NordLB
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The Federal State of Brandenburg was oversubscribed for its second ever euro benchmark in the 20 year part of the curve on Tuesday. The deal offered a 2bp concession, according to the leads. -
The Federal State of Brandenburg mandated banks on Monday for its second ever euro benchmark in the 20 year part of the curve, following its debut in the maturity in 2016.
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NordLB will launch a Schuldschein issuance platform alongside a fintech firm on Wednesday, according to many Schuldschein participants.
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German and UK banks showed some of the lowest common equity tier one (CET1) ratios out of the 48 banks participating in the European Banking Authority’s stress test, in the adverse scenario tested. More than half the banks would also face distribution restrictions over the three years.
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Too little capital, too much sketchy stuff on the balance sheet, too poor a set of earnings figures; maybe Germany should look closer to home before criticising other countries’ banking systems.
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The European Banking Authority (EBA) will release results of its 2019 stress test on Friday. Investors will be looking out for the results of NordLB and the Italian banks in particular.
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KfW received a final book of over €12bn for a five year euro benchmark on Tuesday, while the City of Hamburg closed out its funding for the year with its longest outstanding bond. Finnvera will add to the euro SSA supply this week, after mandating banks for a short 10 year that is likely to be its final syndication of the year.
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The Schuldschein market processed €8.3bn of deals in the third quarter — more than in the whole first half of 2018 — as rising interest rates and higher spreads in the bond market have brought borrowers back.
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NordLB has recently expanded its covered bond trading desk, hiring a dealer with considerable experience in the market.
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GlobalCapital understands that next month the Loan Market Association (LMA) will publish a set of standardised documentation for issuance in the Schuldschein market. Market players see this as a step in the right direction, as opposed to a leap.
