LBBW
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Austrian cellulose fibre maker Lenzing has entered the Schuldschein market with margins tied to its sustainability performance. -
LBBW had enough support from investors to price a new additional tier one (AT1) with hardly any new issue premium on Monday, having been pushed into entering the asset class for the first time as a result of recent changes to the rules on bank capital in Europe.
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Berlin Hyp on Monday launched its first preferred senior bond in green format. The German issuer chose a 10 year maturity and quickly attracted orders, supported by an investor community that follows the bank’s frequent green issuance.
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Berlin Hyp announced on Friday that it intended to sell a preferred senior bond in green format. It is the second German bank this week to disclose intentions to market a bond, following LBBW.
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Landesbank Baden-Württemberg (LBBW) met investors this week to discuss a debut sale of additional tier one (AT1) bonds. Changes in regulation are prompting issuers to seek new deals in the asset class to optimise their capital layers.
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The Schuldschein market has for many centuries attracted buy-and-hold investors, but this may change as some arranging banks are offering lenders opportunities to buy sections of their own Schuldschein positions. But many fear that the whiff of secondary markets will see regulators reclassify the instrument as a security, instead of a loan.
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The European Financial Stability Facility (EFSF) and Municipality Finance drew plenty of interest in the short end of the euro curve on Thursday, with one of EFSF’s leads calling the three-year tenor the “perfect storm”.
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The European Financial Stability Facility (EFSF) is preparing its first benchmark of the fourth quarter and Ireland has picked the banks to lead the first tap of its sovereign green bond.
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LBBW and JP Morgan have claimed first execution of an electronically negotiated euro short-term rate (€STR) swap transaction, on Bloomberg’s UK multilateral trading facility (BMTF).
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Landesbank Baden-Württemberg has long held the crown as the top Schuldschein arranger, but even as the market internationalises the Stuttgart-based bank has retained its ability to cope with deal flow, as well as push the market beyond its usual borders.
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German car parts maker ZF Friedrichshafen has closed its Schuldschein on Friday, and is about to decide how big to make the deal. ZF's €2.2bn issue in November 2014 is the biggest deal the market has ever seen — but several sources believe this transaction may be bigger.
