NordLB
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A trio of 10 year covered bond deals issued this week showed that interest in this tenor is less uncertain than initially feared. But, in a rising yield environment, investors are likely to become more defensive and this demand risks being short-lived.
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NordLB issued its largest Pfandbrief since 2011 on Thursday, but the oversubscription ratio was on the low side — despite a relatively attractive new issue concession and a large order from the European Central Bank.
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NordLB has mandated joint leads for a 10 year Pfandbrief which some bankers believe will prove an ‘interesting’ trade, reflecting the view that spreads are tight to competing agency paper.
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Ireland is set to become the first SSA borrower of 2018 to print a syndicated bond, picking banks for a benchmark deal to be sold on Wednesday. The German state of Lower Saxony will also come to market on Wednesday.
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The State of North Rhine-Westphalia launched a €2bn benchmark on Tuesday, printing with what leads said was zero new issue concession as the market prepares to shut down for year end.
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The German State of North Rhine-Westphalia has hit screens for a euro bond, coinciding with an easing of the political woes of its sovereign.
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The social bond market — though still nascent — is rapidly gaining momentum. Three public sector issuers made their debuts in the market this week, all of which met with enthusiastic approval from Europe’s community of dedicated socially responsible investors.
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Deutsche Hypo issued its first green Pfandbrief flat to where it would have issued a vanilla deal, and though it was unable to tighten the spread from refined guidance, leads built the book in record time.
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Three issuers launched social bonds on the same day on Tuesday, which is likely a first for the SSA market. They raised a combined €1.5bn across five, seven and 10 years, with two of the deals managing to make dramatic moves in pricing thanks to what one banker called "superb conditions".
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Goshawk, the Irish aircraft lessor, is returning to the Schuldschein market, a year after its $95m debut last October. While borrowers seeking dollar Schuldscheine are few and far between, the product is growing popular among Asian lenders with natural dollar needs — which might spark the interest of a wider range of borrowers.