Germany
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Volkswagen priced the third sterling corporate bond deal in as many days on Thursday, taking total supply over £3bn this week. Aggregate order books for the week are now approaching £10bn. -
The appetite of Schuldschein investors seems insatiable. Coming off the largest and busiest second quarter in the Schuldschein market's history, two non-German inaugural borrowers nearly doubled their funding targets on Tuesday.
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The relentless growth in active covered bond issuers was in evidence last week as Danske Bank’s Swedish subsidiary received regulatory approval, Santander Consumer Finance AG tested its newly rated programme, and DZ Bank received a rating for its unique Bank Briefe.
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The euro market showed its strength for SSA borrowers this week, as Agence Française de Développement succeeded in bringing a deal after requesting a change in its banking licence and KfW kept up its record of raising €5bn with every euro benchmark this year despite a volatile backdrop.
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Rating: A2/A/A- (Moody’s/S&P/Fitch)
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On Thursday, Volkswagen Leasing became the second German auto related issuer to print a triple tranche this week. However, it opted for shorter tenors than Daimler had on Monday.
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Delivery Hero, the online food ordering platform backed by Rocket Internet, bagged €866m in its IPO on Wednesday after closing a heavily oversubscribed book.
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Two public transport operators offered deals to the sterling market this week, with varying success. Demand was strong for both deals, which had similar tenors, but one enjoyed a smoother pricing ride than the other.
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Daimler and Landesbank Baden-Württemberg launched on Wednesday the first Schuldschein issue to be sold using blockchain technology.
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Swiss life sciences firm Lonza launched a €300m debut Schuldschein on Monday, offering dollar and euro tranches to attract, among others, Singaporean, Malaysian and other Asian lenders looking to lend dollars.
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Daimler had the new issue corporate bond space to itself on Monday, but the deal it achieved was still a spectacular result for many reasons. Pushing out to new, longer maturities for the volume of bonds sold was an excellent outcome for one of the more frequent corporate issuers, and could support a more permanent long dated market in euros, writes Nigel Owen.
