LBBW
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Telefonica Deutschland has launched a Schuldschein with wider pricing to reflect broader investor appetite, sources claim. -
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The theme in the euro public sector market this week was large book sizes despite issuers paying very little concession, with Finland, the European Investment Bank (EIB), Madrid and the Joint Länder all keeping close to their curves.
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Italy passed a test at the long end of the curve with a final order book of over €41bn for a 30 year syndication on Wednesday — far surpassing its previous record book that was set only last month.
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Egger, the Austrian wood-based panel maker, has entered the Schuldschein market for a third time, shaving its pricing margins once again.
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Green bond watchers are putting out their forecasts for issuance this year, hoping for a return to growth after a disappointing 2018. The year has started decently, with at least $6bn issued so far, including this week’s debut issue from Telefónica, hailed as the first from the telecoms sector.
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A quiet week for corporate bond issuance may have helped BMW Finance achieve tight pricing on Thursday, but selling its largest ever deal with new issue premiums in single digits was still an excellent outcome when compared to the premiums being paid at the start of the month.
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Spain mandated banks on Monday for its first syndicated bond of the year, as it looks to replicate the success of other eurozone sovereign syndications so far in 2019.
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Bank Nederlandse Gemeenten hit screens for its first euro benchmark of the year on Wednesday. The deal will be closely watched by the market as an important reference for what the environment looks like for the smaller euro public sector borrowers in 2019.
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LBBW this week issued a long three year public sector Pfandbrief at the tightest spread of the year, showing just how receptive investors are to supply, particularly for strong names in short tenors.
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ABN Amro and LBBW issued perfectly respectable, though uninspiring, euro covered bond trades on Thursday, deals that stood in contrast to a heroic deal from Bank of Montreal (BMO).
