NordLB
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The European Securities and Markets Authority recently fined a clutch of Nordic banks for breaking credit rating regulations. The decision could have implications for the Schuldschein market — where arranging banks issue similar ratings to investors. -
The European Securities and Markets Authority’s (ESMA) decision to fine five Nordic banks last week has raised two questions: just how consistently will rules be applied across Europe, and is it even appropriate that they are?
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The Federal State of Berlin printed a 15 year trade on Wednesday — its first €1bn bond since 2015, according to Dealogic. The trade was joined by a five year from Corporación Andina de Fomento.
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The Schuldschein market has been left with more questions than answers after a Moody’s report claimed IFRS 9 rules, which force liable assets to be marked-to-market, could implicate "liquid" Schuldschein loans.
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With the deal flow in the Schuldschein market turning to more of a deal drip, participants are taking the spare time to clean up the shop floor.
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Hanover has become the first city to issue a green Schuldschein. The hope is that this transaction will be the first of many.
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Hanover has become the first city to offer a green Schuldschein.
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After an unthrilling first quarter of 2018 for the Schuldschein market, analysts at two Landesbanks have issued pessimistic forecasts for this year’s deal flow and volume.
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The State of North Rhine-Westphalia showed that the euro long end is open for core SSAs despite wider market volatility on Thursday, but there was a more testing time for Greece in secondary.
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The State of North Rhine-Westphalia on Thursday brought the first 20 year euro benchmark of the year from a core eurozone issuer, for which leads said the “stars aligned”. A sell-off in rates, core SSAs stability in the face of wider market volatility and a healthy spread over OATs all helped the deal, they said.
