LBBW

The State of North Rhine-Westphalia won strong demand on Wednesday for its longest ever trade, allowing it to print a size almost double its target.

The Islamic Development Bank’s five year sukuk trade appears to be meeting with a warm response, allowing the leads to pull in the spread by several basis points.

The State of North Rhine-Westphalia is preparing to bring its longest ever euro benchmark.

The Islamic Development Bank has announced a five year sukuk benchmark in dollars, which leads expect to price on Wednesday.

GlobalCapital understands that next month the Loan Market Association (LMA) will publish a set of standardised documentation for issuance in the Schuldschein market. Market players see this as a step in the right direction, as opposed to a leap.

The Cover and GlobalCapital held the annual Covered Bond Awards Dinner on Thursday night at BMW Welt in Munich, celebrating the best performers in the market.

German snack food company Intersnack has launched a €150m-equivalent Schuldschein with euro and sterling tranches — evidence, market players said, of the flexibility of the instrument.

German car leasing company Sixt has raised €200m in the Schuldschein market, part of which was sold through Helaba’s platform, VC Trade. As the market digitises, two platforms — one promoted by Helaba and one by LBBW — are pulling ahead of the pack. But three other platforms are nipping at their heels, positioning themselves where the other two find it harder to reach.

German car leasing company Sixt has raised €200m in the Schuldschein market, part of which was sold through Helaba’s platform, VC Trade. As the market digitises, two platforms — one promoted by Helaba and one by LBBW — are pulling ahead of the pack.

Baumarkt, the German DIY retailer, has launched a Schuldschein via Debtvision, LBBW’s digital platform.

The European Securities and Markets Authority recently fined a clutch of Nordic banks for breaking credit rating regulations. The decision could have implications for the Schuldschein market — where arranging banks issue similar ratings to investors.

The European Securities and Markets Authority’s (ESMA) decision to fine five Nordic banks last week has raised two questions: just how consistently will rules be applied across Europe, and is it even appropriate that they are?