Germany
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E.ON’s spinoff of Uniper, its fossil fuels operations, will be completed within weeks as preparations for a listing in Frankfurt near completion, with joint global coordinators JP Morgan and Morgan Stanley potentially first in the queue to handle residual sales of stock over the next three years. -
Commerzbank and Sparebank 1 Boligkreditt have mandated leads for 10 year euro covered bond benchmarks after WL Bank issued a 10 year on Monday. Deutsche Pfandbriefbank is due with a dollar-denominated Reg S covered bond benchmark, while the main supply in capital comes from DBS Bank.
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With a coupon of 0.10%, Monday’s €500m Pfandbrief from WL Bank had the lowest ever coupon on a benchmark 10 year covered bond — a result which Commerzbank was expected to follow.
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A seemingly unstoppable flow of dollar issuance from public sector borrowers looks set to spill into next week, after a slightly undersubscribed deal early this week failed to dent sentiment for other trades.
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The euro market is braced for a difficult close to the year. Given the turbulent conditions expected, green bonds may come into their own.
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NRW.Bank will look to bring a euro green bond later this year, perhaps as soon as October, according to head of investor relations Frank Richter.
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A pair of public sector borrowers are set to join NRW.Bank in the dollar market this week, taking advantage of good conditions — and with perhaps one eye on the US presidential election in early November.
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Deutsche Pfandbriefbank is following fellow German issuer Landesbank Hessen-Thüringen (Helaba) into dollar denominated Pfandbrief, after mandating leads for a three year dollar deal on Tuesday.
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NRW.Bank will on Tuesday become the latest public sector borrower to enter a super strong dollar market that shows no sign of shutting down for the summer, after the German agency mandated banks on Monday.
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With an unreconciled order book of almost €800m, Commerzbank’s €250m negative yielding eight year Pfandbrief tap issued on Friday neatly illustrated the desperation of investors.
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