Germany
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Berlin Hyp will become the first bank to issue a sustainability-linked bond (SLB), after it announced plans on Friday for a deal with a coupon that will step up if the issuer fails reduce the carbon intensity of its loan book by 40% over the next 10 years. -
The SSA dollar bond market sprang into life this week with a slew of impressive deals. With swap spreads yawning wider at the short end and a fairly flat curve to five years, borrowers could soon be issuing sub-Libor deals in the belly of the curve.
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KfW and CPPIB Capital achieved super tight pricings in the short end of the US dollar market on Thursday, with the former bringing the first deal with a negative spread to mid-swaps in the currency by a public sector borrower this year.
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KfW hit the market with an impressive green bond this week, raising a record €4bn of eight year paper and paying only 1bp of new issue concession to do so.
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Citi has filled the covered bond and SSA research analyst spot that was vacated by Michael Spies when he moved to DCM. Meanwhile, Commerzbank has lost a research analyst.
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Synlab, the German laboratory diagnostic services company, has announced its intention to float on the Frankfurt Stock Exchange.
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Italy and Portugal are the first two eurozone sovereigns out of the blocks for syndications following the Easter break, with the former looking to extend its curve by a further five years.
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The Danish cooperative farming company has sold €125m of Schuldschein, the largest placement in its three visits to the market.
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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.
