public sector borrowers hit new mid-swap spread tights for the year in dollars this week, but despite the enviable pricing on offer, bankers said that the currency was not offering the kind of super strong conditions that had been on offer last year. That might play in the mind of issuers lining up deals for next week — which is expected to be busy — with bankers saying borrowers might need to offer a little more concession than they have been used to.
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Six of the nine investment grade corporate new issues in the last week of February were announced with a three letter acronym that, while providing clarity, served to frustrate investors keen to see greater volumes of issuance. WNG stands for “will not grow” and this week told investors that the meagre sized deals would not be increased, irrespective of demand.
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A private debt investment specialist at Pricoa Capital Group is joining the European Central Bank.
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The German Laender owners of HSH Nordbank sold the bank this week in a move that bodes well for the performance of its Pfandbriefe and may improve its market access, said analysts at Commerzbank.
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Orpea's €400m seven year foray into the unrated bond market on Thursday was welcomed by Euro PP lawyers and bankers as a sign their market is succeeding in helping issuers enter the capital markets. Those in the Schuldschein market are not so satisfied.
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FMS Wertmanagement on Tuesday took advantage of widening swap spreads to equal the tightest spread to mid-swaps on a five year benchmark so far this year — a level that was “very tight” to KfW, said bankers on the trade. Two other borrowers are lining up to try their luck in the tenor — including one that is aiming for an even tighter spread.
