Luxembourg

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.

The outcome of the Brexit referendum has cast a shadow over London’s ability to maintain its status as Europe’s foremost RMB business hub. In this lowdown, GlobalRMB pits three other European capitals – Frankfurt, Luxembourg, and Paris – against the City as the most likely contenders for Europe’s RMB crown.

The market reaction to the UK’s surprise decision to leave the European Union has been immediate with stocks falling, the pound weakening and the country downgraded by international rating agencies. But market participants are worried that the worse has yet to come and London could be set to lose its shine as a premium renminbi hub.

The Mutual Recognition of Funds (MRF) scheme has had a relatively slow start, but Chinese regulators are said to be looking at Luxembourg to expand the scope of the progamme, GlobalRMB has learned. But difficulties abound in bringing the project to reality.

Clearstream has confirmed that it is working with the Chinese authorities to establish a link between offshore investors and the China interbank bond market (CIBM). The firm also said it will boost its Stock Connect capabilities from July 4.

NordLB’s Luxembourg subsidiary issued its longest maturity covered bond on Tuesday and paid a paltry premium, but the double digit pick-up failed to draw much excess demand.

The Luxembourg-based producer of roof products, Braas Monier, proved there is still strong investor demand for double-B rated paper in the high yield market as it tightened pricing from guidance on Wednesday.

Westpac New Zealand issued a comfortably oversubscribed €750m five year covered bond on Tuesday and priced at the tightest spread ever for a New Zealand covered bond. At the same time, NordLB’s Luxembourg subsidiary issued a less well subscribed €500m seven year.