LBBW

LBBW and Crédit Agricole rode through this week’s spread volatility to price tier two bonds before the Federal Reserve’s Wednesday policy meeting.

The Cover’s 10th annual covered bond awards took place this year at the Rheinterrace in Düsseldorf on Thursday, September 15.

The Austrian bank issued its first benchmark covered bond on Tuesday. The deal was highly oversubscribed even though the final spread offered little concession.

The Flemish Community of Belgium has announced that it will roadshow a euro syndication on September 26, while KfW has mandated three banks to sell a benchmark.

LBBW rode through last week’s volatility to raise €500m of tier two capital on Monday. Though order books may have shrunk in size, the bank was not forced to pay up and many accounts participated in the trade.

German automotive parts manufacturer Ifa Rotorion grew its Schuldschein from €100m to €140m in syndication, reaching the maximum amount the borrower was willing to take, according to one banker.

Unione di Banche Italiane’s (UBI) €1bn 10 year Obbligazioni Bancarie Garantite was priced tighter than UniCredit’s €1bn 10 year and well through BTPs, though it relied more heavily on domestic buyers.

Raiffeisenlandesbank Oberösterreich has mandated joint leads for its first benchmark euro covered bond and the Bank of Queensland has hired leads to explore options for a potential structure.

The German lender has appointed leads to market its first senior unsecured green deal from next week.

Raiffeisenlandesbank Oberosterreich has mandated joint leads for its first benchmark euro covered bond.

The gap to repay a €2.7bn bridge facility that supports HeidelbergCement's purchase of Italcementi is set to close once the former cashes in the sale of its West Virginia factory.

The euro market is braced for a difficult close to the year. Given the turbulent conditions expected, green bonds may come into their own.