Germany
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NRW.Bank will bring a no-grow $1bn three year dollar benchmark on Wednesday, after African Development Bank and Rentenbank on Tuesday comfortably raised dollars in longer tenors.
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WL Bank enjoyed strong demand for its €250m 10 year covered bond tap on Tuesday, an increase that managed to provide investors with a positive yield. But with spreads in the secondary market tightening again on no flow, the positive yielding universe was quickly disappearing.
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A pair of public sector borrowers on Monday hit screens with mandates earlier in the day than usual, which bankers suggested was due to a desire to get ahead of other possible issuers. -
With an oversubscription ratio of more than five times, Deutsche Hypo’s tap, issued on Friday, should put to rest qualms that have hindered supply of negative yielding covered bonds since Berlin Hyp’s ground breaking deal four months ago.
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Monsanto’s shares moved only a little on Thursday afternoon, suggesting investors are not yet convinced by Bayer’s revelation of a new, slightly higher offer for the company, as it revives its drive to create a global leader in agricultural science.
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The proposed merger of the London Stock Exchange and Deutsche Börse looks set to allow Frankfurt to prise euro swaps clearing away from London, amid rising expectations that regulators will require the combined entity to move euro business back within the eurozone.
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The covered bond primary market was kept busy this week as a trio of German banks supplied the market in euros and dollars across a range of maturities.
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L-Bank will join the flood of dollar trades hitting screens this week on Thursday, after mandating four banks for a five year Reg S bond.
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Adler Real Estate completed the accelerated bookbuild of its highly unusual convertible bond-cum-rights issue on Monday, raising €131m after a tough sale that it had hoped would fetch €150m.
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After tightening twice from initial price thoughts, Deutsche Bahn, the state-owned German railway company, sold €350m of five year notes to yield minus 0.006% on Tuesday, the first negative yielding primary deal from a corporate issuer.
