Germany
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German Laender 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.
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Raiffeisen-Landesbank Steiermark and Bayerische Landesbank issued Austrian and German Pfandbrief, respectively, on Wednesday. The fact that the Austrian deal was only just oversubscribed and the German deal was placed only with domestic investors reflected the pernicious influence of the covered bond purchase programme (CBPP3).
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The European Financial Stability Facility and Nederlandse Waterschapsbank on Tuesday brought euro benchmarks in five and seven year maturities. Now much more at those tenors is expected. -
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.
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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.
