LBBW
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Lonza launched a €300m Schuldschein on Monday. The Swiss medical firm’s debut Schuldschein comes denominated in dollars and euros in a bid to, among other things, attract southeast Asian lenders, with natural dollar lending needs. -
Speaking at Euromoney’s Global Borrowers conference on Tuesday, a panel of bank issuers said that investors had come to grips with the transformation of the senior asset class for the minimum requirement for own funds and eligible liabilities (MREL). The future of subordinated debt, meanwhile, remains in flux.
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Roughly 40 transactions — if expectations are correct — will close this Schuldschein quarter, exceeding the record 35-37 deals priced in last year’s final quarter. But three Schuldschein bankers believe that if the market becomes even busier investors will be forced to decide between issuers, when, given more time, they would lend to more.
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A trio of euro borrowers launched trades and a fourth picked banks on Tuesday in a market buoyed by a perceived renewal of European political unity following welcome results in elections in France and Italy at the weekend.
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Landesbank Baden-Württemberg (LBBW) made a rare entry into the senior unsecured market on Tuesday, picking up €1bn of new five year funding on the back of strong levels of domestic support.
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Sparebanken Sør Boligkreditt and Société Générale enjoyed solid receptions for their covered bonds this week, with the Norwegian issuer pricing flat to its curve.
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The Flemish Community’s second ever outing in the public debt market raised €1.25bn over two tranches, pulling in large books and setting the final spread 4bp inside guidance on one of the legs.
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Sparebanken Sør Boligkreditt issued its second ever covered bond and, similar to deals issued last week, was able to price flat to its curve. But its bonds are not eligible for the ECB's purchase programme, unlike some of last week's tightest issues, which could limit performance potential.
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German mining firm K+S issued in the bond market for the second time in the past six weeks on Wednesday, in investment grade style despite its October downgrade into high yield ratings.
