Germany
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Hapag-Lloyd on Monday began roadshowing a sub benchmark and triple-C rated bond to European high yield investors. -
AlzChem, the German speciality chemicals company, is preparing an IPO on the Frankfurt Stock Exchange led by Société Générale and Baader Bank as global coordinators.
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German real estate company LEG Immobilien was alone in the euro market on Monday as it made its debut senior bond transaction with a €500m no-grow seven year.
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Deutsche Bank attracted a healthy €3.25bn order book on Monday for the first German senior trade under a revised German Banking Act, as fears began to rise about the potential terms of the UK’s exit from the European Union.
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More dollar deals are expected next week following a searing few days for trades in the currency, but despite bumper books and deal sizes, some in the market feel there is still some price discovery work to do. Meanwhile, US president-elect Donald Trump made his presence felt on the issuance calendar.
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The enduring nature of sterling covered bonds was underscored again this week with deals issued by Lloyds Bank and BayernLB taking this year’s total in the UK currency to six.
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Ten year Pfandbrief €500m deals issued this week by NordLB and Bawag were narrowly oversubscribed even with the support of the Eurosystem.
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More public sector borrowers want to enter a red hot sterling market, including some that have barely visited the market in years.
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The market for medium term notes is expected to come to life over the next few weeks after a subdued start to 2017, with some bankers and issuers touting floating rate notes as the next big thing.
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BayernLB was set to issue its first sterling public sector Pfandbrief on Thursday with the latest order book update suggesting it had made good headway by paying a super attractive spread.
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Export Development Canada showed on Wednesday that despite some big deals this year in fives, there is still plenty of demand in the three year part of the dollar curve as it took the rare step of increasing a deal from its initial size target. The trade came as a trio of other dollar deals hit screens.
