Germany
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Two sizeable block trades priced on Tuesday evening demonstrated appetite for sell-downs after several quite weeks while companies were in earnings blackouts. Bankers expect more sales in the next few weeks as bullish equity investors line up to take on risk. -
The Association of German Pfandbrief Banks has developed a contract to ensure Pfandbrief investors’ priority claims on UK-based cover pool assets after Brexit.
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Trafigura, one of the world’s largest commodity traders, has closed a Schuldschein issue in a debut that surprised many in the market. The deal shows there is an appetite for unusual credits among some of the market’s investors. Trafigura’s group treasurer told GlobalCapital that this SSD is only the first from his company.
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Hamburger Hochbahn, a government owned public transport operator in Hamburg, is set to make its bond market debut this week, launching itself as a regular bond issuer.
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Schuldschein investors have told GlobalCapital that dwindling deal flow has meant they have to look elsewhere for assets. Some have turned to the secondary markets and others to bilateral deals.
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The green premium between Germany’s five year green Bobl and its conventional twin has increased to 3bp for the first time since the green Bobl was priced last November.
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Global financial institutions will focus more on their home markets amid a sharp fall in funding requirements this year, leaving sterling credit investors yearning for more supply from overseas FIG issuers.
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Deutsche Bank scored blowout trades in euros and in sterling this week, as investors showed strong support for the name following a positive set of results for 2020.
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Deutsche Bank opened books for the first sterling FIG deal in about a month on Thursday, following on from a strong euro transaction earlier this week.
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US banking group JP Morgan has sold a new three-year €390m synthetic bond exchangeable into shares in Siemens, the German industrial conglomerate.
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Achmea has become the latest Dutch bank to transition to a soft bullet maturity. This will have a material impact on central bank treatment and funding, but opportunities to extract value in the secondary market will be a challenge.
