Germany
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Robust market conditions enabled the execution of one of the largest block trades of the year so far on Tuesday night. -
Robust market conditions enabled the execution of the largest block trade of the year so far on Tuesday night.
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Issuers crammed into the market on Tuesday with pharmaceutical firm Pfizer bringing the second multi-tranche Reverse Yankee this week, while Iberdrola ratcheted in pricing on a green bond — investors said they were enjoying the busy spell.
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KfW and the European Bank for Reconstruction and Development took full advantage of a strong environment to sell dollar benchmarks on Tuesday. Further dollar issuance is rumoured this week — with conditions so good that deals may come despite potential volatility from US president Donald Trump making his first speech to Congress during the New York evening on Tuesday night.
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Covered bond supply is likely to recover over the next week or two, particularly in core Europe where spreads to Bunds have become more attractive, which bodes well for DH Hyp’s forthcoming Pfandbrief. But for non-eurozone issuers, senior funding is likely to prove more attractive.
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Shares in MBB, the industrial buyouts company, closed 3.2% higher on Monday after it said it was planning an IPO of Aumann, the German engineering group, in Frankfurt.
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The public sector dollar market is showing a few signs of life this week as KfW and the European Bank for Reconstruction and Development picked banks for benchmarks, while the Bank of England launched its annual foray in the currency.
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The State of North Rhine Westphalia will sell its third sustainability bond on Tuesday, following a pan-European roadshow.
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The scores are in. See how market participants rated KfW's €5bn 10 year, Alberta's sterling debut and EAA's $1bn two year.
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Landesbank Baden-Württemberg and WL Bank successively priced the tightest covered bonds of the year this week and both were able to tighten pricing to a greater extent than any previous German issuer.
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