Germany
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Acciona, the Spanish infrastructure and renewable energy firm, has allocated its first Schuldschein, growing the deal by €50m and securing about the same pricing as (if not lower than) its latest syndicated loan. -
German Pfandbriefe have received a boost, according to Moody's from the German finance ministry, which is tightening lending standards in the country's housing market to counteract rising prices caused by the European Central Bank's accommodative monetary policy.
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Norddeutsche Landesbank (NordLB) and Deutsche Genossenschafts-Hypothekenbank (DG Hyp) issued tightly priced German Pfandbriefe that benefitted from a rise in yields this week.
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Deutsche Bank beat extremely low expectations for third quarter earnings by posting a €278m profit, with return on average shareholder equity up 990bp for the first nine months of the year, compared with the same period of 2015.
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A fourth issuer of the week has broken its record for longest dated syndication ever, while the European Financial Stability Facility wrapped up its 2016 needs with a trade that looked almost short end by comparison to the rest of the week’s euro supply.
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Bayer may conduct the refinancing of its $56.9bn credit facility ahead of the closing of its acquisition of Monsanto, which is expected by the end of 2017, the firm said on Wednesday.
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Deutsche Hypo made a rare appearance in the fixed rate senior market on Wednesday, as it joined a host of FIG issuers eager to fund ahead of a potentially tricky end to the year.
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The European Bank for Reconstruction and Development is set to test the five year part of the dollar curve — a tenor not attempted by many issuers over the last few weeks — as a French issuer opted for the tried and tested three year maturity and a German agency was able to increase a deal at that tenor from its target size.
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US agricultural equipment manufacturer AGCO more than doubled its first ever Schuldschein, from the launch size of €150m to €375m.
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The recent rise in yields has provided covered bond borrowers from the most expensive jurisdictions like Germany an opportunity to diversify away from the overpopulated 10 year. DG Hyp was the latest issuer to take advantage of this development with its €500m long eight year which was issued on Tuesday.
