Germany
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A Berlin Hyp €500m five year was the success story of covered bonds issued this week from banks in the eurozone, standing out among deals that also included bonds from Caisse Francaise De Financement Local (Caffil) and Raiffeisenlandesbank Niederösterreich-Wien (RLB-NW).
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Senior SSA bankers are fretting that situations such as this week's clash between two Dutch agencies, which drove one of the pair to pull its deal, could become unavoidable, writes Craig McGlashan. -
Kuka, the robotics and automation company headquartered in Augsburg, Germany, has issued a €250m Schuldschein note.
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After printing an eight year FRN last week, Deutsche Bahn came again this Wednesday with a €600m fixed rate offering that drew sizeable interest from Asian buyers.
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DVB Bank reappeared in the primary market on Thursday, adding a €500m no-grow 4.5 year note to its senior curve.
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After issuing a fixed rate bond yesterday, Deutsche Bahn came back to the market today (Thursday) with a €200m tap of the €400m eight year floating rate note it had printed last week.
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Berlin Hyp’s €500m five year mortgage backed Pfandbrief issued on Thursday ranked as one of the more highly oversubscribed deals of the year from Germany and broke a succession of barely subscribed German covered bonds that had been issued over the past six weeks.
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The bank for Germany’s medical profession may be small, but it is very well capitalised, its rarely issued covered bonds are highly overcollateralised, and the top rating is exceptionally well protected. The bank is due to start roadshowing from Friday.
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DVB Bank SE reappeared in the primary market on Thursday, adding a €500m no-grow 4.5 year note to its senior curve.
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After printing an eight year FRN last week, Deutsche Bahn came again this Wednesday with a €600m fixed rate offering that drew a sizeable chunk of Asian investors.
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Berlin Hyp has mandated leads for its third covered bond of the year but its first with a five year maturity.
