LBBW
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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. -
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.
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The internationalisation of the Schuldschein market, Germany's answer to private placements, has been widely hailed, with foreign issuers and investors increasingly prominent. But even the banks that arrange the deals now include some surprising non-German names, writes Elly Whittaker.
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German car manufacturer Daimler is in the market for a substantial Schuldschein deal, which was launched at €300m and could grow to €750m, according to bankers away from the leads.
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Midcap Schuldschein issuers already have one eye on 2016 as this year’s biggest borrowers continue to enjoy oversubscribed order books.
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Kuka, the robotics and automation company headquartered in Augsburg, Germany, has issued a €250m Schuldschein note.
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Covered bonds issued this week by Nordea Finland and DNB Boligkreditt went surprisingly well as, despite being the largest ones on offer, they were the most highly oversubscribed and subsequently posted the best performance.
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Kuka, the robotics and automation company headquartered in Augsburg, Germany, has issued a €250m Schuldschein note.
