NordLB

CPPIB Capital is looking to step across the Atlantic into euros, selecting four banks to roadshow its euro debut. Elsewhere, the European Financial Stability Facility (EFSF) sent out its first request for proposals for the second quarter.

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WL Bank took advantage of strong funding conditions — and a reverse enquiry — to issue a tightly priced 20 year public sector backed Pfandbrief on Thursday, the longest covered bond from Germany this year. The transaction follows the announcement of plans to merge the cover pools of WL Bank and DG Hyp.

The International Investment Bank (IIB), an ex-Soviet multilateral development agency, launched a Schuldschein (SSD) this week, in a transaction that highlighted the taste for the exotic in the internationalisation of the market. The loan is being promoted to the full spectrum of investors as market watchers wait to see who will bite, writes Silas Brown.

Multilateral development agency International Investment Bank (IIB) launched a debut Schuldschein (SSD) on Wednesday.

Natixis Pfandbriefbank raised five year funding through its German subsidiary on Thursday and paid a more attractive concession than usual because of the deal’s sub-benchmark size. Despite perceived illiquidity, bid-offer spreads for sub-benchmark bonds are not much different to benchmark deals several weeks after launch, according to Citi research analysts.

With more than 100 investors in the book and an oversubscription ratio of nearly three times, Nord/LB’s Luxembourg subsidiary enjoyed one of the best receptions of any €500m covered bond seen this year and one that was much better than all its previous deals.

A few of Europe's smaller borrowers are trying their luck now that the storm of issuance that thronged markets through most of January has abated.

La Banque Postale (LBP) and Axa Bank Europe SCF priced French covered bonds this week. Axa’s may be its last before it restructures its programme.

Ten year Pfandbrief €500m deals issued this week by NordLB and Bawag were narrowly oversubscribed even with the support of the Eurosystem.

German Landesbank NordLB issued a €500m 10 year Pfandbrief backed by public sector loans on Monday. The deal had a narrowly oversubscribed order book despite offering a fair new issue concession. Meanwhile, Austria's Erste Bank has mandated leads for a Pfandbrief backed by mortgages.

DNB Boligkreditt got the Nordic covered bond market off to a blistering start on Wednesday with a €2bn five year deal that leads were able to tighten by 5bp from initial guidance.