LBBW

The State of Baden-Wüerttemberg and NRW.Bank priced deals in euros on Wednesday thus avoiding a clash with Thursday's European Central Bank meeting.

While markets have been badly affected by a mixture of worrying economic data from China, falling commodity prices and a continued slump in many emerging markets, the SSA market looks solid.

The State of Baden-Württemberg announced on Tuesday its intention to print a 10 year euro benchmark in a week in which investors await a decision on Thursday from the European Central Bank regarding interest rates.

Central Bank of Savings Banks Finland (CBSBF) pounced on the first sign of parting clouds in the global markets on Tuesday, dashing into the FIG market with a short dated floater.

The European Investment Bank and the Federal State of Berlin announced on Monday their intention to print in euros in a week in which the European Central Bank is expected to make a decision regarding interest rates.

Year to date FIG issuance volumes are barely half what they were in 2015, as a seemingly endless run of poor headlines has weighed on performance and left investors wary.

Five issuers from core Europe priced covered bonds this week but the standout success, which could have been priced without the European Central Bank’s help, was the first Austrian deal of the year from Erste Bank.

Borrowers who issued covered bonds this week that are eligible for the European Central Bank’s purchase programme (CBPP3) did not receive such a strong reception as those whose bonds were not eligible.

Eleven covered bonds were priced in the first week of 2016 despite the onset of European holidays and US non-farm payroll data.

Wind turbine company Nordex signed €1.4bn in loans on Tuesday. The five bookrunners flexed to accommodate a planned acquisition, in what was intended to be a plain refinancing.

Daimler closed its books on Friday for its Schuldschein note, increasing on its launch size from €300m to €1.1bn.

Symrise, the German fragrances and ingredients supplier, has doubled the size of its Schuldschein issue after receiving strong demand from investors.