Germany
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On Tuesday, German car manufacturer Daimler converted a couple of reverse enquiries into an order book of around €600m, as investors showed renewed appetite for short dated fixed rate corporate bonds. -
The sterling market is on fire for SSA borrowers. Attractive conditions and investors with cash to deploy have come together to produce some of the market’s most impressive deals of the year, with more in the pipeline.
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The pattern of equity-linked issues coming in pairs continued on Wednesday, when Qiagen and Capital Stage successfully sold bonds. Both transactions were unusual, though in contrasting ways.
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NRW.Bank launched its fifth green bond on Wednesday, sneaking in just ahead of Thursday’s European Central Bank meeting.
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Public sector borrowers are finding healthy seams of sterling funding in various tenors, as Council of Europe Development Bank lined up to follow a Wednesday trade by KfW — and there are rumours that more supranationals could consider deals in the currency. Attractive arbitrage levels and large redemptions are helping drive supply and demand respectively, said bankers.
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Aareal Bank turned to the dollar market on Wednesday to issue a $625m three year Pfandbrief to fund its dollar assets, thereby avoiding the need to swap proceeds back to euros.
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A pair of European agencies landed in euros on Tuesday, attracting huge books and tightening their spreads, indicating a promising backdrop for NRW.Bank’s green bond scheduled for Wednesday.
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Banco di Desio e della Brianza attracted outstanding demand for its debut covered bond, reflecting its rarely seen juicy spread and a scarcity of Italian supply this year. At the same time investors were receptive to Raiffeisenlandesbank NiederÖsterreich-Wien's (RLB NÖ-Wien) first deal in two years.
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A pair of public sector borrowers are set to bring their longest dated euro benchmarks in some time on Tuesday, as underlying rates for both issuers fell slightly on Monday.
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SSAs enjoyed soaring conditions in the sterling market this week after a summer lull, which bankers attributed to a big Gilt redemption and sterling’s weakening against other main currencies.
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German banks printed the only euro denominated covered bonds in the primary market this week, with Deutsche Pfandbriefbank and Berlin Hyp selling mortgage-backed deals in the belly of the curve.
