Germany
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Eurex, the Deutsche Boerse-owned derivatives exchange, will launch options on fixed income exchange traded funds on November 20. -
Deutsche Hypo issued its first green Pfandbrief flat to where it would have issued a vanilla deal, and though it was unable to tighten the spread from refined guidance, leads built the book in record time.
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OP Mortgage Bank was set to price the first €1bn sized covered bond of the week on Wednesday and, despite offering hardly any new issue premium, the transaction found strong demand reflecting a popular but exceptionally rare tenor. At the same time, Switzerland's Valliant Bank issued its debut covered bond and Sparkasse Hannover issued a sub-benchmark Pfandbrief.
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NAC Aviation 29, a subsidiary of Danish aircraft lessor NAC Aviation, is looking for $200m-equivalent in the Schuldschein market. The deal surprised some in the market unfamiliar with the company, as did its choice of arranging bank.
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Santander Consumer Bank is set to issue its first Pfandbrief on Wednesday after it mandated lead managers for a roadshow last week.
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UK based drinks manufacturer Diageo returned to corporate bond markets on Wednesday with a three year and long six year dual tranche offering, while German housing association Vonovia continued the recent trend for two year floating rate notes.
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BayernLabo will on Tuesday enter the socially responsible investment market for the first time, selling a social bond — the first of three expected in the near future.
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Deutsche Bank was looking to take advantage of its shrinking funding costs this week, raising $1.6bn in the dollar market with a pair of five year senior trades.
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Typically, sub-benchmark size deals have to pay a premium to compensate investors for a lack of liquidity. However, with levels of demand meaning all deals are multiple times oversubscribed, these smaller deals are pricing in line with their larger peers.
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Dollar deals large and small across the curve from SSA issuers rare and frequent pounded on screens through this week but despite the supply pressure, not one cracked. Conditions are so strong that some SSA bankers believe borrowers should look to pre-fund for next year — although they admit they might have a hard time convincing the sell side.
