LBBW

Rating: A2

Région Wallonne almost wiped out its total funding needs for the year with its first set of benchmark and sustainable bonds on Thursday.

Région Wallonne is moving forward with plans to sell its first bonds in benchmark and sustainable format, with initial price thoughts announced on Wednesday for new seven and 15 year bonds.

MünchenerHyp (MuHyp) issued the longest-ever benchmark Pfandbrief on Thursday, tapping into investors’ thirst for yield amid low interest rates. Investors poured into the book, lodging more demand than for any Pfandbrief issued for at least eight years.

Bank of China sold another blockbuster Belt and Road transaction on Wednesday, raising $3.8bn across eight tranches of notes in five currencies across five bank branches, It was the largest transaction sold under the BRI label.

The Basque Government was able to tighten pricing by 5bp from initial price thoughts as it received soaring demand for its 10 year sustainable bond on Tuesday — its biggest public issue since 2009.

Arrangers of Reliance Industries’ debut Schuldschein have sent investors a statement saying that demand “considerably exceeds the initial volume” target of €150m. The success of the transaction came as a surprise to some of the arrangers’ competitors, but is considered a good sign for the market.

Austrian plastics maker Borealis has returned to the Schuldschein market, seeking euros and dollars.

Sovereign, supranational and agency (SSA) issuers burst into the second quarter with a scorching week that saw plenty of big books and minimal or negative premiums.

A French agency and a Belgian sub-sovereign are preparing to issue their first bonds.

The European Investment Bank and Flemish Community brought sustainability-linked transactions on Thursday, with investors piling in despite a busy market elsewhere.

The European Financial Stability Facility and Council of Europe Development Bank left little on the table with their euro bond issues on Wednesday. More supply is expected, as three more borrowers have picked banks for deals expected this week.