Germany
-
MünchenerHyp (MuHyp) attracted swift and strong demand for its 15 year Pfandbrief on Tuesday, reflecting the rarity of its appearances in the primary market and the scarcity of 15 year Pfandbrief supply this year. -
Rentenbank plans to issue its first green bond in the middle of September, after two weeks of meetings and calls with investors. Treasurer Stefan Goebel said he was not too concerned by the impending wave of supply from the European Commission.
-
Standard and Poor’s is due to review the ratings of several German Laender over the next few weeks, and downgrades could undermine Pfandbrief valuations. But some market participants believe that scarcity of issuance in the asset class could in fact make spreads tighten further.
-
Supply and demand for senior financial institution bonds was lukewarm this week, as issuers and investors favoured higher yielding products amid healthy market conditions. FIG deal arrangers are predicting that the trend is set to continue and that issuers will favour capital trades.
-
-
Instone Real Estate, the German property company, has unveiled plans for a €182m rights issue to finance an acceleration of its growth strategy.
-
A softer backdrop on Thursday was not enough to deter financial institutions from entering the euro market, with Deutsche Bank set to sell a new non-preferred senior bond and Finnish insurer Sampo welcoming plenty of demand for a tier two.
-
The primary euro public sector bond market continued its busy week on Thursday with KfW and KommuneKredit issuing new 10 and 20 year deals, respectively.
-
After KfW mandated banks on Wednesday to join the 10 year euro flurry, the question on the minds of market participants is at what level the Germany agency will choose to start at with such a wide differential between relative and fair value.
-
The State of North Rhine-Westphalia and Nederlandse Waterschapsbank rebooted the long of the euro SSA curve on Wednesday with well subscribed deals and minimal new issue premiums.
-
German equity capital markets are set for a strong finish to the year as German companies use the momentum of the DAX to raise capital to finance growth or fund restructuring efforts during the pandemic.
-
The State of North Rhine-Westphalia and Nederlandse Waterschapsbank will be the first two public sector borrowers to test investors’ appetite for euro deals in the long end of the curve following the summer break.
