Germany
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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.
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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.
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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.
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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.
