LBBW
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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. -
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.
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Swedish Covered Bond Corp (SCBC) and Bankinter issued €750m covered bonds this week, but after record issuance, their limp receptions may cause others to postpone funding plans.
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ING Belgium and Bawag received good receptions for their covered bonds issued this week, in contrast to less spectacular outcomes for deals from Westpac New Zealand and UniCredit.
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Swedbank and SR Boligkreditt defied tricky market conditions this week to respectively raise €1.25bn and €500m in five year covered bonds.
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Market conditions were far from conducive this week, but that didn’t stop nine issuers from raising a collective €7bn, which in several cases was done in spectacular style.
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The euro market is set to outshine dollars in the coming weeks, a pair of issuers showed this week as they demonstrated the depth available at the long end of the curve.
