Germany

Covered bonds worth almost €7bn were issued this week but, by virtue of its size, oversubscription ratio and breadth of demand, Nationwide Building Society’s €1bn deal stood out.

With the year's end fast approaching, SSA issuers are jostling for space after a summer blighted by volatility. Investors are rewarding pragmatic borrowers with large order books but it seems there is little room for opportunism.

Three dollar issuers found no lack of demand at the short end when printing a trifecta of 2018s this week but tougher markets played into more defensive pricing strategies — at least in the early stages.

German car manufacturer Daimler is in the market for a substantial Schuldschein deal, which was launched at €300m and could grow to €750m, according to bankers away from the leads.

Bank Nederlandse Gemeenten and KfW came together in the same currency and tenor on Tuesday, with both issuers able to find healthy demand.

KfW has equalled its previous record-breaking green bond with its second issue in the format in euros — and was able to tighten pricing as well as,increasing the deal’s size.

Midcap Schuldschein issuers already have one eye on 2016 as this year’s biggest borrowers continue to enjoy oversubscribed order books.

Four issuers launched covered bonds on Tuesday following the four that launched deals on Monday, doubling supply from €3bn to €6bn so far this week. By virtue of its size, Compagnie de Financement Foncier’s (CFF) €1.25bn benchmark stood out, but the level of demand was far below its previous five year even though the concession was several times larger.

A European agency is set to bring a green bond on Tuesday as optimism grows that SRI volumes could pick up even more over the next two months.

Two European SSAs are tapping the short end of the dollar curve with just over a month to go before Thanksgiving — the traditional time for turkeys and the winding down of dollar issuance.

WL BANK AG has mandated leads for an eight year mortgage backed covered bond and Banca Monte dei Paschi di Siena (MPS) has mandated leads for its first conditional pass through, a long six year. Both transactions are likely to be priced on Tuesday.

Deezer, the French music streaming service, opened the book for its IPO on Thursday morning, as the autumn’s busy season of flotations continues to produce successes, failures and deals that get done at weakened terms.