Germany
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Yorkshire Building Society defied concerns around the UK’s decision to leave the European Union this week, issuing a well oversubscribed covered bond that was very broadly distributed and that priced almost flat to its curve.
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FMS Wertmanagement took advantage of the dearth of supply in short dated euro paper to score an extremely tight price for its €1.5bn November 2020 benchmark on Thursday. -
L-Bank shattered its sterling size record on Wednesday, exceeding the expectations of even its leads with a £500m five year deal.
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Germany’s WL Bank priced a €250m tap of its 10 year mortgage backed Pfandbrief on Thursday, taking advantage of the squeezed market to price flat to its curve. Cheaper French covered bonds have performed well lately and profit taking was seen in the UK sector.
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Swiss steelmaker Schmolz + Bickenbach opened the euro high yield market on Monday with a sub-benchmark sized deal, extending March’s stream of opportunistic refinancing deals.
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Three more IPOs reached successful conclusions on Tuesday and Wednesday, including the largest in Poland for over two years.
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FMS Wertmanagement has picked four banks for a short end euro transaction, making the most of the reopening of an area of the curve that has hosted very little public sector issuance in the past year.
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The dollar market was on spectacular form on Wednesday, with a Canadian province pushing out a rare 10 year bond, a supranational smashing its size record and a $4bn five year from a German agency.
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German government-owned development bank KfW has entered into an agreement with Eurex Clearing that will see its euro denominated interest rate swaps cleared by the Frankfurt central counterparty.
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Public sector borrowers are lining up a three pronged attack on Wednesday in a dollar market that is enjoying its widest swap spreads of the year. Quebec is attempting the first 10 year dollar benchmark since the first week of the year, KfW is out in fives — a part of the curve that has also become attractive in euros — and the Inter-American Development Bank is coming at the short end.
