LBBW
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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. -
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.
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Norddeutsche Landesbank and Landesbank Baden-Württemberg coped well with the new rules around debt seniority for German banks this week. Both launched successful senior trades with strong, domestic-led order books after Commerzbank had struggled for demand on Monday
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Landesbank Baden-Württemberg joined Norddeutsche Landesbank in the FIG market on Thursday. LBBW launched a successful floater with a strong domestic bid, reassuring the market after a lacklustre deal from Commerzbank on Monday.
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The European Stability Mechanism has brought its funding total for the fortnight to €9bn with a curve-building 10 year print.
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A pair of European supranationals are set to pick up size at the long end of the curve this week, after European Stability Mechanism hired banks for its second benchmark in two weeks.
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