Germany
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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. -
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.
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KfW became the latest in a series of top SSA names to launch an ESG transaction in Canadian dollars, tapping into a growing base of investors in the country.
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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 business on Monday, February 8. The source for secondary trading levels is ICE Data Services.
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A number of smaller European banks are trying to buy Schuldscheine on the secondary market, according to sources with knowledge of the situation, in order to post it as collateral to receive cheaper funding from the ECB ahead of a March 31 deadline.
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KfW is set to make a return to the Canadian dollar bond market on Tuesday, marking its first appearance in Maples since February 2019, when it sold a C$1bn three year.
