LBBW
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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. -
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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Covered bond issuers have front loaded this week, printing €5.5bn in just two days via seven deals.
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Belgium is out with the longest dated deal from a sovereign, supranational or agency — outside the emerging markets — since February. And it is drawing a rip-roaring response which could encourage other issuers to look at the long end.
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Belgium has mandated for the first fixed rate benchmark longer than 20 years in the sovereign, supranational and agency sector in euros since February, while an Austrian agency also found demand at the long end of the euro curve.
