Germany
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Theodor Weimer, the head of UniCredit subsidiary HypoVereinsbank, will replace Carsten Kengeter as CEO of exchange and clearing house operator Deutsche Boerse, it was announced on Thursday. -
Eurex, the Deutsche Boerse-owned derivatives exchange, will launch options on fixed income exchange traded funds on November 20.
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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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