LBBW
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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.
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The Islamic Development Bank is returning to the international sukuk market for a five year Reg S dollar benchmark.
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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.
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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.
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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.
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Indorama Ventures, a petrochemicals company headquartered in Bangkok, has mandated banks to raise Schuldscheine via a European subsidiary, according to several people familiar with the situation. The deal is a further sign of the instrument’s growing popularity in East Asia.
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Landesbank Baden-Württemberg (LBBW) became the first issuer of non-preferred senior bonds in green format in sterling this week. The German lender took advantage of favourable market conditions to print in line with other recent sterling issuers.
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Arrangers are confident that a wave of international issuers will enter the Schuldschein market soon, with German borrowers having kick-started proceedings at the beginning of the new year.
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Landesbank Baden-Württemberg (LBBW) is set to become the first issuer of green non-preferred senior paper in the sterling bond market, as well as the first financial institution to include sustainability ratings in a new deal mandate.
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Gradually over the past decade, Asian investors have become more and more important to European corporate private debt markets, to the point where they are now often indispensable. Asian borrowers have been slower to appear, but are now arriving. However, while these arrivals have largely benefited these markets, they have introduced a few complications.
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