LBBW
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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.
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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.
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Eleven covered bonds were priced in the first week of 2016 despite the onset of European holidays and US non-farm payroll data.
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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.
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Symrise, the German fragrances and ingredients supplier, has doubled the size of its Schuldschein issue after receiving strong demand from investors.
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A trio of issuers from Finland and Sweden raised €3.5bn of funding in the covered bond market this week with strong receptions and limited spread concessions.
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Landesbank Baden-Wuerttemberg (LBBW) went for size on Thursday as it was set to print a €500m tap of its outstanding September 2017 floating rate notes, bringing the total outstanding debt to €1.15bn.
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L-Bank jumped on strong momentum in euros this week to print its first benchmark of the year in the currency. The five year note found no shortage of demand and drew the biggest order book the issuer has had since 2006.
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German airline Lufthansa is considering issuing its first Schuldschein for three years because the German private placement market could offer it better pricing than the conventional bond market.
