LBBW

Landesbank Baden-Württemberg (LBBW) is set to engage with fixed income accounts in Singapore for a potential Basel III tier two offering.

K+S, the German potash processor and mining group, launched on Thursday its first bond since losing its investment grade ratings.

Patrick Seifert will become head of primary markets at Landesbank Baden-Württemberg, taking over from Patrick Steeg who will move to the firm’s asset and liability management business.

Crédit Agricole Cariparma is expected to issue the first Italian covered bond of the year after it mandated leads for an eight and 12 year which is likely to be launched on Tuesday. The offering takes advantage of technically squeezed market conditions exacerbated by the lack of peripheral European supply.

Volkswagen is planning a return to public bond markets for the first time since it was engulfed by its emissions test cheating scandal in September 2015, write Michael Turner, Silas Brown and Jon Hay.

Ship financing has been through a torrid time as falling prices have tested and broken the business models of the main German lenders — and so the ship-backed Pfandbrief market has virtually run aground. But Danmarks Skibskredit, an established Danish shipping lender with a strong track record, is mulling a euro-denominated shipping covered bond, and trying to change investors' views of the product, delegates heard at the LBBW covered bond forum on Thursday.

Volkswagen’s main borrowing entities have not issued unsecured bonds since the company became embroiled in its diesel emissions test cheating scandal in September 2015. Last week, however, the company took a first step back, with a €900m Schuldschein issue for its financial services arm.

Novomatic, the Austria-headquartered gambling company, has syndicated a €1bn five year revolving credit facility as it looks to combine its credit facilities into a single line.

Rating: Aaa/AAA/AAA

After weeks wracked by political turbulence, the euro market has finally been able to enjoy a clean run with supportive conditions.

As the first non-German bank in the eurozone to price a €1bn covered bond in over a month, OP Mortgage Bank was perhaps overly careful with its initial approach to pricing. But the plan paid off.

The European Investment Bank launched a €5bn seven year benchmark on Wednesday, pulling in what two SSA syndicate bankers said is one of the largest books ever for an Earn transaction.