Germany
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Austria is looking to stretch its curve to hitherto untapped lengths, as it mulls a 70 year euro benchmark. Also seeking duration, Rentenbank pushed out its curve, printing a bond at 20 years for the first time ever. -
Erste Abwicklungsanstalt has hired banks to run its first benchmark since June and its first in dollars since March.
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NordLB issued a €750m public sector covered bond on Monday which, like the previous German 10 year from Commerzbank, was only just subscribed. The tight initial spread discouraged order inflation and stimulated high quality orders, allowing the borrower to issue more than was initially planned.
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Eurex and CME Group both lined up new futures contracts this week as the market assessed a generational shift from bilateral derivatives towards cleared, exchange traded products.
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TUI AG, the German tourism company, on Wednesday became one of only five double-B rated borrowers which have been able to print sub 2.5% coupons this year.
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Bayer has released the names of the banks in its $56.9bn loan for the acquisition of Monsanto, the jumbo deal tickets have bumped up some lenders in European league tables.
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Berlin Hyp issued a €175m tap on Wednesday after it emerged that Crédit Agricole would not be proceeding with its previously announced 10 year. Meanwhile, Hypo Oberoesterreich signalled its intention to press ahead with its debut covered bond.
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German residential and commercial property company Aroundtown Property hit the investment grade corporate bond market for its debut hybrid transaction on Monday, executing the deal in a market where indices fell.
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German leisure travel group TUI AG launched a roadshow for a new issue to refinance its old 2019 bond on Monday at a time when coupons in the upper end of the high yield rating spectrum seem to be trending wider.
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Fresenius has completed a €1.2bn incremental loan to help fund the acquisition of Spanish hospital group Quirónsalud. The company has also added a fourth bank to a separate €3.75bn club loan to help fund the purchase, according to a banker close to the deal.
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The European subsidiary of Matthews, a US provider of 'memorialisation products', such as caskets and memorial plaques, has launched a €50m Schuldschein, which could grow based on demand from lenders.
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