Germany
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Aroundtown Property Holdings, the Paris- and Frankfurt-listed company that invests in German property turnrounds, has extended the deadline on an incentivised conversion offer for its €450m pre-IPO convertible until Thursday evening. -
L-Bank and the African Development Bank are set to be the latest issuers this week to take advantage of rising short end dollar swap spreads, mandating for deals on Wednesday after Finland printed a short dated deal of its own.
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A trio of public sector borrowers comfortably printed at the long end of the euro curve on Wednesday, but the deals suggested a slowdown in demand after a bumper April for the currency.
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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 the its two tranches.
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Eika Boligkreditt and Deutsche Pfandbriefbank (PBB) successfully issued €500m covered bonds respectively in the seven and 19 year tenors on Wednesday. The German transaction was the longest seen for over a year and pays testimony to investors’ appetite for duration.
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Linde, the German industrial gases group, returned to the corporate bond market on Tuesday after an absence of almost two years, and not surprisingly, found strong demand.
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A hungry euro market gorged on deals from France and the European Union on Tuesday, instilling confidence that a trio of trades on Wednesday’s menu will go well — despite two of them being in the same tenor.
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German automation equipment maker Schenck Process is returning to the loan market to refinance senior and mezzanine credit facilities with a €455m loan. It had to pull a €605m deal last June because investors thought the terms were too aggressive.
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Covered bonds issued by DNB Boligreditt and Muenchener Hypothekenbank (MuHyp) on Monday priced with minimal new issue concessions and showed that market conditions were strong. At the same time Canadian Imperial Bank of Commerce (CIBC) opened books for the first Australian dollar covered bond this year.
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In this round-up, China reports the first gain in foreign exchange reserves for March, a treasury official said preparations for the Shenzhen Connect have been completed, an RMB globalisation index dropped further in February, and Deutsche Bank assisted a corporate client set up a cross-border RMB liquidity solution. Plus, a recap of our top stories this week.
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Inter-American Development Bank (IADB) on Tuesday threw open the door for dollar issuance as the second quarter of the calendar year kicked off, with several other issuers eagerly following.
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