Germany

The covered bond primary market was kept busy on Tuesday with two Pfandbriefe issued in euros and dollars at the opposite ends of the curve. Though market conditions are constructive, bankers are concerned that the outlook will not look as pretty after the summer break.

BNP Paribas secured strong demand and tight pricing for a tap of its first "regionally targeted" bond on Tuesday, with a broad range of German accounts helping to bolster the size of the original deal.

KfW announced plans on Monday to return to the dollar market with a new three year benchmark.

Two block trades were successfully placed in Europe this week, including a small stake in Italian multi-utility Hera that was snapped up very quickly on Thursday night.

Adler Real Estate, a German residential property company, has extended the sale period for its €150m convertible bond issue, which comes with pre-emption rights for shareholders, added Citigroup as a bookrunner and broadened the price range.

KfW’s got a tap over the line with a tight price on Tuesday, but required a significant push from joint lead managers to do so.

Commerzbank issued the first euro covered bond since June 15 on Monday, and though it was a clear success, no other issuer ventured to follow.

A pair of European agencies tapped euro lines today in a recovering but still cautious SSA market.

After reopening the post-Brexit dollar market with a $150m tap on June 23, Rentenbank is coming back for more, opening books for another tap to be priced on Tuesday.

A pair of public sector borrowers on Monday joined the handful of issuers that have sold well subscribed taps since the UK voted on June 23 to leave the European Union. But there are growing hopes that the first new issue since Brexit could happen this week — in euros, at least.

Commerzbank issued a well-received €750m eight year covered bond on Monday. The first euro benchmark since June 15 sends a strong signal to other issuers that have funding needs and shows that the sometime precarious funding window is now firmly open.

KfW found enough demand to print a A$400m ($299.2m) tap of its January 2019 Kangaroo bond late last week, highlighting a remarkable return to stability for markets after the previous week's Brexit vote.