LBBW

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.

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.