Germany
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Covered bond issuers from Europe’s core accessed the market across a range of intermediate tenors this week with LBBW, Compagnie de Financement Foncier (CFF) and Helaba issuing some of their largest deals in years.
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Royal Bank of Canada, Canadian Imperial Bank of Commerce, Commonwealth Bank of Australia and Deutsche Pfandbriefbank tapped the sterling covered bond market this week at cheaper levels than they could have achieved in euros and dollars.
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Searing conditions in the sterling market could lead to a record opening week of SSA issuance in the currency as a pair of issuers lined up deals for Friday — despite this only being a four day week. -
Commonwealth Bank of Australia swept up remaining demand in the now saturated five year sterling covered bond market on Thursday, while Deutsche Pfandbriefbank (PBB) got a fair reception for the first three year floating rate covered bond of the year.
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German chemicals producer BASF snatched a steal in sterling on Tuesday as it printed flat to its curve with a £300m long eight year trade that began 2017’s corporate bond issuance in the currency.
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KfW and Ireland brought euro deals on Wednesday at the very top end of size expectations, alleviating a little of the pressure on what is set to be an extremely busy year in the currency. The trades came the same day as Municipality Finance mandated for a euro benchmark and a request for proposals came from the European Financial Stability Facility.
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The European Investment Bank set a marker on Wednesday that sterling issuance could be just as hot this month as it was in January last year — as another pair of issuers hoped to add further evidence of that this week.
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French technical and energy services company Spie is mulling its options for the acquisition financing of German peer SAG, but a company source dismissed talk of an imminent high yield offering.
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BMW formed part of the auto sector’s traditional charge from pole position into the first corners of the corporate bond market on Wednesday, beginning the new year with a dual tranche trade that paid single digit concessions.
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German kitchen furniture maker Alno AG started the year with improving earnings data and a big new investor, private equity firm Tahoe, but analysts and bondholders remain unconvinced by the credit.
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Four covered bond issuers returned to the market on Tuesday with the first deals of 2017. Two €1.5bn 10 year transactions showed that borrowers are prioritising the tougher, longer duration deals and, while conditions permit, issuing in large size.
