Germany
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Deutsche Bank SA, Kookmin Bank, BayernLB and RLB Steiermark have mandated leads for covered bonds to be issued on Wednesday.
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Erste Bank issued the first Austrian Pfandbrief of the year, attracting a comfortably oversubscribed book and setting a strong start for issuers from the beleaguered country. At the same time, Deutsche Pfandbriefbank issued a tightly priced and larger than expected German Pfandbrief.
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German Länder yields are expected to fall in the wake of the European Central Bank's announcement that sub-sovereign issuers are to be included in its asset purchase programme. -
After placing big sterling and dollar deals in week one, FMS Wertmanagement (FMS-W) will hit euros for its next bond.
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Borrowers who issued covered bonds this week that are eligible for the European Central Bank’s purchase programme (CBPP3) did not receive such a strong reception as those whose bonds were not eligible.
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KfW raised €3bn with a slow burning seven year benchmark on Thursday, leaving SSA bankers wary about the threat of over saturation in the currency as several issuers mull deals for next week.
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The sterling market enjoyed a second record breaking day in a row on Wednesday as FMS Wertmanagement printed its largest ever deal in the currency — and sterling investors were impatient for an upcoming World Bank deal.
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The European Stability Mechanism is seeking ideas for a bond issue next week, as the euro market burst back into life following a holiday across much of Europe on Wednesday.
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Last year’s difficult dollar conditions looked firmly in the past on Tuesday as a pair of issuers tapped different parts of the curve for big deals — and other issuers readied themselves for trades.
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Daimler opened this year's European investment grade corporate bond issuance on Tuesday, selling a barn-storming €3.25bn triple tranche deal that pulled in a €7bn order book.
