LBBW

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?

HSBC Germany has launched a digital platform for Schuldschein issuance called Synd-X, following in the footsteps of Helaba and LBBW. But unlike its German peers, it aims to preserve the role of banks as gatekeepers to the market.

LBBW’s debut green Pfandbrief attracted a larger order book from a wider set of international investors compared with a vanilla deal, suggesting the bonds have good scope to perform relative to ordinary deals.

LBBW has mandated leads for its first Pfandbrief secured on green mortgages. The transaction follows a similar deal last week from DNB Boligkreditt and comes after LBBW’s inaugural green senior deal launched in December 2017. Several other covered bonds are expected next week.