Germany

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?

Crédit Agricole issued one of three euro benchmark covered bonds this week, attracting demand that topped the combined interest seen in deals issued by Swedbank and HVB.

Deutsche Bank’s cost cutting and capital raising efforts are starting to pay off, with the bank dragging itself to profitability in the first quarter after full-year losses of €1.4bn in 2016. However, net revenues were down €800m year on year, and the shares dipped after the announcement on Thursday.

UniCredit subsidiary, HVB, issued a tightly priced euro Pfandbrief at the long end of the curve on Tuesday, while Deutsche Pfandbriefbank (Pbb) issued at the short end in dollars but paid up for the privilege compared to what it would have cost in euros.

Rentenbank added a A$100m ($75.6m) tap to its March 2027 Australian dollar bonds on Monday, a line it has tapped frequently since opening it in September.

Delivery Hero, the German online food ordering and delivery marketplace, confirmed on Monday that it was considering an IPO after its revenue grew by 79% in 2016.

Deutsche Pfandbriefbank (Pbb) is expected to open order books for a three year Reg S dollar Pfandbrief on Tuesday. Meanwhile, Poland's PKO Hipoteczny has opened order books for zloty denominated five year.

The first German building society is poised to enter the Pfandbrief business, two Canadian banks have substantially increased the size of their covered bond programmes and prospective downgrades of NordLB’s covered bonds may not necessarily lead to a spread widening said analysts at Commerzbank, UniCredit and Citi this week.