NordLB
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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. -
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.
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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.
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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.
