LBBW

The SSA market has seen a steady stream of activity across the euro and dollar markets this week. The European Stability Mechanism priced the week’s biggest deal on Tuesday, printing €4bn in 10 and 40 year tenors. Meanwhile African Development Bank led the charge in dollars, preparing to print a $1bn no-grow in its first benchmark deal of the year.

The European Stability Mechanism raised €4bn on Tuesday with a dual tranche deal at the long end of the curve, printing a 10 year bond through mid-swaps while hitting €1bn on a tap of a 40 year bond.

Yet another German car maker has completed a lap of the private debt market. Porsche AG closed order books for its €200m Schuldschein this week.

Deutsche Bahn printed a €500m 10 year no-grow bond on Monday, a deal that achieved aggressive pricing but did not tighten beyond its guidance stage.

Hypo Tirol overcame lingering concerns in the aftermath of the Heta Asset Resolution debacle to issue an oversubscribed and relatively well distributed five year Pfandbrief on Thursday.

Concerns over the exodus of real money investors from the covered bond market were put to rest this week as a series of deals met exceptionally strong demand, with the sea change in sentiment being most conspicuous in the French sector.

Swedbank and SEB this week launched deals that attracted the largest order books and the widest distribution of any covered bonds issued this year, along with the smallest concessions.

A trio of issuers prepared to print in euros across the maturity curve in a dash before the Chinese New Year holiday starts next week, following a pair of euro benchmarks on Tuesday.

Agence Française de Développement (AFD) and L-Bank are out with long five year euro benchmarks, as bankers reported a lack of demand at the short and long end of the curve.

German car maker Porsche has launched a Schuldschein for €200m and will increase the deal to a much larger size, according to bankers.

LBBW decided to launch €1.25bn of three year fixed rate senior notes on Friday, after hints of more stimulus from the European Central Bank gave a boost to market sentiment.

Crédit Agricole issued the one and only covered bond of the week on Thursday and showed that it is possible to get a strong outcome in a tough market.