Germany
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Several Schuldschein issuers have more than tripled their initial targets for deals, with arrangers saying many have gone subject just days after launch. The deal outcomes show a chronic supply and demand imbalance, as the market comes to terms with a persistent drop in deal flow. -
KfW braved a volatile rates backdrop to reopen the primary dollar public sector bond market on Wednesday. Dexia Credit Local is looking to follow with a deal in the same currency and tenor on Thursday.
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DZ Hyp plans to issue a €750m no-grow Pfandbrief on Wednesday as Muenchener Hypothekenbank (MuHyp) marketed its inaugural sterling benchmark to UK investors amid a sharp fall in global yields.
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KfW is coming to the market with a three year dollar benchmark offering, breaking the recent lull in dollar-denominated SSAs, which have endured a few weeks of slack supply with only a handful of deals hitting the market in June.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of busiess on Monday, July 5. The source for secondary trading levels is ICE Data Services.
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Mister Spex, the German eyewear retailer, remained buoyant in trading on Friday after its €326m IPO on the Frankfurt Stock Exchange.
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French telecoms firm Iliad has sold €500m of Schuldschein debt, with a novel extension clause attached to one tranche. But due to the investor-friendly terms of the extension language, there was no push-back from lenders.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of busiess on Monday, June 28. The source for secondary trading levels is ICE Data Services
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The offshore renminbi (CNH) bond market saw a jump in action this week, with three issuers taking advantage of favourable issuing conditions to roll out deals. Addison Gong reports.
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The green dim sum bond market saw a small jump in action on Tuesday, with high yield issuer Zhenro Properties Group selling a short-dated deal and German development bank KfW reopening one of its existing notes.
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A number of German IPOs progressed through marketing on Tuesday, but the general weakness in the IPO market is having an impact on the demand for the deals. Video game component manufacturer Cherry appears to be in a fairly strong position as it approaches the end of its IPO, but cycling e-commerce firm Bike24 looks to be struggling for momentum.
