LBBW
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Telefonica Deutschland launched a €200m Schuldschein on Thursday, which included a €50m one year tranche that was placed using blockchain technology. -
German retail group REWE International has become the first company to launch a Schuldschein at benchmark size this year, a sign that German blue chips may be active in the market this year.
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LBBW, Santander UK and Westpac all enjoyed fair demand for seven year covered bonds issued this week, suggesting good scope for further issuance in this tenor.
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LBBW and Barclays attracted strong demand for the first euro and sterling covered bond benchmarks of 2018 while ABN, Compagnie de Finacement Foncier (CFF) and Bank of Nova Scotia mandated leads for deals that suggested there would be a typically frenetic start to the year.
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Landesbank Baden-Württemberg became the first European bank to issue a green bond larger than the minimum benchmark size in euros on Tuesday, marking a new milestone in the burgeoning market. Advances in data collection could increase the volume of eligible green assets. By Jasper Cox.
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LBBW came to the market with its first green bond on Tuesday, hoping to reach new investors. It plans to issue at least one to two benchmark green trades a year in the senior unsecured or covered format.
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Amprion, the German electricity transmission firm, has raised €200m with an issue of Schuldscheine and Namensschuldverschreibungen (NSV) — a similar instrument that is registered and can have a maturity longer than 10 years.
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The financial institutions bond market is set to welcome two more debut offerings in the coming weeks, with Banco Comercial Português (BCP) lining up its first tier two deal and LBBW choosing banks to arrange its inaugural green senior bond.
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Once the unwavering bastion of eurozone strength, stable through an otherwise turbulent year, the German government managed to unsettle the euro market this week. The collapse of the German coalition talks at the weekend forced one SSA borrower to adjust its plans on the fly and was partly blamed for two borrowers’ failure to fill their order books. Lewis McLellan reports.
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Two of the three SSA euro syndications this week found the market tough going, relying on lead managers to fill orderbooks. Some SSA bankers lay the blame, in part, on the collapse in German government coalition talks at the weekend.
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