LBBW

Hella, the German car parts maker, has signed a €500m syndicated revolving credit facility, as lenders highlight the sector as one of the most likely to feel long-term economic damage from the coronavirus pandemic.

LBBW printed the first Pfandbrief since the onset of the coronavirus crisis with a deal that was priced flat to fair value. The high level of demand suggested good scope for the bond to perform and showed that investors are ready to buy, even though the deal was priced tighter than German Laender bonds — which is very unusual.

Berlin Hyp has launched tender offers on four of its euro covered bonds in an effort to optimise its funding costs and provide liquidity to investors. The issuer also plans a new long dated covered bond.

Barry Callebaut, the Franco-Belgian chocolate maker now registered in Switzerland, launched a Schuldschein on Tuesday offering investors tenors "upon request" alongside two, five and eight year maturities. Robert Bosch did that too, when it reopened the market last month. This is a feature that arrangers say will increase in a post Covid world.

France impressed as it received a record €51bn order book and paid a small new issue premium with its first syndication since the outbreak of the Covid-19 pandemic. The sovereign was joined in the long end of the curve this week by two sub-sovereign borrowers as investor appetite for duration grows, with more supply expected to follow.

The Belgian region of Wallonne took advantage of the growing demand in the long end of the curve to sell its first social bond on Thursday, although it had to pay a chunky new issue premium to do so. Elsewhere, Bpifrance received plenty of demand to print €1.25bn with a 10 year trade.

France received its biggest ever order book as it came to the market for a 20 year syndication on Tuesday. SSA bankers say that investors are looking for duration after previously sticking to defensive maturities as the Covid-19 crisis eases.

On a busy day for corporate bond issues, with prestigious competing deals including from Nestlé, Swisscom is nevertheless hogging attention with its debut green bond, which comes alongside another green debut, for power networks group Eurogrid.

BMW has raised €200m from a single investor in the Schuldschein market, according to several market sources. Arrangers are talking with Schuldschein investors to gauge appetite for German auto manufacturers as the Covid-19 pandemic wreaks havoc on corporate earnings.

The Schuldschein market’s official lines of bookbuilding have been all but shut during the Covid-19 crisis, but sources have told GlobalCapital that several companies have discreetly approached larger lenders for club or bilateral deals.

Deloitte hires ex-Morgan Stanley banker — Roland swaps roles at LBBW

Dürr is looking for its second sustainability-linked Schuldschein, after the listed mechanical and plant engineering firm launched its first issue in the format last May.