Germany
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A funding official at a leading public sector borrower will move to a bank’s syndicate team in the summer, GlobalCapital understands.
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Another week and another first for the Schuldschein market, in what has been a stunning first quarter for the German private placement market. Fresenius US Finance II has completed the largest dollar deal in the market, raising $400m, according to bankers. -
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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.
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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.
