LBBW
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KfW was set to print its third euro benchmark of the year on Wednesday as GlobalCapital went to press and SSA borrowers rush ahead of next week’s European Central Bank meeting.
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The SSA market has seen a deluge of deals this week as issuers in both dollars and euros look to raise funding before the European Central Bank and the US Federal Open Market Committee meet in coming weeks, which could cause disruption.
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KfW is set to print a 10 year euro benchmark, following in the footsteps of Belgium and Finland, this week as issuers attempt to conclude funding before the European Central Bank’s meeting on March 10.
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Daimler brought its second triple tranche bond of the year to market on Tuesday, as primary issuance in the corporate market began to crank up.
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This week the Schuldschein market completed what could be its second largest deal ever, for Aldi subsidiary Hofer, and also launched its first two green deals — in what looks like another impressive year for the market.
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The Schuldschein market has just completed what could be its second largest ever deal — for around €1.6bn — in an especially private transaction for Aldi’s Austrian subsidiary, Hofer.
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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.
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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.
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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.
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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.
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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.
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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.