LBBW
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LBBW priced its first euro green non-preferred bond in two years at one of the tightest spreads of the year so far for the format, while still offering investors scope for secondary performance. -
LBBW slipped through one of the final windows ahead of the summer break to price its first euro green non-preferred bond in two years at spread deemed to be through its conventional curve.
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LBBW cut a lone figure in the market on Monday as it announced plans to sell its first green labelled non-preferred bond in euros for over two years.
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A trio of rare names made use of the attractive issuance conditions and strong appetite for credit to launch debut deals this week. Two of the borrowers — Illimity and Groupama — chose to print subordinated deals into this stable market, while Erste Bank Croatia sold its first public deal outside its home market.
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The Belgian region of Wallonia was the only public sector borrower to the follow Tuesday’s jumbo dual tranche by the European Union in the primary market on Wednesday as it raised €1bn with a new long 10 year conventional bond.
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Erste Bank’s Croatian subsidiary was the sole bank to being new issue outside the covered bond on Tuesday, with bankers surprised at just how quiet the market is despite the attractive backdrop.
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Erste Bank’s Croatian subsidiary will sell its first euro denominated preferred senior note next week, which it will count towards its minimum requirement for own funds and eligible liabilities (MREL).
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Altana, a German speciality chemicals company, has moved its main bank line to a sustainability-linked structure, with the borrower negotiating a margin in line with its pre-coronavirus pandemic levels.
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A smattering of smaller euro issuers made the most of an attractive window this week, as they looked to use the stable conditions to take “some risk off the table” ahead of the summer break.
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Senior and covered bond plans were flowing into the deal pipeline on Monday, with issuers keen to buck the softer tone and print before the start of the summer break.
