Germany

Three public sector borrowers hit screens on Monday, mandating in a euro market buoyed by the defeat of National Front candidate Marine Le Pen in the final round of the French presidential election on Sunday.

Landesbank Baden-Württemberg (LBBW) has become the latest bank from Europe to sell a Singapore dollar-denominated bank capital deal. Its Basel III tier two was 5.5x covered, and like its peers, the issuer managed to save on funding costs compared to its home currency, reckon bankers.

Landesbank Baden-Württemberg (LBBW) is marketing its first Singapore dollar-denominated transaction, a Basel III tier two subordinated bond, joining a slew of European lenders that have sold deals in the currency.

Attempts by the German debt management office to prevent another collapse in the European repo market are not enough, according to market participants — though they may have benefited German taxpayers.

The public sector dollar market is set to put a series of obstacles behind it to resume full pace next week — but issuers may opt to instead take advantage of sumptuous conditions in euros.

FMS Wertmanagement nipped into a quiet dollar market to print a three year Reg S only syndication, the issuer’s first dollar deal at that point of the curve to come through mid-swaps this year.

European derivatives exchange Eurex yesterday appointed Romanos Daniel as its chief innovation officer, filling a new position that was recently added to its executive board.

A pair of European borrowers have ventured into the otherwise deserted dollar market, ahead of a Federal Reserve rates decision tonight.

Münchener Hypothekenbank issued a comfortably oversubscribed €500m 10 year Pfandbrief on Tuesday, and priced the deal with a small concession and a decent amount of central bank support.

Landesbank Baden-Württemberg (LBBW) is set to engage with fixed income accounts in Singapore for a potential Basel III tier two offering.

Several German public sector issuers defended new issue fees, despite a worsening service from investment banks, in a panel discussion at Euromoney’s Germany Conference in Berlin on Wednesday.

Last week's sole benchmark, a KfW outing in five year euros, impressed the GC BondMarker voters, who awarded it high grades in all categories. But how did it compare with KfW's other offerings this year?