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The German State of North-Rhine Westphalia came to market this week with its fourth sustainability bond. The bond is the issuer’s largest ever, narrowly outstripping several €2bn bonds at €2.025bn. -
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The State of North Rhine Westphalia broke its size record with a sustainability bond on Tuesday, printing €2.025bn and cutting 2bp from guidance to offer a skinny new issue premium.
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Wihuri Packaging on Monday became the third Finnish borrower to enter the Schuldschein market ever, and the second issuer from the Nordic countries to issue this year.
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Sunday's Italian election is looming in the minds of those in the European SSA market. But despite the political risk posed, there is next to no volatility in evidence.
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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.
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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.
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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.
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Recaro Holding and Thomas Gruppe both increased Schuldschein transactions from their initial target sizes on Monday, as demand for Schuldschein paper keeps pace.
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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.
