LBBW
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LBBW, OP Mortgage Bank and Mortgage Bank of Finland took little time to sell their benchmark euro deals this week.
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The world’s largest salt producer, K+S AG, has signed its first Schuldschein, a €600m deal. -
KommuneKredit and the State of North Rhine-Westphalia (Land NRW) joined NRW.Bank in lining euros deals on Tuesday in a week bankers had expected to be hobbled by holidays.
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Funke Mediengruppe, the German media group, has agreed an extension to its loan facilities, in one of the few amend-and-extend operations so far in 2016.
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Eurofima was the sole issuer testing the euro waters on Monday, with bankers expecting a quiet second half of the month in the market after a frantic start to April in which issuers placed 12 benchmark deals.
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German airline Lufthansa boosted its latest Schuldschein to €475m, pulling big tickets from Chinese banks, while two debut UK issuers set out to test the market.
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The primary covered bond market was active this week with as many as seven issuers raising more than €6bn, including the longest deal in over a year and a debut borrower in euros.
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The European Investment Bank and the European Union kicked off April by printing impressive benchmark deals, yet despite this strong start to the quarter SSA bankers fear that a combination of the threat of a Brexit and the low yields on offer in the euro market will make conditions extremely challenging for issuers.
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Covered bond borrowers in the UK, Sweden, France, New Zealand and the Netherlands met with strong receptions for their transactions this week, which collectively raised nearly €6bn.
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The Joint Laender reached its 50th deal two months after it was forced to postpone a planned transaction, printing a €1.5bn seven year benchmark that proceeded smoothly this time round.
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ABN Amro issued the largest 15 year euro covered bond in a decade and priced it as Bund prices rallied to historic highs, igniting a search for yield.
