Germany
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Standard & Poor’s has joined Fitch in putting Volkswagen on CreditWatch negative, although the company has won some respite in secondary bond markets. -
Volkswagen credit spreads more than tripled this week and other European automotive names moved sharply wider but some traders and strategists called it a knee-jerk reaction that is likely to be corrected soon.
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HVB, the German subsidiary of UniCredit, returned to the covered bond market for the third time this year to issue a €500m five year mortgage backed Pfandbrief which, despite offering a double digit new issue premium, was only slightly oversubscribed.
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Chorus Clean Energy, the German solar and wind power plant operator, on Thursday returned to market with the same IPO it had pulled in July, but with new arguments to sell it.
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German corporate credit, generally regarded as a safe bet, has had a torrid time of late. Last week we looked at how the costs of transitioning from nuclear to clean energy had inflicted damage on German utilities and sent credit spreads spiralling wider. This week it was the turn of the automotive industry, and Germany’s largest car producer: Volkswagen.
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Pressure eased on Volkswagen’s bonds on Wednesday, as investors took stock and waited for the next turn of the company’s saga. Martin Winterkorn resigned as CEO in the afternoon, but that was hardly a surprise.
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NRW.Bank has priced a benchmark at the tight end of guidance in the busiest dollar SSA market in several weeks — one that could still host a few more deals.
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A near tripling of Volkswagen credit spreads on Monday and Tuesday this week, along with a sharp widening of other names in the European autos sector, is a kneejerk reaction that is likely to be corrected soon, according to some traders and strategists.
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The capital markets beating for Volkswagen worsened today, as the German car manufacturer’s bonds widened again in secondary markets.
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German car parts maker Schaeffler on Monday issued a full redemption notice for all bonds issued by its holding company as it seeks to create a new financing structure.
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A German agency is set to bring the second dollar benchmark from an SSA this week — quadrupling the number of such deals in September so far.
