LBBW

LBBW has picked banks to arrange the sale of a new euro covered bond as activity in the market gets off to a slower start than usual following the new year break.

The covered bond market will enter 2020 on the front foot, supported by a wave of favourable forces such as the European Central Bank’s Asset Purchase Programme and low interest rates.

As a nascent feature of the Schuldschein market, secondary trading still hasn’t developed market norms and many remain unclear about the process.

LBBW is looking to hire a senior syndicate manager in Stuttgart with a focus on financial institutions.

Key Schuldschein arrangers that have long felt uncomfortable with floors at 0% for fixed and floating rate notes are gearing up to bring more borrowers to market with a Euribor floor set below zero in the new year.

Islamic Development Bank took €1bn out of the euro market on Wednesday, as it made its green sukuk debut with investors.

Gewobag, the A2/A+ rated German housing company, launched the first Schuldschein with a Euribor floor set below zero last week. Market participants said more will follow in 2020.

Gewobag, the A2/A+ rated German housing company, has launched the first Schuldschein with Euribor floor set below zero, just months after placing €700m of Schuldscheine into the market.

Royal Bank of Scotland is preparing to sell its first social senior bond from its holding company, giving investors a rare chance to add exposure to a UK issuer in the format.

Rating: Aa3/—/A-

Australia & New Zealand Banking Group (ANZ) is getting ready to offer FIG investors a very rare chance to purchase green bank capital in euros, with the issuer set to hit the road for a new tier two in November.

Italian infrastructure engineering firm Maire Tecnimont has brought a sustainability-linked note to the Schuldschein market, the second to be launched this week. However, with this debut issue, the margin rise or fall is larger than the previous two, making it an interesting test for investors.