Germany
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Berlin Hyp (BHH) issued the first negative yielding fixed rate euro covered bond on Tuesday, days before the European Central Bank lowered the discount rate further into negative territory.
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Many other issuers, and particularly those in Germany, likely to follow Berlin Hyp's lead with negative yielding covered bond supply.
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The German bank is building on momentum in European DCM with an expansion of its corporate finance business, writes David Rothnie. -
The State of North Rhine-Westphalia more than doubled the record size for a green bond from a European sub-sovereign, pricing a deal several basis points inside initial price thoughts on Wednesday.
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The first negative yielding covered bond, which was issued on Tuesday by Berlin Hyp, was almost an inevitability. But given the psychological resistance and reputational risk involved in selling such a deal, the outcome was by no means a foregone conclusion. The deal's resounding success should mean more will now follow.
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Issuers lined up to print in euros on Tuesday as a vital European Central Bank meeting loomed later in the week — but bankers were divided as to how much the flurry of deals was down to concerns over the central bank meeting.
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Berlin Hyp (BHH) issued the first negative yielding fixed rate euro covered bond on Tuesday, days before the European Central Bank is expected to lower the discount rate into even more negative territory.
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Core eurozone issuers are set to pepper the euro curve over the next two days, before all attention turns to a much anticipated European Central Bank meeting on Thursday.
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Senvion, the German wind turbine maker, has set the price range for its Frankfurt initial public offering at a level that implies a heavy discount to its main listed peers.
