Germany
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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. -
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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The Schaeffler family’s €1.24bn clear-out block trade in Schaeffler non-voting shares failed to clear on Monday night, leaving the four lead banks long of the stock.
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Dutch dairy firm FrieslandCampina has completed the second ever green Schuldschein, increasing the deal by a third in syndication.
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Deutsche Bank made its second visit to the senior unsecured market within a month on Thursday, offering investors an eye catching price for a two year floating rate deal.
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The short end of the dollar curve is enjoying a purple patch, with public sector borrowers drawing big books and pricing with much lower new issue premiums than earlier in the year.
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Two UK borrowers, Kier Group and Laird, are marketing their first ever Schuldscheine, as UK borrowers return to the market after a long break.
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The Inter-American Development Bank highlighted the depth of demand in a resurgent dollar market by printing the largest benchmark in the currency in over a month — with KfW next up to test the dollar’s depth.
