LBBW

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.

Deutsche Lufthansa has entered the Schuldschein market for a second time in a matter of weeks, as the coronavirus rocks airlines’ equity value and their ability to raise public debt.

The Islamic Development Bank hit the market for a five year dollar benchmark on Wednesday, raising $2bn at a spread of 40bp to mid-swaps.

The Islamic Development Bank is returning to the international sukuk market for a five year Reg S dollar benchmark.

Siemens, the German machinery group, paid an average yield of 0.12% for €4bn of debt spread over three to 12 year maturities this week, as investors leaped at the chance to snap up highly rated corporate debt.

Siemens, the German machinery group, launched a €4bn and £850m multi-tranche jumbo bond issue on Tuesday, blowing away worries that similar deals from last week had started to saturate the market.

The euro market had no trouble digesting a pair of similar trades from Landesbank Baden-Württemberg (LBBW) and Svenska Handelsbanken this week, with both banks printing non-preferred senior bonds at 58bp and paying a small new issue premium to investors.