Luxembourg
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Access to debt markets is increasingly relevant to CPI's ratings, said Moody's
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Second largest book on record for the issuer after a 10 year it priced in March 2021
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Logistics company looks to emulate CTP's success by using same maturity and green structure
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Logistics company pushes hard as similar trade from Sixt takes more moderate approach
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Pricing on the 10 year tranche was ‘very close to, if not at, fair value’
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Banks will lean on covered bonds but prefer long maturities
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Car lessor pays 20bp premium, in line with compatriot Arval's recent euro deal
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Sovereign garners fraction of demand of more liquid issuers
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Minister oversaw Grand Duchy's first-of-its-kind sovereign sustainability bond
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The European Investment Bank has become the latest SSA issuer to tap the offshore renminbi (CNH) market, pricing its inaugural Climate Awareness Bond in the currency this week.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Tuesday, March 23. The source for secondary trading levels is ICE Data Services.
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It was a long time coming, but Greece finally completed its curve with a 30 year bond on Wednesday. This was its first in the tenor since before the global financial crisis. The bond was a success, despite a choppy backdrop.
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Investors holding the covered bonds issued by NordLB in Luxembourg said on Wednesday that they were concerned about prospective rating downgrades after the bank said it would be wound down and in the wake of Fitch’s announcement on Tuesday that it had withdrawn its covered bond rating.
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The Grand Duchy of Luxembourg launched Europe’s first sovereign sustainability bond to big demand on Monday morning, allowing the sovereign to bring the spread in by 6bp during pricing.
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The Grand Duchy of Luxembourg has become the first European country to publish a sustainability bond framework and has mandated banks to prepare a debut deal in the format.
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The European Commission’s proposed amendment to the Liquidity Coverage Ratio Delegated Act suggests covered bonds, such as those issued by NordLB Luxembourg and others, could be excluded, which could extinguish banks’ demand for them. However, it is likely that a solution referencing the covered bond directive will be found.
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Investors were eager to buy a euro benchmark seven year covered bond from NordLB Luxembourg on Wednesday, enabling the bonds to be priced flat to the issuer’s curve. That illustrating the strength of demand in what one lead manager described as a “hot” market.
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Italy mandated banks for a new five year to be sold alongside a tap of a September 2050 bond on Monday as it prepares to bolt on a bigger funding programme in order to fund its effort against the coronavirus pandemic. The sovereign will be joined by Luxembourg in the euro public sector bond market on Tuesday.
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Yageo Corp, a Taiwan-based electronic components manufacturer, has raised $650m from an issue of global depositary shares (GDS), boosting the final offer size on strong institutional investor demand.
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For consistency and execution, Société Générale is GlobalCapital’s best bank for equity capital markets in France and Benelux.
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NordLB Luxembourg attracted exceptionally strong demand for its inaugural renewable energy covered bond on Monday — the first ever to be issued under the country’s new legal framework. This was despite the deal being sub-benchmark size and not eligible for the European Central Bank’s covered bond purchase programme.
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NordLB Luxembourg was expected to arrive in the market with its inaugural renewable energy covered bond late last year, having completed a market programme and mandated lead managers. On Thursday it finally plucked up the courage to re-announce the long-awaited deal — the first to be ever issued under the country’s new law.
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Shares in Corestate Capital, the Luxembourg property company, rose rapidly in trading on Tuesday after founder Ralph Winter had sold a 14.1% stake in a €96.6m block trade on Monday night that was allocated to a small number of investors.
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Islamic Development Bank has spurred momentum in the green sukuk market, as it announced its debut, a euro deal, in the format this week.
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Two SSA borrowers tapped the seven year part of the euro curve this week, but came away with different results. Luxembourg received an oversubscribed book for its deal on Wednesday, while Nederlandse Waterschapsbank (NWB Bank) had to price without fully placing its €1bn trade.
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Investors warmly welcomed the return of Luxembourg to the bond market on Wednesday, allowing the sovereign to bring the spread in by 4bp during pricing. But it still offered a decent concession at the final level, according to bankers away from the deal.
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Caixa Economica Montepio Geral (Montepio) mandated leads for the second Portuguese covered bond of the year on Tuesday, and NordLB Luxembourg has signaled its intention to press ahead with its debut renewable energy covered bond following a roadshow.
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Skandinaviska Enskilda Banken (SEB) refrained from pushing into record territory with the coupon on its new dollar-denominated AT1 on Tuesday, as European banks begin testing new lows for yields in the asset class.
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NordLB Luxembourg Covered Bond Bank has mandated joint leads for a roadshow to market the first renewable energy covered bond to be issued under the country’s new lettres de gage énergies renouvelables legal framework. A trade is expected to follow soon.
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Argenta Spaarbank and Sumitomo Mitsui Financial Group were both marketing senior bonds on Tuesday, making use of the favourable backdrop in the primary market. While Sumitomo was quick to build demand for its bond, Argenta struggled to gather enough demand volume to move the spread from price thoughts.
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In this round-up: January-February industrial profits plummet, Luxembourg Stock Exchange agrees to post China domestic green bond data, Shanghai tech board waves through eight more
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NordLB’s Luxembourg subsidiary extended its covered bond curve on Wednesday with an well received five year public sector backed deal. The bonds offered a very attractive spread for a deal from a core European jurisdiction, ensuring that demand from a diverse audience was quick to build.
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Chinese and French banks may take advantage of a new Luxembourg green covered bond law, where the cover assets are linked to renewable energy, according to an official at the Luxembourg Stock Exchange (LuxSE).
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Banque Internationale à Luxembourg issued a senior non-preferred bond on Wednesday as it looked to boost buffers ahead of receiving its minimum requirements for own funds and eligible liabilities (MREL).