Germany

Eurozone issuers crammed into the euro market on Wednesday ahead of a European Central Bank meeting.

Berlin Hyp (BHH) issued a tightly priced Pfandbrief on Wednesday, drawing strong demand for a rare deal backed by green commercial mortgage assets. At the same time the Mortgage Society of Finland mandated leads for a sub-benchmark transaction.

German chemicals firm Evonik is in talks with banks to refinance a €1.75bn revolving credit facility.

KfW is the solitary SSA issuer out in dollars so far this week, and it is sticking to the very short end with an 18 month deal, a week before a US Federal Open Market Committee meeting at which investors overwhelmingly believe it will raise its target rate.

Berlin Hyp (BHH) is expected to open order books for it second Green Pfandbrief on Wednesday and Bank of New Zealand has mandated leads to roadshow a possible senior or covered bond deal later this month.

Delivery Hero, the German online food delivery marketplace, announced its intention to float on Tuesday morning, ending months of speculation about its intention to go public.

In this week's round-up, the People’s Bank of China says it will maintain a neutral monetary policy, Silk Road Fund and European Investment Fund sign memorandum of understanding for Belt and Road financing, and Luxembourg holds international renminbi forum.

In this week’s round-up, the Hong Kong Exchange’s USDCNH futures record their second best trading volume on Wednesday, renminbi deposits in Hong Kong increase by 4.1% in April, and China and Germany agree to co-operate on trade and finance.

Rating (expected): Aa1/AA-

Oil and gas company MOL became the first Hungarian issuer in the Schuldschein market this week. And, as the market expands further from Germany, there is no sign that credit quality will become less central to an issuer’s success.

Rating: Aa3/—/A-

Commerzbank has signalled its intention to formally pull out of the ship Pfandbrief business, while NordLB is considering a sale of Deutsche Hypo to shore up capital after absorbing BremerLB’s loss-making shipping business.