Germany
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The German association of mortgage banks (VDP) has suggested a potential change in the Pfandbrief law that could result in a change in the maturity structure from hard to soft bullet.
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HSH Nordbank found little difficulty finding demand for its €500m seven year issued on Wednesday, and despite its relatively low credit standing, international demand for the bonds was strikingly high.
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Deutsche Pfandbriefbank attracted an unusually large order book for its €500m four year deal on Monday, as the German lender returned to the public senior market for the second time this year. -
Bertelsmann, the German broadcaster and publisher, issued a €500m bond on Monday that attracted a book of nearly €2bn, but kept the initial size as pricing inside guidance stirred investor sensitivity.
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Eurofima was the sole issuer testing the euro waters on Monday, with bankers expecting a quiet second half of the month in the market after a frantic start to April in which issuers placed 12 benchmark deals.
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NRW.Bank has appointed Nord LB managing board member Eckhard Forst to be its managing board chairman when the incumbent Klaus Neuhaus retires at the end of October.
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The primary covered bond market was active this week with as many as seven issuers raising more than €6bn, including the longest deal in over a year and a debut borrower in euros.
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Allianz gave investors a rare chance to add insurance senior bonds to their portfolios on Wednesday, using healthy demand to bring spreads close to fair value on each of its two tranches.
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The African Development Bank and L-Bank on Thursday added to a surge of deals at the short end of the dollar curve, as issuance rode on a wave of dovish central bank outlooks.
