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Three public sector borrowers hit screens in euros on Tuesday, taking advantage of a hot market to offer zero or limited new issue premiums.

Porsche closed a €280m triple tranche Schuldschein this week, with the tightest pricing so far this year. This quarter has been characterised by a dominance of German issuance.

The European Union’s upcoming April 2033 euro benchmark may have to offer a little more premium than usual if it wants to match a similar trade from the European Investment Bank last week and attract strong French demand, said bankers away from the mandate. Other euro supply in the pipe includes CPPIB Capital — also with a 2033 issue — and Rentenbank in sevens.

Recaro Holding and Thomas Gruppe both increased Schuldschein transactions from their initial target sizes on Monday, as demand for Schuldschein paper keeps pace.

The use of technology to drive down the cost of issuance could boost the growth of private debt markets across Europe, said a report commissioned by the Capital Markets Union (CMU) published on February 16.

The Council of Europe Development Bank (CEB) is planning to bring its second ever social inclusion bond in the spring, and has outlined to GlobalCapital the expected currency and tenor. The State of North Rhine-Westphalia also looks set to bring an SRI bond, after mandating banks on Wednesday for a roadshow.

Koenig & Bauer, the German printing press maker, has made its debut in the syndicated loan market, agreeing facilities totalling up to €400m from eight banks.

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While Tuesday brought a flurry of euro benchmarks, the pace of issuance will slacken on Wednesday as the market battens down for a busy week of US data announcements.

Telefonica Deutschland has been forced to issue a second round of price guidance on its €150m Schuldschein issue after launching it in early January, after investors' demand was cooler than expected.

Porsche has launched a Schuldschein, priced at about half the spreads on its previous €1.1bn offering in March 2016.

German supermarket group REWE International has become the first company to launch a Schuldschein deal at benchmark size this year, a sign that German blue chips may be busy in the market this year.