Luxembourg

While many of the main euro issuers have already scored their big January benchmarks, the pipeline of euro issuance is growing increasingly congested, although the range of maturities on offer should allow borrowers to avoid treading on each other's toes.

Two more European sovereigns have hit screens with 10 year euro mandates, hoping to enjoy the same success that Portugal and Belgium with their deals at the 10 year range this year.

The Luxembourg financial regulator has decided to allow Ucits funds registered in the country to enter the China interbank bond market direct access (CIBM Direct) scheme. The move is set to give yet another boost to China bond investments.

SES, the Luxembourg-based satellite operator, issued its second hybrid bond of the year on Tuesday as it pounced on a calm day in the euro corporate bond market and captured an increase in risk sentiment.

GlobalRMB has launched a new Monday round-up, featuring key market and regulatory developments from the weekend. This edition includes: mixed RMB FX performance, unexpected delay to the Shenzhen Connect, and Luxembourg looking to join the Belt and Road Initiative.

In this round-up: RMB indices record a stabilisation of the currency against the trade-weighted baskets, Hong Kong RMB deposits increase nearly 2% in September, and the China cross-border interbank payment system (CIPS) expands to 400 indirect participants. Plus, a recap of our top stories this week.

The Irish and Luxembourg subsidiaries of Depfa Bank confirmed that they bought a combined €4.8bn covered bonds from FMS Wertmanagement (FMS-WM) which will be cancelled with the underlying assets sold back to the state-owned wind down agency, of which it is a wholly owned subsidiary.

Goodman European partnership, the Luxembourg property vehicle managed by Australian Goodman Group, was alone in the euro market on Thursday with a dual tranche sub benchmark trade.

FMS Wertmanagement (FMS-WM) has bought most of the outstanding covered bonds issued by the Irish and Luxembourg subsidiaries of the Depfa Group and could soon remove their ratings.

FMS Wertmanagement (FMS-WM) has bought most covered bonds issued by the Irish and Luxembourg subsidiaries of the DEPFA Group and should soon remove their Aa2 rating.

Lecta Group, the southern European coated paper manufacturer, on Friday printed a €600m two tranche bond in a high yield market comfortably readjusted to post-Brexit times, as issuance surpassed €2.5bn in five days.

ICBC Luxembourg became the Chinese lender’s fourth overseas unit to issue a fixed rate dollar bond this year, raising $800m from a three year offering.