Germany
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European Stability Mechanism printed a solid €1.5bn bond on Tuesday, falling just short of completing its funding target for the year. -
KfW and the City of Paris built healthy books for no-grow green bonds on Tuesday, as some bankers suggested the KfW deal showcased the lesser execution risk amid tricky conditions that green bonds offer over conventional deals.
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BMW returned to the bond market on Tuesday with a €1.25bn deal, its first issue since the Volkswagen emissions scandal made investors reassess their attitude to the car industry.
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Koninklijke KPN, the Dutch telecoms company, sold a quarter of its stake in Telefónica Deutschland for €805m on Monday night, but the deal failed to get covered, leaving Citigroup and UBS long.
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A supranational is set to add a new point on its curve this week, as a German region prepared to bring its third benchmark of the quarter.
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A pair of public sector borrowers are lining up green bonds this week — but one of the deals could have implications beyond that of the burgeoning SRI bond market.
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In this round-up, Chinese government sets capital account convertibility goal for 2020, IMF yet to decide on RMB SDR inclusion, Shenzhen Connect unlikely in 2015, and cross-border RMB trade settlement in Hong Kong hits new record.
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Six borrowers raised nearly €5bn in the covered bond market this week, once again surpassing supply expectations. The star attraction, notable for both its size and tenor, was a €1.5bn three year from the Norwegian issuer, Sparebank 1 Boligkreditt.
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Guarantor: Federal State of North Rhine-Westphalia
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Edag, a German company that specialises in providing engineering services to the car industry, started investor education on Wednesday for a Frankfurt IPO.
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Deutsche Apotheker- und Ärztebank, or apoBank, received a strong endorsement from investors for its first benchmark Pfandbrief in more than seven years.
