LBBW
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LBBW has hired an origination and syndication banker for its SSA team in Stuttgart, which now comprises five people. -
UniCredit will likely become the first commercial bank to finish a year in the top two arrangers in the Schuldschein market. As the market internationalises, many believe commercial banks are well placed to challenge the Landesbanks’ grip on deal flow.
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The Federal State of Brandenburg was oversubscribed for its second ever euro benchmark in the 20 year part of the curve on Tuesday. The deal offered a 2bp concession, according to the leads.
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The Federal State of Brandenburg mandated banks on Monday for its second ever euro benchmark in the 20 year part of the curve, following its debut in the maturity in 2016.
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Bemusement is growing among Schuldschein lenders, as a seventh issuance platform — again created to promote efficiency — is set to be launched.
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Socially responsible investment deals were the focus of attention in the primary SSA market this week, as the World Bank and the Flemish Community of Belgium sold well-received green and sustainability bonds, respectively. Bank Nederlandse Gemeenten and Eurofima have added to the public sector SRI pipeline, which is showing no signs of slowing down as the year end approaches.
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Islamic Development Bank launched its first euro benchmark on Wednesday, raising €650m with a five year bond.
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The Islamic Development Bank is out with initial price guidance for its debut euro benchmark sukuk — a €500m five year.
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The Flemish Community of Belgium will meet investors in November to showcase its new sustainability bond framework, with a trade likely to follow.
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With the spat between Italian government and the Europe Commission over the former's budget rocking bond markets, windows of opportunity for new deals have been few and far between. But A-/A3/A- rated German utility company EnBW and AA-/Aa3/AA- rated Procter & Gamble raised bonds on Wednesday, as a flight to safety gave the transactions the required lift.
