Germany
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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. -
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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.
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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.
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The Deutsche Börse yesterday welcomed six new exchange traded commodities (ETCs) to its Frankfurt Stock Exchange and Xetra trading venues.
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Amprion, the German electricity transmission firm, launched on Tuesday a €100m Namensschuldverschreibung (NSV) — an instrument with all the qualities of a Schuldschein, except for the issuer’s right to terminate the contract after 10 years.
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Møre Boligkreditt found strong demand for its first euro covered bond which, because of its sub-benchmark size, offered substantially more spread than similar bonds. At the same time BayernLB said it would start a roadshow for a sterling senior unsecured and covered bond.
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Landesbank Baden-Württemberg (LBBW) made a rare entry into the senior unsecured market on Tuesday, picking up €1bn of new five year funding on the back of strong levels of domestic support.
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A strong public sector dollar market welcomed one issuer's first $5bn sized deal this week. It was not even the only borrower to sell in size but with SSAs well-funded, there are few expectations of more large trades.
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