Germany
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Several investment grade companies have issued sizeable Schuldscheine this year -
Issuer to fund €6bn-€7bn next year, will be active in January
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◆ Tightest reoffer spread for a four year corporate paper this year ◆ Book peaks at more than three times the deal size ◆ Low single digit premium paid
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◆ Final book under €800m ◆ 'Low single digit concession' ◆ 'Trickier' for German LBs in senior than covered
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◆ New issue premium estimated ◆ Partial pre-funding ◆ Baden-Wuerttemberg 'through fair value'
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◆ Attractive pick-up to KfW and other peers ◆ Atypical tenor no trouble ◆ SSA appetite strong
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British-German publisher is a first-time Schuldschein issuer
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◆ Tight deal secured despite equity volatility ◆ Demand stronger at the short end ◆ Proceeds will 'prudently' refinance upcoming maturities
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◆ Final book over €2.5bn for €500m deal ◆ 'Reconfirmation' of strong background for credit ◆ Lead tells issuers 'print now if you're ready'
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◆ Reoffer yield second lowest of the year ◆ Euro hybrid yields tear tighter ◆ Proceeds to refinance upcoming maturity
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Lower rates and ample cash reserves could drive deal momentum
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Orders five times the original deal drove size boost
