Luxembourg

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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.

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.

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.

Islamic Development Bank has spurred momentum in the green sukuk market, as it announced its debut, a euro deal, in the format this week.

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.

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.

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.

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.

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.