Germany
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The Danish cooperative farming company has sold €125m of Schuldschein, the largest placement in its three visits to the market. -
The European Investment Bank and Dexia Credit Local were the only two public sector borrowers to sell deals in the primary market this week as issuance wound down ahead of the Easter break.
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Deutsche Bank conquered the fallout from the liquidation of US hedge fund Archegos Capital this week to print its first preferred senior trade of the year.
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Finland and Germany have provided an update on their second quarter funding plans, with the former looking to issue its second euro benchmark of the year.
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Dexia Credit Local was able to push the pricing of its new dollar benchmark on Tuesday thanks to pent-up demand for high quality paper in the currency.
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Dexia Credit Local was the sole public sector borrower to announce a new deal in the primary market on Monday as it mandated banks for a five year dollar trade.
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This week's funding scorecard looks at the progress Europe's supranationals and agencies have made in their funding programmes at the end of March.
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Schuldschein investors are preparing for a debt restructuring cycle, with "more than a handful" of borrowers said by lenders to be in difficulty. As Germany changed its restructuring laws at the start of the year, some are confident the market can weather the storm.
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Lufthansa is in talks with a number of banks to raise three year money in a Schuldschein deal, according to several sources familiar with the situation.
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German optics maker Jenoptik has sold €400m-equivalent worth of sustainability-linked Schuldscheine, with around 250 investors participating in the euro and dollar deal.
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Rentenbank entered the deserted dollar bond market on Tuesday, printing $1.75bn of five year notes. The market has been quiet for public sector issuers in the past few weeks, thanks to a volatile Treasury market and an issuer base already well stocked with funding, but Rentenbank found investors receptive.
