Germany
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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.
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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.
