Germany

Three public sector borrowers hit screens in euros on Tuesday, taking advantage of a hot market to offer zero or limited new issue premiums.

Porsche closed a €280m triple tranche Schuldschein this week, with the tightest pricing so far this year. This quarter has been characterised by a dominance of German issuance.

Five new investment grade corporate bond deals were priced on Tuesday and, while pricing was competitive, none of the issuers allowed for any growth in the size of the deals as all five used a no-grow strategy.

Following an expansion in its mortgage lending business, German building society Bausparkasse Schwäbisch Hall (BSH) has announced plans to mimic Wüstenrot Bausparkasse and set up its own covered bond programme.

The European Union’s upcoming April 2033 euro benchmark may have to offer a little more premium than usual if it wants to match a similar trade from the European Investment Bank last week and attract strong French demand, said bankers away from the mandate. Other euro supply in the pipe includes CPPIB Capital — also with a 2033 issue — and Rentenbank in sevens.

The Bank of England’s annual €2bn three year dollar issue was comfortably oversubscribed on Monday, but the smaller volume of orders compared with last year and lack of price movement reflected both the greater difficulty in printing short dated deals and investor pushback against super tight swap levels, said bankers. That may have played a role in FMS Wertmanagement’s decision on Monday to mandate for a five year dollar deal, they added.

Deutsche Bank has launched the IPO of DWS, its asset management unit, on the Frankfurt Stock Exchange – a key plank of chief executive John Cryan’s plan to revive the troubled bank's fortunes.

A trio of deals from German borrowers have been put to the vote on BondMarker. Read on to see how they fared.

Recaro Holding and Thomas Gruppe both increased Schuldschein transactions from their initial target sizes on Monday, as demand for Schuldschein paper keeps pace.

The US private placement market is welcoming more utility issuers, according to participants, after changes to the minimum eligibility threshold of the Bloomberg Barclays US Aggregate Index.

Germany's RMB hub has seen slow action since its establishment in 2014, but a Bond Connect service established by Clearstream and the upcoming offering of D-shares on the China Europe International Exchange (Ceinex) could turn things around.

Swedish agricultural co-operative Lantmännen launched a €100m dual currency Schuldschein last Friday, as the Schuldschein product makes ground in the Nordic region.