LBBW
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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.
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The European Union proved that for the right issuers there is considerable demand at the 15 year point of the curve, with the Joint Länder planning a return to the market with a seven year benchmark for the first time since a mooted deal in February stalled. -
Covered bond primary activity slowed this week with just two €500m seven year trades emerging from banks in the Netherlands and Italy.
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Intesa SanPaolo captured the robust improvement in peripheral market sentiment following the European Central Bank’s meeting last week with its €1.25bn seven year.
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Landesbank Hessen-Thüringen Girozentrale (Helaba) and WL Bank met contrasting outcomes for their euro denominated German Pfandbriefe issued this week.
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Two borrowers from Denmark and Norway launched their first euro denominated covered bonds this week, expanding the number of issuers to a new record.
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Crédit Agricole raised €3.25bn as it issued the biggest euro covered bond benchmark since 2007 on Wednesday, achieving a competitive cost of term funding at historically cheap rates.
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Lufthansa is in the market with a €300m Schuldschein, choosing the instrument as it offers cheaper rates than the bond market, according to a spokesperson for the German airline.
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Berlin Hyp (BHH) issued the first negative yielding fixed rate euro covered bond on Tuesday, days before the European Central Bank lowered the discount rate further into negative territory.
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Porsche AG has grown its Schuldschein from the launch size of €200m to €1.1bn, in another big deal for the private debt market.
