Germany

UniCredit Bank Austria (Baca) returned to the covered bond market on Tuesday to issue the first Austrian Pfandbrief since the country’s Financial Markets Authority (FMA) announced a debt moratorium on bonds issued by Heta Asset Resolution AG (HAR).

Middle market investment bank Baird has hired a head of investment banking for Germany, Austria and Switzerland, a new role at the firm.

Bayerische Landesbank (BayernLB) issued the third 10 year covered bond of the week on Thursday precisely matching Commerzbank in size and spread. With the European Central Bank expected to maintain an accommodative bias at this afternoon’s press conference and global deflationary forces back in play, duration could be back in vogue.

Activity in the covered bond primary market continued at a brisk pace on Wednesday as RBC, DG Hyp, Caffil and Erste Bank priced transactions, taking the deal count this week to 10. Despite mixed receptions, issuers have been able to raise over €7bn, with over €3bn issued on Wednesday, and at levels that look attractive compared to senior unsecured financials.

Bayerische Landesbank has mandated leads for a euro denominated public sector backed covered bond that is likely to be launched on Thursday.

The German State of North-Rhine Westphalia is planning its next green bond to be bigger and potentially longer than a debut earlier this year.

The Schuldschein for German healthcare group, Asklepios has been increased from €250m to around €600m after oversubscription from investors, according to a banker on the deal.

Frankfurt-listed Snowbird, a Chinese down manufacturer, has cancelled plans to seek a secondary listing in Singapore, amid a wave of panic selling that has gripped stock markets this week.

Euro benchmark covered bond year-to-date supply is the lowest in the last decade as a series of macro events, combined with banks’ increasing focus on bail-in, have kept activity to a minimum.

Equistone Partners Europe has acquired a majority stake in TriStyle Mode, the German women’s fashion group, with funding from a club of five banks.

Chorus Clean Energy, the German solar and wind power plant operator that pulled its initial public offering last month, still hopes to go public.

Depfa ACS Bank has only one rating remaining after Standard & Poor’s became the second agency to withdraw its covered bond rating this week. Analysts suggest this could result in forced selling of Depfa’s covered bonds if Moody’s follows suit, but they still believe that the bonds will be paid out in full.