Germany
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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. -
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.
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Germany's IPO renaissance is continuing with the flotation of Freidrich Vorwerk, the energy infrastructure construction company, which is due to price later today.
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Investors were left disappointed when Vantage Towers, the telecoms towers division of Vodafone, closed its Frankfurt IPO on Thursday. Despite attracting huge demand, a tight allocation strategy left many equity funds with little or no shares.
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German state-owned development bank Kreditanstalt fuer Wiederaufbau (KfW) made a rare public green outing in the offshore renminbi market this week, raising Rmb1.25bn ($192m) from a deal that saw strong participation from green and ESG investors.
