Germany
-
Deutsche Bank was looking to take advantage of tightening bond spreads as it tapped an outstanding senior bond on Monday, following closely behind a €500m tap of one of its floating rate notes last week. -
Landesbank Baden-Württemberg has priced the tightest covered bond of the year and was able to tighten pricing to a greater extent than any other German issuer this year.
-
Investors can now hedge their Chinese portfolio during European trading hours following the launch of CSI300 index futures contracts on Eurex, the continent’s largest derivatives exchange.
-
-
-
Japan Bank for International Cooperation (JBIC) made a rare appearance in three year dollars this week, opening the way for its peers to follow. But there is little in the dollar pipe from Japanese or any other SSA issuers — all of which are well funded — after a week when US rate expectations were jolted by comments from Federal Reserve chair Janet Yellen.
-
Berlin Hyp issued a well oversubscribed €500m eight year mortgage backed covered bond on Wednesday and attracted exceptional demand from foreign investors, even though the deal was priced tightly.
-
Hochtief, the German engineering group, has joined the ranks of blue chip names rushing to the Schuldschein market, having launched a €150m deal on Tuesday.
-
After a tumultuous week of blowouts and recoveries in European government bond spreads, this week is looking more settled and healthy. However, the feverish pace of issuance has also abated.
-
KfW sold its second euro benchmark of the year on Tuesday, scoring €5bn at the difficult 10 year area of the curve in what a banker away from the trade called “a positive sign for the market”.
-
Erste Abwicklungsanstalt (EAA) was shy of full subscription with a short dated dollar benchmark on Tuesday, as issuance in the currency calmed after a rampant start to the year. Japan Bank for International Cooperation was also out with a dollar benchmark on Tuesday — a three year deal with fixed and floating rate tranches — but it had yet to price as GlobalCapital went to press.
-
Deutsche Bank told investors this week that Germany’s new insolvency regime may have to be updated for the European Commission’s harmonisation proposals. The bank also said it was not planning on raising additional tier one capital this year.
